Ukrainian combat robot maker Ratel sells for up to $224M

Swarmer, an Austin, Texas-based defense technology company, has agreed to buy Ratel Robotics, one of Ukraine’s largest makers of combat ground robots, in a deal that could be worth up to $224 million.

Alexander Kamyshin, a former advisor to Ukrainian President Volodymyr Zelenskyy on strategic affairs, first laid out the deal’s structure on X, writing that Swarmer is acquiring 100 percent of Ratel Robotics.

According to Kamyshin, the agreement combines cash and Swarmer stock. At closing, Ratel’s owners receive about $7.2 million in cash plus roughly 1.06 million Swarmer shares. They can earn another $7.2 million in cash if Ratel hits 2026 revenue and profit targets, and up to about 4.42 million additional Swarmer shares tied to performance goals through 2028. Most of the deal’s potential value depends on Ratel’s future results rather than money paid up front. Closing still requires standard legal, regulatory and shareholder approvals, and Swarmer takes full ownership of Ratel once the deal closes.

Swarmer develops AI-powered, vendor-agnostic software that lets a single operator coordinate large numbers of autonomous drones and unmanned systems at once. The company, founded by Ukrainians, says its technology has supported more than 100,000 combat missions in Ukraine since it was first deployed in April 2024. Swarmer went public on the Nasdaq under the ticker SWMR earlier in 2026, and Erik Prince, the founder of Blackwater, chairs the company.

Ratel builds modular unmanned ground vehicles already used on the front line for logistics runs, casualty evacuation, engineering work, reconnaissance and remote mine laying and clearing. Its vehicles also launch drones directly from the ground. The company is developing two aerial drone variants, mobile repair workshops and other equipment meant to support units in the field. Ratel’s ground vehicles accounted for roughly 37 percent of the money Ukraine’s Defense Procurement Agency spent on unmanned ground vehicle contracts between January 1 and April 18, 2026, a period in which the agency spent about $247 million on the category. Ratel has secured $86 million in contracts so far in 2026 and is in talks with several NATO countries through the Build With Ukraine initiative.

Combining the two companies puts Ratel’s ground vehicles together with Swarmer’s coordination software, work both companies describe as building toward a single system where ground and air drones operate with less direct human control. Ratel’s vehicles already double as launch platforms for aerial drones in the field, which is part of what drew Swarmer’s interest.

“My experience serving in the Armed Forces of Ukraine gave me a clear understanding of the risks soldiers face every day,” said Taras Ostapchuk, founder and CEO of Ratel Robotics. “That is why we build robotic systems capable of taking on the most dangerous missions. Together with Swarmer, we will combine ground and air capabilities and develop their autonomy so fewer people have to risk their lives.”

Ostapchuk will keep running Ratel Robotics after the deal closes. More than 300 Ratel employees are expected to join Swarmer, which would grow the combined company to nearly 500 people. Ratel’s team will continue developing its existing products, scaling manufacturing and pursuing sales to militaries beyond Ukraine.

The deal is expected to close in the fourth quarter of 2026, pending the approvals both companies still need to secure.