The SpaceX IPO Isn't Here Yet -- but This 2026 IPO Is, and It Looks Like a Steal

One of the most highly anticipated initial public offerings (IPOs) of 2026 is SpaceX, the rocket and spacecraft manufacturer and transport company owned by Elon Musk.

While a date has not yet been set for the SpaceX IPO, it is expected to occur sometime this summer. When it does, it is likely to be the largest, most valuable IPO in history.

The SpaceX IPO will receive a massive amount of investor interest. But as the Motley Fool's Trevor Jennewine pointed out in a recent article, history has shown that the largest, most valuable IPOs typically don't come charging out of the gate.

Image source: Getty Images.

So while SpaceX is a stock that should be in your orbit, investors should not overlook other, less high-profile IPO stocks that have come out this year and outperformed, including Swarmer (NASDAQ: SWMR).

Swarmer has more than doubled in value

There have been about 120 IPOs so far in 2026, about 7% more than in the same period in 2025.

Few have performed better than Swarmer. Since it debuted on the Nasdaq on March 17, Swarmer stock has risen some 117% to its current price of about $27 per share.

Swarmer is an Austin-based firm that develops autonomous drone swarm software and artificial intelligence (AI) systems for the defense industry. Its customers are primarily drone manufacturers that license Swarmer's software for integration with their own hardware platforms.

Its software enables drones to effectively swarm; that is, they work together to achieve a mission or goal while operating autonomously, not in tandem. There is no central command that controls them all; rather, they can adapt to dynamic environments and course-correct if needed, based on their algorithms and communication protocols.

The Swarmer drone technology was first deployed by Ukraine in the war with Russia in April 2024. Its software has been used in more than 100,000 combat missions since then. The more missions it flies, the more data it collects, which informs its machine-learning models.

Swarmer stock debuted at $12.50 per share and surged 340% in the first two trading days, benefiting from investor appetite for AI and its unique defense capabilities. While it's given back some of those gains, it's still up significantly from its IPO.

Should you buy Swarmer stock after the initial pop?

Swarmer has a different business model than most in its space: it sells subscription-based software, enabling it to partner with other drone makers to leverage its unique capabilities. Plus, it is an advanced technology that is not in the testing phase or speculative -- it has already conducted thousands of real-world missions.

According to its SEC registration statement, it made only about $310,000 last year, down from $329,000 in 2024. It also increased spending and posted an $8.5 million net loss in 2025, compared with $2.1 million in 2024.

But revenue should start to ramp up in 2026. According to the filing, Swarmer has $16.3 million in contracts in the pipeline, to be executed over the next 12 to 24 months. In addition, it expects to generate $16.8 million over that same time frame from existing customers, bringing the total to $33.1 million.

About 60% of that is projected for 2026, or roughly $20 million, with the rest coming in 2027 and early 2028. It also has a robust "opportunity pipeline" of potential contracts in active discussions, proposal development, or procurement evaluation. It includes manufacturer partnership discussions, government procurement opportunities, and system integrator arrangements.

Its commitments are focused on defense organizations and drone manufacturers in Europe and the Middle East, but it anticipates diversifying its customer mix by tapping into the drone manufacturing boom, which creates more partnership opportunities. It also noted that as each manufacturer scales its production, Swarmer's per-unit licensing model converts their growth directly into its revenue growth.

Most recently, the company announced plans to expand into the Japanese market with the support of Rakuten Group.

"Rakuten's reach, reputation, and understanding of Japan's technology priorities make them the ideal partner to scale advanced autonomy and multivehicle coordination across the region," Serhii Kupriienko, Global CEO of Swarmer, said.

Swarmer's first public earnings report will be on May 13, so investors should tune in to get a better sense of its earnings and outlook. But with major deals already in the pipeline, Swarmer has significant growth ahead. Swarmer stock still looks like a great deal, even after this initial IPO surge.

Dave Kovaleski has no position in any of the stocks mentioned. The Motley Fool recommends Nasdaq. The Motley Fool has a disclosure policy.