The Ukrainian startup Swarmer, which develops AI-based solutions for drone autonomy, announced that it has filed for an initial public offering (IPO) on the U.S. Nasdaq exchange under the ticker SWMR, according to the company’s press release.
“The shares of common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective,” the U.S. SEC filing states.
Details such as the timing of the offering, the number of shares, and the price range have not yet been determined. The IPO will also depend on market and other conditions. Lucid Capital Markets is the sole bookrunner for the offering, with an underwriting fee set at 6% of the total IPO volume.
In August 2024, Swarmer joined the Brave1 Defense Innovation Cluster.
Swarmer is a defense technology company that specializes in vendor-agnostic technologies that address critical operational challenges faced by modern military forces. Swarmer’s primary mission areas include autonomous swarm coordination, multi-domain unmanned systems integration, AI-powered collaborative autonomy, and command and control software for distributed robotic operations. The company’s primary customer base consists of drone manufacturers who license Swarmer’s software for integration with their hardware platforms. Swarmer’s technology has been rigorously validated in real-world kinetic environments and was first deployed in combat operations in Ukraine in April 2024. Since then, it has completed more than 100,000 combat missions, generating terabytes of proprietary data that informs its machine-learning models and enables the replication of advanced pilot performance at scale. With headquarters in Austin, Texas, Swarmer maintains operations and teams in Ukraine, Poland and Estonia.
In September 2025, Swarmer announced a $15 million Series A funding round, the largest investment in a Ukrainian defense tech company since the war began. At that time, the company successfully demonstrated operations with a swarm of 25 drones functioning together without GNSS, and plans to scale up to coordinated operations of 100+ drones of various types, integrating UAS, USV, UGV, and stationary launchers into a single swarm.
