AI Drone Software Stock Jumps 520% in Best IPO Since Newsmax (1)

Swarmer Inc. shares skyrocketed as much as 700% on Tuesday, making the artificial intelligence drone software company’s debut the best trading by a US stock since Newsmax Inc.’s blockbuster entry nearly a year ago.

Shares of the Austin, Texas-based firm closed up 520% at $31 on Tuesday. The surge triggered multiple volatility-based trading halts, including one less than a minute after the stock opened and initially dropped more than 10%.

Swarmersold 3 million shares for $5 each, which at the time valued the company at just over $60 million. The trading gave the company a ...