IonQ (NYSE:IONQ) is entering its earnings week with a transformed financial profile following the completion of its $1.8 billion acquisition of SkyWater Technology (NASDAQ:SKYT). The deal, finalized on July 31, has recalibrated the company's valuation metrics, although questions linger about whether the stock remains overpriced.
Shares of IonQ closed Friday at $36.44, up 11% for the week, outpacing the Nasdaq Composite's 1.6% gain by a significant margin. The broader quantum computing sector also saw gains, with D-Wave Quantum (NASDAQ:QBTS) rising 11.5%, Rigetti Computing (NASDAQ:RGTI) up 5.7%, and Quantum Computing Inc. (NASDAQ:QUBT) advancing 9% over the same period.
The SkyWater acquisition, which received Federal Trade Commission approval on Friday after a divided vote, brings a substantial revenue base. In the first quarter, SkyWater reported revenue of $160.7 million, more than double IonQ's $64.7 million. When combining IonQ's 2026 revenue guidance midpoint of $265 million with SkyWater's 2025 audited revenue of $442.1 million, the pro forma revenue reaches $707.1 million, reducing the market-cap-to-revenue multiple from 51 times to 19 times.
However, analysts caution that this lower multiple does not necessarily make the stock inexpensive. The $13.53 billion market capitalization, based on Friday's close, still implies a premium valuation for a company that is yet to achieve profitability. IonQ's adjusted EBITDA loss for the first quarter was $96.8 million, while SkyWater posted a positive adjusted EBITDA of $13 million, highlighting the contrasting financial health of the two entities.
IonQ will report its second-quarter earnings on Wednesday after the market close, with a conference call scheduled for 4:30 p.m. EDT. The results are expected to reflect mostly standalone performance, as the acquisition closed after the June 30 quarter. Management's forward guidance will be the first to include SkyWater, offering investors a clearer picture of the merged company's trajectory.
The deal structure provided SkyWater shareholders with $15 in cash and 0.4883 IonQ shares per share, with the total equity value of $1.8 billion representing 13.3% of IonQ's pre-deal market capitalization. The cash portion of approximately $771 million was funded from IonQ's existing reserves, which stood at $3.1 billion as of March. The stock portion, valued at about $1.03 billion, will result in former SkyWater shareholders owning an estimated 4.3% to 6.8% of the combined company.
IonQ's CEO Niccolo de Masi described the company as a “merchant supplier and ecosystem enabler,” with SkyWater continuing to serve external foundry clients under its own brand. The acquisition is expected to accelerate IonQ's path to scale, but integration risks remain. SkyWater's top three customers accounted for 78% of its first-quarter revenue, and the company disclosed material weaknesses in revenue accounting and Fab 25 reconciliation processes.
Investors will also be watching macroeconomic signals, particularly Friday's U.S. employment data, which could influence interest rates and, consequently, the valuation of high-growth technology stocks. Analysts anticipate a payroll increase of 83,000 positions, and any surprise could trigger volatility in the quantum sector.
For the full year, IonQ projects revenue between $260 million and $270 million and an adjusted EBITDA loss of $310 million to $330 million. The company's ability to integrate SkyWater's foundry operations while maintaining its quantum computing innovation will be critical to justifying its premium valuation.
