SkyWater's Strategic Positioning in the Quantum Computing Supply Chain

The quantum computing revolution is accelerating, and SkyWater Technology is emerging as a critical enabler of this transformation. With the global quantum computing market projected to surge from $3.52 billion in 2025 to $20.20 billion by 2030 at a compound annual growth rate (CAGR) of 41.8%, according to the Quantum Computing Market Research Report 2025–2030, SkyWater's strategic investments in proprietary technologies, supply chain infrastructure, and collaborative partnerships position it as a linchpin in the industry's evolution. This analysis explores the revenue growth catalysts and long-term competitive advantages driving SkyWater's ascent in the quantum computing supply chain.

Strategic Partnerships: Fueling Innovation and Market Access

SkyWater has secured a pivotal role in the quantum ecosystem through high-impact collaborations. Notably, its partnership with D-Wave led to a landmark achievement: D-Wave's Advantage2™ quantum computer, fabricated by SkyWater, demonstrated quantum supremacy in quantum simulation, solving problems beyond classical supercomputers, as SkyWater's press release describes. This milestone underscores SkyWater's ability to deliver cutting-edge hardware for quantum applications.

The company also collaborates with PsiQuantum to develop silicon photonic chips for utility-scale quantum computing, leveraging SkyWater's advanced semiconductor fabrication expertise, according to The Quantum Insider report. These partnerships are not isolated efforts but part of a broader strategy to support multiple quantum modalities, including superconducting qubits, photonic computing, and ion-trap systems. By aligning with innovators across the quantum spectrum, SkyWater ensures its technologies remain adaptable to evolving industry standards.

A critical catalyst for growth is SkyWater's $93 million acquisition of Infineon's Fab 25 in Austin, Texas, which quadrupled its domestic 200-millimeter foundry capacity. This expansion not only strengthens its supply chain resilience but also positions SkyWater as a trusted U.S.-based partner for national security and high-reliability applications. The acquisition also grants access to Infineon's high-voltage and copper interconnect intellectual property, enabling faster product transfers and multi-project wafer runs starting in 2026.

Proprietary Technologies: Building a Durable Competitive Edge

SkyWater's long-term advantages stem from its proprietary technologies and flexible manufacturing capabilities. The company is expanding its expertise in superconducting films, interposers, and chip integration, while preparing to launch a superconducting design platform in late 2025. This platform will accelerate the development of quantum and supercomputing hardware, reducing time-to-market for clients.

A key innovation is SkyWater's "Technology as a Service" (TaaS) model, which involves customer-funded capital expenditures and co-development. This approach de-risks financial exposure while allowing SkyWater to maintain a focus on high-margin, high-growth niches like quantum computing and silicon photonics, as noted in an SBSun article. For instance, its collaboration with PsiQuantum on photonic quantum chips showcases its ability to scale complex technologies for commercialization.

Moreover, SkyWater's DMEA-accredited Trusted Foundry status ensures secure microelectronics production for defense applications, a critical differentiator in an era of supply chain nationalism. This certification, combined with its IP licensing agreement with Infineon (granting access to mixed-signal ASIC design IP), is discussed in a LinkedIn post on IP developments, further solidifying its competitive moat.

Financial Momentum and Revenue Catalysts

SkyWater's quantum computing segment is its second-largest end market, with revenue growth projected to exceed 30% in 2025. The company's third-quarter 2025 results highlighted four new Advanced Technology Services (ATS) engagements with quantum firms like SQC and QuamCore, signaling strong demand.

Looking ahead, SkyWater aims to achieve a $600 million revenue run rate by Q4 2025, with wafer services and ATS contributing $80 million and $50 million, respectively. By 2026, the company targets $60 million in adjusted EBITDA, driven by quantum computing services and product transfers into Fab 25. These metrics suggest a scalable business model with clear upside potential as the quantum market matures.

Risks and Mitigants

While the quantum computing sector remains volatile-marked by debates over commercial viability and financial losses at peers like IonQ-SkyWater's diversified business model and TaaS structure provide stability. Its focus on customer-funded R&D and secure U.S. manufacturing insulates it from some of the risks faced by pure-play quantum startups. Additionally, the company's forward price-to-sales ratio of just over 2x suggests it is undervalued relative to its growth prospects.

Conclusion

SkyWater Technology is uniquely positioned to capitalize on the quantum computing boom through its strategic partnerships, proprietary technologies, and supply chain expertise. As the industry transitions from research to commercialization, SkyWater's role as a trusted foundry and innovation collaborator will become increasingly indispensable. For investors, the company's combination of near-term revenue growth and long-term competitive advantages makes it a compelling play in the quantum era.