The large language models (LLMs) that form the basis of generative AI chatbots such as ChatGPT, Claude, and Gemini can generate uncannily human-like text and images. But these models still struggle with a skill that, ironically, looks at face value to be right in their wheelhouse: analyzing structured data. A new type of generative AI is set to change this situation.

Although you can get your favorite chatbot to solve intractable math problems, review dense legal documents, compose a catchy pop song, or put together some slick PowerPoint slides, give it anything more than a small table and it doesn’t have a clue what to do.

For most companies and organizations, the most important data sits in spreadsheets. Whether it’s a bank’s transaction logs, a marketing agency’s website metrics, clinical trial participants’ vital signs, or the vast amount of proton collision information produced at atom smashers like the Large Hadron Collider, structured, row-and-column data runs the world, and LLMs can’t deal with it.

AI startup Fundamental is pioneering a new type of AI foundation model, known as a large tabular model (LTM), to fill the gap. Fundamental came out of stealth mode on 5 February 2026 with US $275 million in funding and a model called NEXUS, purpose-built for tabular data. Now, the model is being adopted by companies such as Amazon Web Services, while others race to build their own LTMs.

Why LLMs struggle with spreadsheets

Part of why structured data has garnered less attention is a very human bias, argues Boris van Breugel, a senior AI researcher based in Amsterdam. “People like to see images, videos, and ChatGPT responses,” he says. “But tabular data really lags behind because it’s not fun to look at numbers.”

Different tabular datasets are also difficult to compare, explains van Breugel, who co-wrote a prescient position paper on this topic in 2024. Whereas most language has similar semantics, making LLMs well-suited to being trained on vast amounts of text data, van Breugel argues that it is much harder to train a single tabular model on tables with very different variables.

Additionally, language is sequential by nature (as are music, images, and video). Changing the order of words in a sentence may change or completely destroy its meaning. But the structured data you find in spreadsheets isn’t sequential. You can swap the order of columns or play around with rows, but the underlying factual meaning of the data remains the same.

This independence from linear order is incompatible with an LLM’s fundamental purpose of predicting the next value in a linear sequence. “With LLMs, even slightly changing the input, you get a different output,” says Jeremy Fraenkel, CEO of Fundamental. “That’s fine, and actually often desirable for LLMs, but when you’re making a prediction of whether a transaction is fraudulent or not, you want to make sure that the prediction is the same, or deterministic, no matter what.”

Developing Fundamental’s LTM

Current tabular data solutions are limited to machine learning algorithms, such as XGBoost, that have been around for more than 15 years and are used by organizations globally. These algorithms—called gradient-boosted decision trees—have to be trained and optimized by data scientists over the course of months for each and every use case. In contrast, NEXUS and other emerging LTMs are foundational, leveraging learning amassed from pre-training on diverse databases so that they can be applied across a range of different predictive tasks with minimal bespoke feature engineering or task-specific model building.

And unlike LLMs, which primarily model sequences of tokens, LTMs model the structure of tabular data directly. They jointly learn from each entry’s numerical value, what it represents, and how it relates to other entries. For example, imagine an entry in a grocery stock inventory table for bananas: The LTM can take in not just the magnitude—say, 500—but the fact that the entry represents the current banana stock quantity, its category (produce), and the statistical properties that link the entry with the rest of the column. This contextual understanding enables more accurate reasoning and prediction over structured data.

According to Fraenkel, one of Fundamental’s biggest challenges in developing NEXUS was obtaining the right training data. Unlike natural language, which is abundant and broadly uniform in structure, tabular data is relatively hard to find—much of the data is sensitive or proprietary—and diverse. There are very few similarities between, for instance, a biology dataset and a financial one. That combination of factors meant Fundamental needed to invest in building a huge training set.

“We pre-trained NEXUS on billions of tables using a combination of proprietary datasets acquired through partnerships and licensing, high-quality public and open-source datasets, and data augmentation techniques that expanded the diversity and coverage of our training corpus,” Fraenkel says, though he is keen to point out that NEXUS is not trained on customer data. In fact, it is a confidential computing platform, which means that Fundamental physically cannot access customer data, let alone train on it.

This feature was most likely a key consideration when in June, Amazon Web Services (AWS) embedded NEXUS in Amazon SageMaker, widely considered the default operating system for secure machine learning. This brings NEXUS to many customer’s often sensitive data—a contrasting approach to LLMs, where the data has to be imported to the model.

“With Amazon, we have a first-party partnership, which means that our model exists as if it’s a native AWS solution,” says Fraenkel. “And over time, the goal is to expand these types of relationships to allow [ens-users] to really access their data wherever they do their predictions.”

The future of data analysis

Though Fundamental has taken the lead, at least in enterprise applications, the company is not alone in pursuing foundational LTMs. In March, Feedzai, which provides fraud and financial crime prevention services, and credit card company Mastercard separately launched similar proprietary technologies focused on finance. Then, in late June, Google launched its own foundational competitor TabFM, trained entirely on hundreds of millions of synthetic datasets.

And machine learning researchers are not far behind either. FlexTab, TabICL, and iLTM are just three of a raft of LTMs developed by the research community in the past year, all in the pursuit of bringing the success of LLMs to the tabular domain.

For all involved, the direction of travel is clear. “I would be very surprised if most data processing and analysis is not done through an automated system in the future, whether that’s an LLM, an LTM, or some combination,” says van Breugel. “Most people don’t necessarily like to do data analysis, and these systems will be able to do it a lot better.”

Fraenkel agrees. “I see the relationship between LLMs and LTMs as being a bit like the human brain: The left side is good at reasoning and understanding and summarizing text, and the right side is really good at understanding numbers and statistics and patterns,” he says. “But it’s when you combine both of those that you really get something much more powerful.”