_{A message from our friends at Brownstone Research (Sponsor)}

Editor's Note: Silicon Valley legend Jeff Brown is forecasting that Elon Musk's "Kardashev Project" is about to trigger the greatest wealth creation event in history. If you missed out on Tesla... Click here to see the details of what Elon has coming next or read more below.

Dear Reader,

Elon Musk just made a huge announcement...

That could spell the end for Microsoft.

It's all part of his masterplan.

While everyone is talking about the SpaceX IPO, Elon Musk has moved on to bigger and better things...

With the potential to be much more lucrative for folks who make the right moves today.

Everything is coming together quickly.

Tesla and xAI's newly announced "Macrohard" project could disrupt the entire software industry.

But it's just one small part of Elon's next move... one more blurring of the lines between his companies.

Once his plan is complete everything about the way we look at Elon Musk and his companies like SpaceX and Tesla will change.

Elon believes it will even trigger a quadrillion dollar wealth creation event...

And give folks a shot at up to 500%+ gains in the near term and far more in the years to come as Elon Musk makes the world's first $10 trillion company.

Silicon Valley insider, Jeff Brown, put together a brief video explaining Elon's masterplan...

The drastic move he could make as soon as the end of this month...

And exactly where investors should position themselves today.

Click here to get the full story. It's completely free to watch.

Regards,

Lindsey Hough
Managing Director, Brownstone Research

P.S. The kind of move Jeff is sharing today has triggered gains of up to 2,100%. This time around, he believes it will be even bigger.

Click this link now to get ahead of Elon's next move, before it's too late.

_{BONUS ARTICLE}

Swarmer Is Up 1,100% in Two Days — Cheap, or Just Hot?

Every market cycle has that one stock that shows up out of nowhere, grabs the internet by the collar, and dares everyone to decide whether they are looking at the start of something huge… or the setup for a spectacular hangover.

Today, that stock is Swarmer (NASDAQ: SWMR).

This thing did not just rally.

It exploded.

Swarmer priced its IPO at $5 per share, surged 520% on its first day to close at $31, then jumped again in its second session to around $55, leaving the stock up nearly 1,000% to 1,100% in just two trading days, depending on the intraday print you use. That makes it one of the most dramatic new-issue moves on the market this year.

Now here is where it gets interesting.

This is not a sleepy industrial name or some vague AI wrapper with no product. Swarmer sells AI-driven drone autonomy and swarm-coordination software designed to let a single operator control large fleets of drones for complex missions. Reuters notes the company says its software can manage nearly 700 drones, while Barron's reports its tools have been used in more than 100,000 combat missions tied to the Ukraine conflict.

That story is catnip for this market.

Defense is hot. Drones are hot. AI is hot. Ukraine battle-tested technology is hot. Small floats are hot.

Put those four things in a blender, and you get the kind of stock action that melts rational spreadsheets.

But we are not here to chase candles.

We are here to answer the Cheap Investor question:

Is SWMR actually cheap… or just viral?

The Scoreboard: What Actually Happened

Let's start with the raw numbers.

Swarmer raised about $15 million in its Nasdaq offering by selling 3 million shares at $5 each. Barron's reported that after the IPO the company had about 12.3 million shares outstanding and roughly $25 million in cash.

The stock then went berserk.

Here is the short version:

IPO price: $5
Day 1 close: about $31
Day 2 close: about $55
Two-day gain: roughly 1,000% to 1,100% from the IPO price

If you multiply that closing price by roughly 12.3 million shares, you are suddenly talking about a market value in the neighborhood of $675 million. At the Day 1 close near $31, the market cap was closer to $380 million. So in the span of about 48 hours, investors effectively revalued this business from a tiny IPO story into a company worth well north of half a billion dollars. That math is an inference from the reported share count and reported closing prices.

That is the setup.

Now let's talk about the irony.

Because if you strip away the chart, the current business is still tiny.

The Real Reason the Stock Moved

The market did not buy SWMR because of trailing fundamentals.

It bought SWMR because it checks nearly every box investors are obsessing over right now:

1. It sits at the intersection of three hot themes

Swarmer is being framed as an AI + defense + drones story. In 2026, that is one of the most combustible combinations you can find in public markets, especially with renewed investor focus on low-cost autonomous warfare and battlefield software. Reuters explicitly tied interest in the stock to the rising importance of low-cost drones, autonomy, jamming, and software in modern conflict.

2. It has battlefield credibility

This is not just a PowerPoint company. The firm's software has reportedly been used in Ukraine and has supported somewhere between 86,000 and 100,000+ combat missions, depending on the source. That kind of real-world validation gives the story something most micro-cap IPOs never have: actual mission relevance.

3. It has a tiny base

When a company has only about 12.3 million shares outstanding and a very small revenue base, even modest investor demand can create a violent supply-demand imbalance. That is especially true when the stock debuts in a market already primed to reward anything tied to AI-enabled military hardware or software.

4. It has famous names around it

Reuters reported that Erik Prince joined the board and is helping back efforts to sell Ukrainian drone technology into the U.S. market. Reuters also noted that former Google CEO Eric Schmidt was an early backer. Whether investors like those names or not, they undeniably increase attention.

5. It arrived at exactly the right geopolitical moment

The investment case is being amplified by a world that suddenly looks much more serious about drone warfare. Ongoing conflict in Ukraine, rising tensions in the Middle East, and broader defense budget repricing have made "cheap, autonomous, software-defined warfare" one of the hottest narratives in the market.

So yes, the move is dramatic.

But the market is not paying for the last 12 months.

It is paying for the possibility that Swarmer becomes an important software layer inside next-generation drone operations.

That is a very different thing.

And it is where the risk begins.

What Swarmer Actually Is

In plain English, Swarmer is not trying to be another traditional drone manufacturer.

It is trying to be the operating system and coordination layer behind autonomous drone fleets.

Reuters' company profile says Swarmer develops AI-based systems for multi-drone operations, mission planning, and real-time video streaming, while Reuters' reporting says the software is designed to let a single operator coordinate large numbers of drones at once.

That distinction matters.

Hardware can become commoditized.

Software that helps multiple machines coordinate in real time is where the strategic value can pile up—if it works, if customers trust it, and if governments are willing to buy it at scale.

That is the whole bull case.

Swarmer wants investors to believe it is not merely selling a drone tool.

It is selling force multiplication.

If that idea proves out in Western defense markets, the revenue curve could eventually look nothing like today's revenue curve.

But today's revenue curve still matters.

A lot.

The Data Section: Here's the Part Nobody Chasing the Chart Should Ignore

Now let's get to the numbers that matter most.

For 2025, Swarmer generated just $309,920 in revenue, down slightly from $329,410 in 2024, according to Barron's and the company's SEC filing. It posted a net loss of about $8.5 million in 2025. The SEC filing also says substantially all revenue came from one customer.

Read that again.

At a valuation that recently approached roughly $675 million, this company had only about $310,000 of trailing annual revenue.

That means the stock, at that rough market cap, was trading at a trailing price-to-sales multiple above 2,000x. That is not a typo. That is simple valuation math based on the reported revenue and inferred market value from share count and stock price.

So why are investors even entertaining this?

Because the company also says it has:

A firm backlog of $16.3 million over the next 12 to 24 months
Another $16.8 million of anticipated revenue that could be added
A regulatory statement that it expects to generate $33 million in revenue over the next two years

That is the bridge between absurd-looking trailing numbers and the speculative future investors are trying to discount.

Still, even if you generously assume Swarmer hits $33 million over two years, that does not automatically make today's valuation "cheap." It simply makes the company less pre-revenue than the trailing numbers suggest.

The balance-sheet story is a little better.

After the IPO, the company is expected to have around $25 million in cash, which gives it room to hire, execute, and pursue contracts without immediately coming back to the market. But it is still unprofitable, still small, and still dependent on scaling from a tiny base into actual defense procurement budgets.

That is a hard transition.

Many story stocks never make it.

Is It Cheap?

Here is the honest Cheap Investor answer:

On trailing fundamentals, no.
Not even close.

A company doing roughly $310,000 in annual sales with an $8.5 million loss is not "cheap" because the stock once traded at $5. That is not value investing. That is anchoring.

But there is a more nuanced answer.

SWMR might be "cheap" only if three things become true:

The reported backlog converts into real recognized revenue on time
The company wins U.S. or broader Western defense contracts
Investors are right that autonomous drone coordination software becomes a strategic category rather than a niche wartime tool

If those three things happen, then what looks absurd on today's numbers might look like an early-stage platform valuation later.

If they do not happen, this is simply a small, unprofitable company that got pulled into a thematic frenzy.

That is why I would not use the word "cheap" here in the classic Cheap Investor sense.

I would call it:

Extremely interesting. Extremely speculative. Very likely overextended near term.

Those are not the same thing.

What the Market Is Really Saying

When a stock like this goes vertical, the market is telling you one of two things.

Either:

A) Investors believe they have found the public-market version of a future Anduril-style software defense play.

Or:

B) Traders found a tiny float attached to an irresistible story and decided price discovery can wait until later.

Right now, it is probably some of both.

The good news for bulls is that the narrative has real meat on the bone. Drones are not a fantasy theme. Defense procurement is shifting. Low-cost autonomous systems are proving their worth in modern warfare. That part of the story is absolutely real.

The bad news is that markets routinely take a real theme and slap an irrational valuation on the smallest available public proxy.

That is how people get trapped.

And that is what bargain hunters need to avoid.

Bull, Base, Bear

Bull Case

Swarmer converts its $16.3 million backlog efficiently, adds a chunk of the $16.8 million anticipated pipeline, and starts to land Western defense or security customers. Its Ukraine-tested software becomes viewed as a scarce strategic asset, and investors begin valuing it not on trailing revenue but on future defense-software potential. In that world, today's wild debut looks less like a meme and more like the market front-running a category winner.

Base Case

The business grows meaningfully from its microscopic revenue base, but the stock gives back a large part of its first-week mania as investors recalibrate around execution risk, dilution risk, and the reality that procurement cycles are slow. The company survives, grows, and maybe becomes investable later—but not at straight-up fever-dream multiples.

Bear Case

Backlog conversion disappoints, new contracts take longer than hoped, losses remain heavy, and the stock retraces hard as the market stops rewarding concept stocks with no proven commercial scale. In that scenario, SWMR becomes another cautionary tale about paying venture-capital valuations for a company that just arrived in the public market.

Action Plan for Bargain Hunters

Here is my Cheap Investor answer for tomorrow morning:

If you already own it from lower levels

Do not confuse a phenomenal trade with a proven investment.

This is the kind of stock where taking partial profits is not cowardice.

It is discipline.

If you are thinking of chasing it now

Do not back up the truck after a move of 1,000%+ in two days. That is not bargain hunting. That is emotional momentum buying.

A smarter approach

If you really want exposure, use a staged framework:

Starter only after the first major cooling-off period
Add only if the company confirms backlog conversion or new contract wins
Add again only if revenue actually begins to scale and the story transitions from narrative to operating proof

That is how you treat a stock like SWMR.

Not as a core holding.

Not as a "can't miss."

As a watch-it-carefully speculation that might eventually earn a bigger position if execution catches up.

Cheap Investor Checklist / Scorecard

Here is what I would track over the next few weeks and quarters:

Backlog conversion: Does the reported $16.3 million begin turning into recognized revenue?
Pipeline validation: Does any part of the additional $16.8 million anticipated revenue become contractual?
Customer concentration: Can Swarmer reduce dependence on essentially one major customer?
U.S. defense traction: Any first U.S. military or government contract would matter a lot, since Reuters says it currently has no U.S. military contracts.
Revenue ramp: Can this business move from sub-$1 million annual sales toward multi-million-dollar quarterly revenue?
Cash burn: Does the post-IPO cash cushion hold up, or does the company burn faster than expected?
Dilution risk: Tiny, story-driven IPOs often tap the market again if momentum stays high.
Mission credibility: Are there more third-party validations of the software's battlefield effectiveness?
Competitive positioning: Can it hold its own against larger defense-tech names and better-capitalized drone players?
Chart behavior after mania: Does the stock build a real base, or does it simply round-trip on fading retail enthusiasm?

Bottom Line

Swarmer is one of the most fascinating new public stories on the tape right now.

But fascination and value are not the same thing.

On current financials, SWMR is not cheap. It is expensive, early, unproven, and priced almost entirely on future potential. Yet it also has something many speculative names do not: a real product, a real battlefield use case, a real backlog, and exposure to one of the strongest defense narratives in the market today.

So here is the Cheap Investor verdict:

If SWMR cools off and starts proving the revenue story, it could become a serious watchlist name.
If investors keep valuing hope at any price, it is a trade—not a bargain.

Disclaimer: This editorial is for informational purposes only and should not be considered investment advice. Always conduct independent research before making financial decisions.

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New Tesla announcement threatens software giant.