Swarmer, a Ukrainian developer of AI solutions for autonomous drone swarms, has filed a registration statement with the US Securities and Exchange Commission (SEC) for an initial public offering (IPO). The company plans to list its common stock on the Nasdaq Capital Market under the ticker symbol SWMR.
According to SEC filings, Lucid Capital Markets is acting as the sole bookrunner for the IPO. The number of shares to be offered and the price range have not yet been determined.
If the application succeeds, Swarmer will create a precedent, becoming the first ever defense tech firm with a Nasdaq listing, and the second entity to be listed on the stock exchange after Ukraine’s telecom holding Kyivstar debuted on Nasdaq in August last year.
The IPO will transition the firm from a startup backed by venture capital to a public entity on one of the world’s largest stock exchanges. The move provides a path for institutional investors to directly fund Ukrainian-born battle-tech, potentially setting a precedent for other firms within the Brave1 ecosystem.
The filing follows a record-breaking year for the sector. In 2025, over 50 Ukrainian defense-tech startups raised more than $105 million in total funding, according to Brave1 data.
Swarmer was a leader in this trend, having previously secured a $15 million investment round – the single-largest investment in a Ukrainian defense tech company since the start of the war.
Swarmer develops solutions for managing unmanned aerial vehicles (UAVs). According to the company’s website, its key products include Trident OS, designed to safeguard data storage and video streaming for swarm reliability; MINAS, which provides AI-powered collaborative autonomy for multiple UAVs per operator in denied environments; and STYX, a next-generation command-and-control (C2) system for managing units.