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.
Related Crunchbase queries:
- Defense Tech Startups Likely To IPO
- Global Defense Tech Venture Funding In 2026
- Global IPOs For Venture-Backed Companies In 2026
Related reading:
- 5 Startup Sectors Seeing Big Funding Growth
- Defense Tech Unicorn Onebrief Raises $200M, Acquires Seed Startup As VC Funding For Military-Related Tech Surges
- Sector Snapshot: Defense Tech Funding Hits Record High
Illustration: Dom Guzman
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Facts Only
* Swarmer sold 3 million shares at $5 per share.
* Swarmer raised approximately $15 million in its IPO.
* Swarmer's initial market capitalization was $60 million.
* Swarmer’s market capitalization rose to over $382 million by the end of Tuesday’s trading.
* Venture investment in military, national security, and law enforcement tech topped $8.4 billion in 2024.
* Investment in this sector was more than double 2023’s total.
* Anduril Industries raised $2.5 billion in a Series G led by Founders Fund.
* Helsing raised approximately $693 million in a round led by General Catalyst.
* Saronic raised $600 million in an Elad Gil-led round.
* The IPOs are occurring amid ongoing wars in Iran and Ukraine.
* The Austin, Texas-based startup, Swarmer, is located in Austin.
* The Germany-based startup, Helsing, is located in Germany.
Executive Summary
Full Take
Let’s treat Swarmer’s IPO not as a simple success story, but as a symptom. The 520% surge isn’t just about market enthusiasm; it’s about a demonstrable shift in investment priorities – a collective bet that protracted geopolitical instability *guarantees* demand for advanced military technology. The article’s reliance on Crunchbase’s predictive model reveals a specific operational logic: predict conflict, fund defense tech, anticipate IPOs. This pattern echoes the broader “venture capital as strategic asset allocation” playbook, prioritizing outcomes tied to immediate crises. There's a clear, unspoken assumption here: that escalation is inevitable, and that defense innovation is the primary solution. This suggests a system where “prediction” isn't about forecasting future events, but about anticipating the *response* to predictable events – a kind of engineered anticipation. The inclusion of multiple heavily funded companies – Anduril, Helsing, and Saronic – amplifies this pattern, showcasing not just a single breakout success but a coordinated push by significant investment firms. The “potential IPOs” list is a calculated move to create a pipeline, pre-validated by Crunchbase’s metrics. The use of “predictive intelligence tools” subtly frames the entire process as a sophisticated algorithm, reinforcing the idea of a rational, objective assessment. This isn’t merely about funding; it’s about establishing a framework for future investment.
Patterns detected: ARC-0024 Ambiguity – The article’s reliance on Crunchbase’s “predictive intelligence tools” obscures the genuinely unpredictable nature of geopolitical conflicts. The predictive nature itself is an assumption. ARC-0043 Motte-and-Bailey – The narrative pivots from Swarmer’s success to the broader trend of defense tech investment, subtly justifying the trend rather than analyzing its underlying drivers. The inclusion of multiple examples reinforces the idea that this trend is objectively confirmed by data, even if the data itself is shaped by the underlying assumptions.
Sentinel — Likely Human
This article reports on the rising investment and IPO potential of defense technology startups, citing Crunchbase data to support its analysis. While reliant on data aggregation, the text's structure and content suggest human authorship rather than purely AI-generated content.