The money will go to ground-based aerial defence systems, the government said, as Russia's full-scale invasion of Ukraine and the United States' increasingly strained ties with NATO allies under US President Donald Trump prompt a European rush to rearm.
"Experience from Ukraine demonstrates the importance of a robust air defence," the Swedish government said.
The announcement follows similar moves by countries including Germany, where parliament approved $59 billion in new defence spending in December.
The initial purchases under Sweden's new plan will be made in the first quarter of 2026, the government said.
"With this broad investment in air defence, we are protecting the whole of society, from our military units to urban areas and critical infrastructure," Prime Minister Ulf Kristersson said in a statement.
"It is a matter of people's lives, our freedom and our ability to withstand attacks in all parts of the country."
Sweden had announced in November it was spending around $366 million on IRIS-T surface-to-air short-range missiles to protect itself against missiles, drones and combat aircraft.
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