AI drone maker Swarmer kicked off the defense tech IPO wave with a blockbuster Nasdaq debut, rocketing 520% on its first day. The Austin startup sold 3 million shares at $5 apiece, raising $15 million and briefly valuing the company at over $382 million. While modest by tech standards, the pop signals strong investor appetite for military-focused startups.

This enthusiasm mirrors venture capital's growing embrace of defense technology. Crunchbase data shows funding to military, national security, and law enforcement startups topped $8.4 billion last year, more than double 2024's total. Notable beneficiaries include Anduril Industries ($2.5 billion Series G), Helsing ($693 million), and Saronic ($600 million), all backed by top-tier investors.

Swarmer's success could accelerate the IPO pipeline for similar companies. Using Crunchbase's predictive tools, analysts identified 12 other defense tech startups likely to pursue public offerings. The methodology weighs funding levels, valuation, leadership changes, and growth metrics to calculate IPO probability scores. With geopolitical tensions driving demand for advanced military tech, these companies may find receptive public markets.