Defense technology startups are on a tear. If that wasn’t already obvious, it became clear this week when shares of AI drone company Swarmer soared 520% in their first day of trading on the Nasdaq.
Swarmer’s debut is modest by tech IPO standards. Th...
Defense technology startups are on a tear. If that wasn’t already obvious, it became clear this week when shares of AI drone company Swarmer soared 520% in their first day of trading on the Nasdaq.
Swarmer’s debut is modest by tech IPO standards. The Austin, Texas-based startup sold 3 million shares at $5 apiece, raising about $15 million in the process and giving it an initial market cap of $60 million. But by the close on Tuesday, its market cap had soared to more than $382 million.
Its IPO, of course, comes at a prescient time, with the U.S.’ war in Iran spiraling into a larger regional conflict even as the Russia-Ukraine war continues into its fifth year.
Public-market investors’ reception for Swarmer mirrors the fervor with which venture investors have backed defense tech startups in recent years. Investment to venture-backed companies in the sector — which we define as the industries of military, national security and law enforcement — topped $8.4 billion last year, an all-time record and more than double 2024’s total, per Crunchbase data.
Among 2025’s top venture-funded defense companies were Southern California-based Anduril Industries, which raised a $2.5 billion Series G led by Founders Fund; Germany-based Helsing, which raised about $693 million in a round led by General Catalyst, Accel, Lightspeed Venture Partners and other investors; and Austin-based Saronic, a maker of unmanned maritime security vessels that raised $600 million in an Elad Gil-led round.
Potential defense tech IPOs
Swarmer’s impressive public-market entrance could pave the way for other defense tech startups to pursue IPOs. Using Crunchbase’s predictive intelligence tools, we’ve put together a list of 12 other defense startups that are deemed likely IPO candidates.
Methodology
Crunchbase’s IPO predictions utilize Crunchbase data — including funding and valuation, and milestones such as financial growth, key leadership hires, market share expansion and headcount growth — to forecast the likelihood of a private company launching an IPO, providing a probability score and its supporting evidence. Read more about Crunchbase’s Predictions & Insights and its methodology for IPO predictions here.
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Illustration: Dom Guzman
