When Ukrainian drone company Swarmer listed in the US by way of SPAC earlier this year and went a little viral in the process, many wondered if it would signal a rush of similar listings of European defence techs looking for a better way to tap US capital markets to grow. It’s been a while, but another one has indeed appeared.
Bulgaria-based Dronamics announced this week that it will go public through the equivalent of a special-purpose acquisition company (SPAC) action, which would allow the company to list on the US NASDAQ by combining with GP-Act III Acquisition Corp, a blank check company set up for this purpose.
The agreement, announced on November 4, gives Dronamics a $400 million pre-money equity valuation and a $500 million enterprise value, the company said. The transaction is scheduled to close in the first half of 2027.
“Sovereign aerospace is a critical mission which requires support from visionary investors, with a long-term horizon, an appetite for risk, and courage to go after challenges. We think this is what the US capital markets offer, and we continue to build a new category in autonomous aviation with the same zeal as we did when we first started,” Rangelov told Resilience Media in an email.
Founded in 2014 and headquartered in Sofia, Dronamics has spent 12 years developing long-range unmanned aircraft and the infrastructure needed to operate them commercially. The company became Europe’s first licensed cargo drone airline and earlier this year we wrote about how the startup was pivoting to do more in defence.
Its flagship Black Swan is a NATO Class III unmanned aircraft developed for shorter cargo transport missions. The platform is now being adapted for military transport and logistics as well as intelligence, surveillance, and reconnaissance (ISR).
The transaction could provide around $100 million in net proceeds to expand production of its Black Swan unmanned aircraft and accelerate the development of new defence and logistics capabilities.
“The signing of this business combination agreement represents an important milestone for Dronamics as we prepare for the next stage of our growth,” said Rangelov. “We believe the Black Swan can create a new category in autonomous aviation by combining long-range capability, meaningful payload capacity, and the potential for attractive operating economics across cargo logistics, national security, and other mission-critical applications. The proposed transaction with GPAT and a Nasdaq listing would support our plans to accelerate commercialization, expand manufacturing capacity, and launch operations in the US and beyond.”
The company has also introduced the Black Cygnet, a smaller NATO Class I tactical drone designed for military and non-military protection and ISR missions. The UAV was recently demonstrated during a NATO exercise, carrying an integrated partner sensor for search and rescue and surveillance applications.
The company’s commercial partnerships include Hellmann Worldwide Logistics, which has agreed to become a priority cargo partner, as well as Xcalibur Smart Mapping and Asia Air Survey. For Dronamics, the planned Nasdaq listing is intended to provide access to the capital needed to move from aircraft development and demonstrations to larger-scale manufacturing and operations.
The transaction reflects a wider financing challenge facing European defence technology companies. Governments are seeking domestically controlled aircraft, sensors, and communications systems, but developing and manufacturing those systems at scale requires substantial private investment. Moves like this one allow European companies to access larger levels of financing via the US markets as opposed to gathering venture money from EU sources.
“We are energised by the opportunity to list on the US public market,” said Svilen Rangelov, Dronamics co-founder and president. “We have done so much of the hard part privately over the years – the first EU license, first flights, IATA and ICAO codes, a defence variant, several prototypes, tier-one partners.” The defence variant was developed in partnership with Hensoldt — we covered that here — and the pair are currently demonstrating that.
Further, a US public listing could also provide the financing to support that expansion while allowing the company to maintain its European manufacturing and technology base, creating the opportunity for Dronamics to become a truly cross-border prime.
