Sarcos Company Profile: History, Ownership, Change to Palladyne AI and Stock
Updated: 7 days ago
Sarcos was a Utah robotics company known for exoskeletons and teleoperated robots; since 2024 it has been called Palladyne AI and sells AI software for robots and drones. Stephen Jacobsen, a University of Utah professor, founded it in 1983. This profile sets out its history, ownership, change of direction and listing.
Sarcos at a Glance
Fact | Detail |
Present name | Palladyne AI Corp. |
Founded | 1983, as Sarcos Research Corporation |
Founder | Stephen Jacobsen |
Headquarters | Salt Lake City, Utah, USA |
Stock listing | Nasdaq: PDYN, formerly STRC |
Chief Executive Officer | Ben Wolff, reappointed January 2024 |
Products today | Palladyne IQ, Palladyne Pilot and SwarmOS |
Company History
Sarcos began in 1983 as a research company. In 2001 the US defense research agency DARPA awarded it a grant to design a military exoskeleton, and accepted its design in 2006. Raytheon bought the company in November 2007 and ran it as Raytheon Sarcos until 2015, when a group led by Fraser Smith and Ben Wolff bought it back.
In September 2021 Sarcos merged with the acquisition company Rotor Acquisition Corp. and began trading on Nasdaq. It acquired RE2 in 2022. In November 2023 the board approved a shift from hardware to AI software only, and the Pittsburgh office was closed. The new name, Palladyne AI, was announced in March 2024.
Key milestones
1983: Founded.
2001: DARPA exoskeleton grant.
November 2007: Acquired by Raytheon.
2015: Bought from Raytheon by a consortium.
September 2021: Nasdaq listing through a merger.
2022: RE2 acquired.
September 2023: USD 13.8 million Air Force contract for AI software.
November 2023: Shift to software approved.
March and April 2024: Renamed Palladyne AI; ticker becomes PDYN.
2025: Palladyne Defense division formed.
Products Today
Product | Purpose |
Palladyne IQ | Autonomy software for industrial and collaborative robots |
Palladyne Pilot | Flight system for drones |
SwarmOS | Operating system for coordinating drones, robots and sensors |
Leadership
Three chief executives served in a little over two years: Kiva Allgood from December 2021, Laura Peterson from May 2023, and Ben Wolff again from January 2024.
Stock Information
The shares trade on Nasdaq under PDYN.
Note: this section is general information, not investment advice.
Strengths and Challenges
Strengths
Decades of robotics know-how behind its software.
Defense contracts.
Challenges
The company could not fund its hardware business and gave it up.
Frequent changes of chief executive.
A new software business still to be proven.
Current Catalogue Coverage
Catalogue checked on 15 October 2026: 1 associated product records. The links below are representative entries, rather than a claim that every historical model is currently available.
Sarcos FAQ
What happened to Sarcos?
It changed from robot hardware to AI software and was renamed Palladyne AI in 2024.
Is Sarcos publicly traded?
Yes, as Palladyne AI on Nasdaq under the ticker PDYN.
Who founded Sarcos?
Stephen Jacobsen, in 1983.
Did Raytheon own Sarcos?
Yes, from November 2007 until 2015.
Who is the CEO?
Ben Wolff.
Sources
Wikipedia: Palladyne AI
