Swarmer, a developer of AI software for large-scale drone swarm coordination, saw its shares rise 520% on its first day of trading in the US, marking one of the strongest IPO debuts in the defence technology sector in recent years.
The Austin-based company sold 3 million shares at $5 each, giving it an initial valuation of just over $60 million. Following the market debut, Swarmer’s market capitalisation exceeded $380 million. Trading was temporarily halted multiple times due to volatility during the first session.
Swarmer’s software platform enables coordinated drone swarm operations and has been deployed in Ukraine in more than 100,000 real-world missions since April 2024, according to regulatory filings.
The company reported $309,920 in revenue for the year ending December 2025 and a net loss of approximately $8.5 million, reflecting its early-stage growth profile.
The IPO highlights increasing investor interest in software-driven autonomous defence systems as global military spending rises and warfare continues to shift toward low-cost, scalable technologies.
The listing is seen as an important milestone for the broader defence innovation sector, reinforcing Ukraine’s role as a key operational environment for next-generation military technologies.
