At their peak, shares jumped by 700%, making the company's debut the most successful since the high-profile exit of Newsmax Inc. almost a year ago. Trading of Swarmer shares closed 520% above the offering price on the first day, jumping to $31 apiece.
This rapid growth caused several trading halts due to high volatility.
Swarmer sold 3 million shares at $5 apiece, valuing the company at just over $60 million at the time. During trading, the market capitalization exceeded $380 million — based on the number of outstanding shares listed in filings with the U.S. Securities and Exchange Commission (SEC).
For the year ending Dec. 31, 2025, the company generated only $309,920 in revenue, while its net loss amounted to about $8.5 million.
Serhii Kupriyenko and Alex Fink founded Swarmer in 2023. The company has offices in Austin, Texas, Kyiv, Ukraine, and Warsaw, Poland. Eric Prince, founder of the private military company Blackwater, serves as the non-executive chair of Swarmer's board.
Swarmer creates artificial intelligence and autonomous coordination systems that allow a single operator to control dozens or hundreds of unmanned platforms simultaneously. This involves "drone swarm" technology, which is actively changing the approach to modern warfare. The company's platform has been used in Ukraine since April 2024.