Dubai startup Constellation Stocks is developing an AI-powered equity research platform, with co-founder Iskandar Rakhmatov sharing insights with our reporter on its progress, early work with Baraka, and global ambitions through In5 Tech.
When Iskandar Rakhmatov and his two co-founders applied to In5 Tech, the flagship innovation hub operated by Dubai Internet City, they had a clear thesis: the US equity research market, dominated by institutional terminals costing upward of USD 20,000 per seat, was ripe for disruption. Their startup, Constellation Stocks, set out to deliver Wall Street–calibre fundamental analysis to everyday investors with a single click.
“The information asymmetry between institutional and retail investors is not about access to specific data,” says Rakhmatov, who previously held senior finance roles at OZON, one of the largest e-commerce platforms in the CIS region, and at Zamwell Capital. “The gap is in processing that data systematically. That’s what we’re solving.”
The platform covers approximately 3,000 US-listed equities. A user enters a stock ticker and receives a standardised, multi-page research report generated through two analytical layers. The first is a textual intelligence engine: large language models fine-tuned for financial language ingest SEC filings, earnings call transcripts, management guidance, and news flow, extracting structured signals such as changes in management tone, risk factor disclosures, and an investment thesis with pros and cons. The second is quantitative – automated valuation models calculating implied fair value using historical multiples (EV/Revenue, EV/EBITDA, P/E) applied to forward consensus estimates for revenue and EPS.
“We are building a research tool, not a trading tool,” Iskandar clarifies. “You type in a ticker and get the same kind of report an equity analyst at a bank would spend days compiling – delivered in seconds.”
Inside In5 Tech
Image courtesy of in5
In5 Tech, launched in 2013 by TECOM Group, has incubated over 500 startups from more than 70 countries. Acceptance is competitive: startups pass through application screening, a pitch before assessors and industry mentors who score on innovation, viability, team capability, and scalability, followed by due diligence and onboarding.
By the time they pitched, the team had self-funded the project with approximately USD 80,000, built a working MVP generating reports for over 3,000 US stocks, and validated the concept with over 400 surveyed investors and analysts. Eighty percent provided positive feedback and committed to using the product. The team passed all stages and was admitted in August 2024, subsequently incorporating in the DDA free zone.
Two Pilots with Baraka
The team’s first commercial partner was Baraka, a DIFC-headquartered, DFSA-regulated digital brokerage and Y Combinator graduate (Summer 2021) that has grown into one of the region’s leading investment platforms. Iskandar Rakhmatov and Baraka founder Feras Jalbout connected on LinkedIn through a shared interest in data-driven products for retail investors.
The first pilot evaluated Constellation Stocks’ automated research report generator through an A/B test with a segment of Baraka’s audience. The second developed a proprietary scoring system for US equities, incorporating quantitative and qualitative factors tailored to Baraka’s analytical needs. Rakhmatov led the design of both frameworks.
From Dubai to Global Markets
From the outset, the team has fielded interest from potential partners in the United States. By late 2024, Rakhmatov joined Zeus Quanto, a New Jersey–based fintech company and now dreams of bringing Constellation Stocks’ developments directly to the North American market and, subsequently, to a global audience.
Iskandar Rakhmatov (Image courtesy: Constellation Stocks | Designed by Team GBN)
“The feedback we are receiving from US market participants is crucially valuable. It is helping us develop new products with bigger potential than we initially envisioned,” says Rakhmatov.
Next on the roadmap: transforming the platform into an AI agentic mode capable of generating custom equity research tailored to each user’s investing style, and building analytical products around stock options trading, a high-growth niche among modern traders and investors.
Constellation Stocks is targeting a USD 5.3 billion serviceable market of online equity investors globally, within a broader USD 33.4 billion investment analytics industry growing at roughly 11% annually. Revenue streams include consumer subscriptions, B2B research reports for brokers, and educational content.
