What Happened?
Shares of quantum computing company IonQ (NYSE: IONQ) jumped 15.1% in the morning session after shareholders of SkyWater Technology approved the company's merger deal with the company (IonQ), a key step in the quantum computing firm's plan to acquire the U.S.-based chip foundry. The approval from SkyWater's stockholders cleared a major hurdle for the acquisition, although the deal still requires regulatory approvals and other standard closing conditions before it is finalized.
The transaction is expected to be completed in the second or third quarter of 2026. The acquisition is intended to help IonQ expand its quantum systems by bringing more of its chip and supply base under its own control, providing it with more U.S.-based chip and packaging expertise.
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What Is The Market Telling Us
IonQ’s shares are extremely volatile and have had 80 moves greater than 5% over the last year. But moves this big are rare even for IonQ and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 4 days ago when the stock dropped 9.4% on the news that the company reported record first-quarter revenue and raised its full-year outlook, but investors focused on its significant underlying losses and high spending.
IonQ announced impressive first-quarter revenue of $64.7 million, a massive 755% increase from the previous year, and lifted its full-year revenue guidance to a range of $260 million to $270 million.
However, the positive top-line results were overshadowed by the company's unprofitability. On a core basis, IonQ posted an adjusted EBITDA loss of $96.8 million and an adjusted loss of $0.34 per share. Investors appeared to weigh the strong demand against these ongoing losses, concluding that the company remains in a 'heavy spend mode,' which tempered enthusiasm for the revenue growth.
IonQ is up 22.3% since the beginning of the year, but at $57.18 per share, it is still trading 30.3% below its 52-week high of $82.09 from October 2025. Investors who bought $1,000 worth of IonQ’s shares 5 years ago would now be looking at an investment worth $5,706.
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