Rigaku Holdings Corporation

Onto Innovation completed its approximately $720 million purchase of a 27% minority stake in Rigaku Holdings on August 10, 2026. The investment aims to accelerate joint development of next-generation X-ray process-control technology for semiconductor manufacturing. Management estimates the semiconductor X-ray technology market at roughly $1 billion and expects adoption to increase as 3D transistor and packaging structures become more complex. Onto ended the second quarter with $1.88 billion of cash and short-term investments, strengthened by a $1.5 billion zero-percent convertible-note offering due in 2031. The Rigaku stake will be accounted for under the fair value option, so strategic value depends on joint development, customer qualifications, and adoption rather than immediate consolidated revenue.