The Federal Trade Commission has approved IonQ Inc.'s $1.8 billion purchase of SkyWater Technology following a split among agency leaders over whether to attach conditions to the deal.
Chairman Andrew Ferguson said he had proposed an order that would require IonQ to commit to providing fair access to the foundry for competing quantum computing companies, noting that some of those rivals currently hold contracts with SkyWater. The proposed measures were intended to protect competition as the United States expands chip manufacturing capacity, according to Ferguson's statement.
Commissioner Mark Meador, by contrast, issued a statement saying he believes the transaction would not reduce competition. Because the commissioners were unable to reach agreement on an order that would impose conditions, Ferguson said that "the next-best option is to get out of the way and permit the merger to close." That statement signals the agency will not block the transaction nor require the specific conditions Ferguson had sought.
SkyWater describes itself as the largest semiconductor foundry based in the United States. The acquisition brings a U.S.-based foundry under the ownership of a quantum computing company, a configuration that prompted the commission's internal debate over access for third parties that may depend on the foundry's capacity.
From a market perspective, the decision resolves an outstanding regulatory hurdle for IonQ and SkyWater and clears the path for the $1.8 billion transaction to finalize. The split among commissioners underscores a divergence in enforcement views within the FTC on how best to balance industrial policy goals - such as expanding domestic chip manufacturing capacity - with competition safeguards tied to access and supplier neutrality.
For stakeholders tracking the deal, the practical outcome is straightforward: without an agreed order imposing conditions, the acquisition may proceed. The statements released by the two commissioners provide the public record of the differing rationales behind that outcome, with one favoring targeted protections for rival customers and the other concluding that the merger will not harm competitive dynamics.
Contextual note: Information in this article is limited to the statements issued by the FTC chairman and commissioner and the companies' characterization of SkyWater's status as the largest U.S.-based foundry. No additional remedies or conditions were agreed upon by the commission.