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- SkyWater Technology
SkyWater Technology Acquisition, Valuation & Financials
SkyWater Technology was acquired by IonQ for $1.8B in January 2026, a 5.2x multiple on $347M of revenue.
SkyWater Technology revenue at acquisition
$347M
Last twelve months · Jan 2026
SkyWater Technology revenue multiple at acquisition
5.2x
EV/Revenue · Jan 2026
SkyWater Technology EBITDA multiple at acquisition
69.2x
EV/EBITDA · Jan 2026
SkyWater Technology Overview
About SkyWater Technology
SkyWater Technology Inc is a U.S.-based, independent, pure-play technology foundry that offers semiconductor development and manufacturing services from its fabrication facilities. In its technology as a service model, it leverages a foundation of proprietary technology, engineering to co-develop process technology intellectual property (IP) with its customers that enable disruptive concepts through its Technology Services for diverse microelectronics (integrated circuits) and related micro- and nanotechnology applications. It focuses on serving diversified, high-growth, end users in numerous vertical markets, including computation, aerospace and defense (A&D), automotive and transportation, bio-health, and industrial.
Founded
2016
HQ
Website
Status
Acquired
Revenue
$347M (Jan 2026)
Valuation
$1.8B (acquired Jan 2026)
SkyWater Technology Acquisition
SkyWater Technology was acquired by IonQ for $1.8B on 26 January 2026.
The acquisition price implies a 5.2x revenue and 69.2x EBITDA multiple on $347M of revenue.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 26 Jan 2026 | Strategic M&A | $1.8B | 5.2x | 69.2x |
SkyWater Technology as a Public Company
SkyWater Technology traded as NAS: SKYT before it was taken private. Its acquisition was announced in January 2026. July 2026 is its last month on record as a listed company, with a market cap of $1.6B and an enterprise value of $1.8B.
Last-twelve-month revenue was $525M, with EBITDA of $61M (12% margin), and the shares traded at 3.5x EV/Revenue and 30.1x EV/EBITDA.
Over the 4 years before that, its market cap grew from $542M in July 2022 to $1.6B, while revenue grew from $183M to $525M.
SkyWater Technology market cap while listed
SkyWater Technology EV/Revenue (LTM) while listed
| As of | Market cap | Revenue (LTM) | EBITDA (LTM) | EBITDA margin | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|---|
| Jul 2026 | $1.6B | $525M | $61M | 12% | 3.5x | 30.1x |
| Jul 2025 | $430M | $319M | $28M | 9% | 1.4x | 16.4x |
| Jul 2024 | $350M | $315M | $16M | 5% | 1.3x | 26.8x |
| Jul 2023 | $434M | $244M | $20M | 8% | 2.1x | 26.5x |
| Jul 2022 | $542M | $183M | ($1M) | -1% | 3.3x | (456.5x) |
Market cap, enterprise value and last-twelve-month figures are month-end values, up to the last month SkyWater Technology traded.
SkyWater Technology Competitors
SkyWater Technology competitors include listed companies like ams-OSRAM, Malaysian Pacific Industries, Siltronic and Microgate Technology, and private ones like Xinlian Power and Silicon Box.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $3.7B | $649M | $1.8B | 0.9x | ||
| Publicly listed | $654M | $137M | $1.8B | 2.6x | ||
| Publicly listed | $1.5B | $357M | $1.9B | 2.0x | ||
| Publicly listed | $569M | $93M | $1.9B | 3.1x | ||
| Private | $413M | - | $2B | 4.8x | ||
| Private | - | - | $1B | - |
SkyWater Technology Public Comps
SkyWater Technology is no longer listed, but its public comps include Anritsu, ams-OSRAM, Hengmingda, Oxford Instruments, Minda Corp, Malaysian Pacific Industries, Cohu, Finolex Cables, Zhenghai Magnetic Material and Arteche.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $743M | $132M | 2.0x | 1.8x | 11.3x | 8.9x | |||
| $3.7B | $649M | 0.9x | 0.9x | 4.9x | 5.8x | |||
| $429M | $98M | 3.5x | 3.6x | 15.3x | 14.7x | |||
| $569M | $104M | 3.0x | 2.9x | 16.3x | 14.0x | |||
| $645M | $77M | 3.0x | 2.6x | 25.4x | 22.2x | |||
| $654M | $137M | 2.7x | 2.6x | 12.9x | 11.4x | |||
| $453M | ($18M) | 3.6x | 2.7x | (93.0x) | 21.4x | |||
| $656M | $103M | 2.4x | 2.0x | 15.1x | 18.8x | |||
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Common questions about SkyWater Technology
| When was SkyWater Technology founded? | SkyWater Technology was founded in 2016. |
| Where is SkyWater Technology headquartered? | SkyWater Technology is headquartered in United States. |
| Is SkyWater Technology publicly listed? | No, SkyWater Technology was acquired by IonQ in January 2026. |
| Who acquired SkyWater Technology? | SkyWater Technology was acquired by IonQ in January 2026. |
| How much was SkyWater Technology acquired for? | SkyWater Technology was acquired for $1.8B in January 2026, a 5.2x revenue multiple. |
| Which companies are comparable to SkyWater Technology? | Companies comparable to SkyWater Technology include ams-OSRAM, Malaysian Pacific Industries, Siltronic, Microgate Technology, Xinlian Power and Silicon Box. |
| What was SkyWater Technology's market cap before the acquisition? | SkyWater Technology had a market cap of $1.6B in July 2026, its last month on record as a listed company, trading at 3.5x EV/Revenue. |
| What was SkyWater Technology's revenue as a public company? | SkyWater Technology's last reported twelve-month revenue was $525M (July 2026), with EBITDA of $61M. |
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