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The FTC's rapid clearance of IonQ's acquisition of SkyWater signals a regulatory shift where strategic national security interests in domestic semiconductor foundry capacity may outweigh traditional antitrust concerns regarding market control. This decision highlights that for high-stakes quantum computing inputs, government access and defense relevance are becoming primary factors in merger reviews, potentially setting a new precedent for how critical infrastructure is evaluated under US law.
Federal Trade Commission Drops IonQ Merger Review

When does control of an important input become control of a market? Quantum computing and defense are key factors. Last month, the FTC granted early termination of its investigation into IonQ’s acquisition of SkyWater, a semiconductor foundry that provides fabrication and development services used in quantum computing and advanced defense-relevant technologies. IonQ closed the $1.8 billion transaction the same day the agency cleared it, making SkyWater a wholly owned subsidiary. Clearly, the parties were ready to consummate the deal as soon as the antitrust obstacle was removed. That defense dimension is central to the story: SkyWater was not merely another technology supplier, but a…
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