Iceberg Research [published][] % after issuing a press release concerning a purported $900 million deal with the U.S. Airforce. In reality, Iceberg found the deal is a competitive contract with 93 other firms and may result in de minimis revenue for BigBear AI. In addition, Iceberg noted that BigBear AI was formed when private equity firm AE Industrial merged two of its portfolio companies into a SPAC. Iceberg wrote, in part,

“Archived versions of these entities’ websites suggest the portfolio companies were mostly focused on data analytics and other IT consulting services, but for the SPAC merger, they were rebranded as AI-focused.”

[1]https://substack.com/redirect/65a386d2-b0a4-4ce2-85ce-7fe6049b070b?j=eyJ1Ijoibm1idCJ9.oKN8sNuAta-fKDvVXVf40Ijrk4j2KaDlakvdPE7BH98 "Substack post"