The term "swarming," like "autonomy" before it, no longer discriminates between capabilities. This paper introduces a four-level swarming taxonomy and applies it to the evidenced status quo, establishing where sustained, scaled swarming tops out and how it may develop next. Attention centers on the electronics — edge compute, sensing, comms under EW — where attritable COTS demand meets AI's demand for compute. It derives which constraint binds, and what follows for procurement and force design.