IonQ closed its $1.8 billion acquisition of SkyWater Technology at the end of July. They paid $741 million in cash and issued 24 million new shares, which is about 6% dilution. SkyWater is a semiconductor foundry, not a quantum company, and actually does more in sales. They brought in $442 million in 2025 compared to IonQ's $246 million over the last year. The main reason for the deal is supply chain control. IonQ needs specialized chips for its quantum computers. Buying SkyWater gives them a dedicated domestic factory instead of having to fight for capacity at mass-market foundries. Management says this will speed up their hardware roadmap by up to a year. Separately, IonQ reported Q2 revenue of $80.1 million, up 287% from last year, and raised their full-year guidance. The company is still deeply unprofitable, but this deal trades some of their high stock valuation for hard assets and control over their manufacturing.