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News Topical, Digital Desk : Amid the Iran war, AI drone software company Swarmer Inc. made a spectacular debut on Wall Street. The company's stock jumped 700 percent on Tuesday, the day of listing. The Austin, Texas-based company's stock saw wild fluctuations. Trading had to be halted within a minute of listing as the stock fell more than 10 percent. However, at the end of the day, the stock closed at $31, up 520 percent.
The company's market value rose to $380 million.
The company sold 3 million shares in its IPO at $5 per share. This valued the company at approximately $60 million. However, after the first day's closing, its market value rose to $380 million.
What does the company do?
In the year ending December 2025, the company's total revenue was $309,920, a 6 percent decrease from the previous year. Meanwhile, the company's net loss increased to nearly $8.5 million, a fourfold increase from 2024. Swarmer is a software company that doesn't manufacture drones. Its AI technology allows drones to operate in a swarm. The company's platform has been used in more than 100,000 missions in Ukraine since April 2024.
Shares of US defense companies surged.
According to a report, the US Department of Defense is looking to mass-produce Kamikaze drones used during the Iran war. This news led to a surge in shares of US defense companies, which are already receiving support due to geopolitical tensions in 2026.
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