The Fractured site has been updated with a new roadmap that includes the team's plans for taking the game from pre-alpha to launch. The map shows that pre-alpha would take place in October of this year, and the first phase of alpha testing in late 2018. These will be followed by a year's worth of alpha testing throughout 2019. 2020 and into 2021 would be devoted to beta testing with full launch targeting a Q3 2021 release. "Yes, it takes time to build an MMO" the accompanying post reads.
The goal of Alpha 1 is "to complete all the core features of Fractured, which will become playable over time in 4 planned testing phases". These core features include: Races & Planets, Crafting, Player-Run Towns and the Knowledge System.
You can read more about each of the core features and check out the development roadmap by visiting the Fractured site.