Ukrainian defence technology company Swarmer has filed documents with the US Securities and Exchange Commission to pursue an initial public offering on the Nasdaq exchange, marking the first time a Ukrainian defence firm has sought a listing on a US stock market, reported Ukraine Business News.

The company said that once the process is completed, Swarmer would become the first Ukrainian defence tech group to be publicly traded in the United States. It stressed that the move would not compromise the security of its technologies and would not involve transferring any proprietary developments outside Ukraine.

Swarmer said the primary purpose of the IPO was to attract international capital and restructure its corporate setup as part of its global expansion. The listing follows a period of rapid growth for the company, which has raised funding from several investors in recent years, including what it described as a record $15mn in a single financing round for a Ukrainian defence technology firm.

Industry experts estimate Swarmer’s valuation at between $35mn and $45mn.

Founded in 2023, the company develops software that allows a single operator to control up to 25 drones simultaneously. Using artificial intelligence, the drones can function as a coordinated unit and continue operating even in environments affected by electronic warfare.

Swarmer employs more than 100 people worldwide.