Fractal Analytics: Cold Shower for AI IPO

On February 16, 2026, Fractal Analytics went public with a valuation of $1.6 billion, but trading started below the issue price. This is a "muted" debut for an AI sector company.

The market is sending a signal: the euphoria is over. Investors have learned to distinguish "shovel" makers (chips, data centers) from service companies. Now, AI businesses are required to have not just a hyped name, but clear unit economics and profit.

Source: Reuters