Missed the Swarmer IPO in March and have been kicking myself since. The chart is impressive obviously, but there's some fundamental variables that caught my eye.
1. The business model. They don't make drones. They make the software that makes any drone fly in a coordinated swarm.
2. Erik Prince is chairman. Say what you will about him but a notable name in the defense / security operations space.
3. Ukraine as proof of concept + expertise. Ukraine has run 100k+ missions on their stack, and they're chasing the autonomy layer instead of the metal-bending side.
Question for the room: who else is playing in that lane at a sub-$300M market cap? I'm familiar with the usual hardware names (RCAT, ONDS, UMAC, UAVS, DPRO) but those feel like a different bet. Looking for the picks-and-shovels guys, not the prospectors.
Throw me your tickers and I'll do my own DD from there.