--- title: "D-Wave Renewed Its Foundry Deal Inside Rival IonQ's Revenue" description: "D-Wave renewed for multiple years with the Minnesota foundry its competitor IonQ bought in July, on terms that protect its own IP. Most of IonQ's raised 2026 revenue outlook is foundry work, and IonQ is paying for that position with stock sold at half last year's price." publisher: "The Inference" section: "Compute" published: 2026-10-16T13:03:46.350Z modified: 2026-10-16T13:03:46.350Z canonical: https://theinference.org/article/d-wave-renewed-its-foundry-deal-inside-rival-ionq-s-revenue language: en keywords: "Quantum Computing, Semiconductors, IonQ, D Wave, Equity Offering" --- # D-Wave Renewed Its Foundry Deal Inside Rival IonQ's Revenue > D-Wave renewed for multiple years with the Minnesota foundry its competitor IonQ bought in July, on terms that protect its own IP. Most of IonQ's raised 2026 revenue outlook is foundry work, and IonQ is paying for that position with stock sold at half last year's price. D-Wave [renewed on October 13, for multiple years, the agreement that fabricates its quantum processors](https://www.businesswire.com/news/home/20261013704307/en/SkyWater-and-D-Wave-Extend-Quantum-Manufacturing-Collaboration-Through-Multi-Year-Agreement) at SkyWater's Minnesota foundry [1]. The foundry's owner since July 31 is [IonQ](https://theinference.org/markets/companies/ionq) [2], which competes with [D-Wave](https://theinference.org/markets/companies/d-wave-quantum) in quantum computing [4]. That makes the renewal two things at once: a rival's money landing inside IonQ's results, and evidence that quantum's bottleneck has moved from qubit counts to repeatable manufacturing. Which side of the dependency reprices first, the diluted IonQ holder or the D-Wave holder supplied by a competitor, is what this week clarified. ## Rivals now pay a fab their competitor owns SkyWater has built D-Wave's superconducting processors for more than a decade, including the Advantage2 chips behind 2025 research published in Science [1]. The renewal's terms protect D-Wave's intellectual property, and its legal boilerplate points readers to IonQ's annual report for risk factors [1]. IonQ told investors in August it is now "the world's largest quantum merchant supplier," serving rival architectures, superconductors included, with "procedures in place to protect our customers' IP" [3]. [Morgan Stanley](https://theinference.org/markets/companies/morgan-stanley) this week credited the purchase with "a slight edge in manufacturing," while rating the stock only Equal-Weight [4]. ## The raised outlook is mostly foundry revenue IonQ [guided standalone 2026 revenue to $280–290 million on August 5](https://finance.yahoo.com/quote/IONQ-USD.SW/earnings/IONQ-USD.SW-Q2-2026-earnings_call-661755.html) [3]. On September 8, folding SkyWater in from the July close, [it guided $450–460 million](https://finance.yahoo.com/technology/ai/articles/ionq-announces-increased-full-2026-113000430.html) [2]. The foundry likely covers most of that increase by itself: SkyWater's first-half revenue more than doubled year over year [5]. The organic quantum business is real as well, with contracted revenue not yet booked of about $485 million, nearly four times a year earlier [3]. *Chart: **The 2026 outlook rose $170 million the day SkyWater entered it** Column chart comparing IonQ's full-year 2026 revenue guidance of $280–290 million given on August 5 with $450–460 million given on September 8* *IonQ's full-year 2026 revenue guidance in $ millions: standalone, as guided on the August 5 Q2 2026 earnings call, and the September 8 update folding SkyWater in from the July 31 close. Both ranges are management guidance, not reported results. Sources: IonQ Q2 2026 earnings call transcript; IonQ outlook press release, September 8, 2026. [2][3]* *Chart: **IonQ posted five straight record quarters before the foundry landed in its numbers** Line chart of IonQ quarterly revenue from Q3 2023, about $6 million, to Q2 2026, about $80 million, rising steeply from late 2025* *Quarterly GAAP revenue in $ millions from IonQ's SEC filings; management called Q2 2026 its fifth consecutive record quarter. SkyWater consolidates from Q3 2026. [9]* ## The currency is the catch [IonQ paid $1.8 billion, mostly in shares, for SkyWater](https://theinference.org/article/ionq-paid-1-8-billion-for-skywater-the-foundry-that-just-extended-rival-d-wave-s-chip-deal) [3]. It returned to the market on October 14 with [a $2 billion stock sale](https://finance.yahoo.com/technology/ai/articles/ionq-announces-pricing-2-0-125000311.html) [6]. Heights Capital, the repeat buyer, paid $40 a share this time, against $93 for the same paper a year earlier [7]. Counting the attached warrants, the share count rises by more than a third [7]. IonQ was not short of cash; it was mid-spree, having [announced the all-stock Elisity security acquisition two days before the raise](https://www.trefis.com/stock/ionq/articles/618791/does-ionqs-2-billion-stock-sale-materially-alter-its-cash-outlook/2026-10-15) [8]. ## Watch organic growth against the share count The renewal survived the change of owner because a decade of superconducting process knowledge does not transfer to another fab quickly. That stickiness is the asset IonQ bought, and the shares it issued are the liability. Watch the Elisity closing this quarter, and whether organic quantum revenue keeps compounding faster than the share count once the foundry step-up is lapped [8]. The dependency is stable in both directions: D-Wave keeps its roadmap, and IonQ keeps the bill. ## Takeaway D-Wave's multi-year SkyWater renewal keeps its superconducting supply secure under rival ownership, while most of IonQ's raised 2026 outlook is acquired foundry revenue paid for with shares sold at $40 against $93 a year ago. ## Sources 1. [Business Wire, SkyWater and D-Wave Extend Quantum Manufacturing Collaboration Through Multi-Year Agreement, 13 October 2026](https://www.businesswire.com/news/home/20261013704307/en/SkyWater-and-D-Wave-Extend-Quantum-Manufacturing-Collaboration-Through-Multi-Year-Agreement) 2. [IonQ press release via Business Wire and Yahoo Finance, IonQ Announces Increased Full-Year 2026 Financial Outlook Following SkyWater Acquisition, 8 September 2026](https://finance.yahoo.com/technology/ai/articles/ionq-announces-increased-full-2026-113000430.html) 3. [IonQ Q2 2026 earnings call transcript, Yahoo Finance, 5 August 2026](https://finance.yahoo.com/quote/IONQ-USD.SW/earnings/IONQ-USD.SW-Q2-2026-earnings_call-661755.html) 4. [CoinCentral, Quantinuum (QNT) Stock Jumps 11% After Morgan Stanley Names It Top Quantum Pick, 16 October 2026](https://coincentral.com/quantinuum-qnt-stock-jumps-11-after-morgan-stanley-names-it-top-quantum-pick/) 5. [Daniel Sparks, The Motley Fool via Yahoo Finance, IonQ Just Raised Its 2026 Revenue Outlook by About 60%. Most of the Raise Isn't Quantum Computing., 8 September 2026](https://finance.yahoo.com/technology/articles/ionq-just-raised-2026-revenue-035801560.html) 6. [IonQ press release via Business Wire and Yahoo Finance, IonQ Announces Pricing of $2.0 Billion Equity Offering, 14 October 2026](https://finance.yahoo.com/technology/ai/articles/ionq-announces-pricing-2-0-125000311.html) 7. [TheStreet, IonQ raises $2 billion from the buyer that paid $93 a share last year, 15 October 2026](https://www.thestreet.com/investing/ionq-sells-2-billion-to-heights-capital-at-deep-discount) 8. [Trefis, Does IonQ's $2 Billion Stock Sale Materially Alter Its Cash Outlook?, 15 October 2026](https://www.trefis.com/stock/ionq/articles/618791/does-ionqs-2-billion-stock-sale-materially-alter-its-cash-outlook/2026-10-15) 9. [IonQ quarterly figures from its SEC filings, retrieved 16 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001824920) --- D-Wave Renewed Its Foundry Deal Inside Rival IonQ's Revenue — The Inference. Canonical: https://theinference.org/article/d-wave-renewed-its-foundry-deal-inside-rival-ionq-s-revenue