"A $200 price target on a company that was acquired at roughly $35 per share, and is no longer independently traded, creates an obvious disconnect," one analyst noted after RBC Capital's purported coverage initiation began circulating. That nearly 6x premium over what actual shareholders received in July raises immediate red flags about what the report is even evaluating.
SkyWater Technology got scooped up by quantum computing firm IonQ on July 31, 2026. The deal closed at approximately $35 per share, valuing the semiconductor foundry at over $1.8 billion in total equity. The company delisted from Nasdaq the same day, meaning there's no public stock to trade and no independent market price for anyone to actually get $200 a share on. The original acquisition announcement back in January offered SkyWater shareholders $15 cash plus IonQ shares for each share held. Before the deal wrapped, SkyWater was already trading in the $30 to $32 range, with the merger premium baked in.
The circulating RBC note lacks any verifiable public records or official announcements backing it up. There's also a potential ticker mix-up floating around. SkyWater traded under SKYT on Nasdaq, but the report references SKHY. No major financial news outlet has independently confirmed the coverage initiation, which makes the whole thing feel increasingly like either a misread or something that simply doesn't exist in official form.
SkyWater itself is a specialized semiconductor foundry handling advanced manufacturing for defense, aerospace, and automotive sectors, with growing relevance to quantum computing. IonQ wanted it for vertical integration, specifically to streamline silicon fabrication processes needed for fault-tolerant quantum systems. There's no blockchain angle here, no crypto tie-in of any kind. This is pure hardware play in quantum computing infrastructure, and a company that's already been absorbed into another publicly traded firm.
This piece is for informational purposes only and should not be treated as investment advice.
