Ukrainian defense-tech startup Swarmer, which develops artificial intelligence-based solutions for combat drone operations, is proceeding with its initial public offering on March 17, 2026. This is set to become the first case of a company from Ukraine’s defense technology sector going public.
The offering will take place on the U.S. exchange Nasdaq, in the Nasdaq Capital Market segment, where companies with market capitalizations of up to $2 billion are typically listed. Swarmer plans to offer 3 million shares at $5 per share, targeting gross proceeds of approximately $15 million before underwriting discounts and offering expenses. If investor demand is strong, the underwriter has a 30-day option to purchase up to an additional 450,000 shares. Trading is expected to begin on March 17 under the ticker SWMR, while the offering is expected to close on or about March 18. Lucid Capital Markets is acting as the sole bookrunner and underwriter.
The company plans to use the proceeds to further develop its product, expand its team, integrate its software with drone manufacturers’ hardware platforms, and cover general corporate purposes.
The startup was founded in 2023 by Serhii Kupriienko and Alex Fink. Since September 2025, Kupriienko has served as the company’s global CEO, while Fink has led its U.S. office. Swarmer’s flagship product is Styx AI, software that enables a single operator to control up to 15 unmanned systems simultaneously.
The company’s technology was first deployed in real combat conditions in Ukraine in April 2024. Since then, according to the company, the system has been used in more than 100,000 combat missions, allowing it to accumulate a significant body of data for the further development of its machine-learning algorithms.
Back on February 2, the company filed for an IPO with the U.S. Securities and Exchange Commission. In response to an inquiry from Forbes Ukraine, company representatives confirmed the filing but declined to disclose further details. At the same time, they stressed that the IPO would not involve transferring the technology outside Ukraine, and that the company’s core development and operations would remain in the country.
As for investment history, Swarmer raised its first funding round of $2.7 million from a group of U.S. funds in September 2024. In September 2025, the company secured another $15 million, a round described as the largest publicly disclosed funding round in Ukraine’s defense-tech sector.
According to the prospectus filed with the SEC, the company’s financial performance remains modest so far: in 2025, revenue totaled about $0.3 million, while net loss reached $8.5 million. Over two years of operations, the startup had 11 customers, although nearly all of its revenue came from one main client, indicating a high degree of customer concentration.
