Dear D3 Investors,

Swarmer IPO

Swarmer has officially gone public — and the results have significantly exceeded expectations in what marks a historic moment for the Ukrainian defense tech sector.

🚀 IPO performance (initial trading)

• Priced at $5 per share
• Opened at $12.50 (+150%)
• Closed Day 1 at approximately $31 (+520%)
• Continued rally on Day 2, briefly reaching the $50–$60+ range

At peak, gains reached 500–700%, making this one of the strongest tech IPO debuts in recent years.

I was present at the Nasdaq to support the Swarmer team as their first institutional investor. At the current price, D3 shares would be worth $51M, which would exceed our fund size.

We will assess the full outcome of this liquidity event following the expiration of the 180-day lockup period. In the meantime, our priority is clear: supporting the company in accelerating deployment at scale to the Ukrainian warfighter, particularly ahead of a potential escalation expected this spring and summer.

Swarmer IPO, March 17th, 2026

Serhii Krupienko (Swarmer CEO)

Alex Flink (Swarmer co-founder, US CEO)

I have to admit, this was a nail biter.

Seconds before Swarmer trading starts