The Ukrainian defense-tech startup Swarmer has taken a major step toward entering the public markets. The company, which develops artificial intelligence–based solutions for controlling swarms of unmanned aerial vehicles, has filed for an initial public offering (IPO) under the ticker SWMR. If the listing is completed successfully, Swarmer will become the first Ukrainian defense-tech company whose shares are traded on a stock exchange.
According to data from the EDGAR system, on February 2 the company submitted its registration documents to the U.S. Securities and Exchange Commission (SEC) for the placement of its common shares on the U.S. exchange Nasdaq. This means the startup has officially launched preparations for an IPO in one of the world’s largest and most prestigious capital market jurisdictions.
At the same time, the key parameters of the future offering—including the number of shares, the price range, and the timing of the IPO—have not yet been disclosed. Sources in the defense-tech market who requested anonymity confirmed that these details are still under development.
The sole underwriter for the IPO is the U.S. investment firm Lucid Capital Markets. Sources speaking to the publication emphasize that going public will not affect Swarmer’s operational activities in Ukraine. The IPO also does not envisage any transfer of technology or intellectual property abroad, which is particularly important given the defense-related nature of the business.
The offering will be conducted on the basis of a prospectus that includes standard IPO disclosures: the company’s financial statements, a description of its business model and growth strategy, information about management, and details of its ownership structure. Until the IPO is formally completed, Swarmer’s shares will not be sold and the company will not accept any offers to purchase securities, in accordance with U.S. securities laws.
Swarmer was founded in May 2023 by Serhii Kupriienko and Alex Fink. The company’s core product is Styx AI, software that enables a single operator to control multiple drones simultaneously. This technology significantly increases drone deployment efficiency while reducing the workload on pilots.
In June 2024, Serhii Kupriienko told Reuters that Swarmer’s system fundamentally changes the scale at which UAVs can be deployed. He noted that while operators typically struggle to manage more than five drones at once, AI-based solutions make it possible to coordinate the actions of hundreds of drones simultaneously. Within this concept, each drone can independently plan its actions and anticipate the behavior of other units in the swarm, making the system more autonomous and resilient.
From a funding perspective, Swarmer raised its first major investment round of $2.7 million in 2024, enabling faster technology development and business scaling. The next significant round took place in September 2025, when the startup secured $15 million, underscoring strong investor interest in AI-driven defense technologies.
Overall, the IPO filing reflects Swarmer’s transition from a fast-growing startup to a more mature technology company and highlights the expanding presence of Ukrainian defense-tech projects in global financial markets.
