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It trains foundation models on 23PB of proprietary bio/chem data and runs the NVIDIA-GPU BioHive-2 supercomputer (NVIDIA invested $50M in 2023, trimmed the stake in Feb 2026 while the collaboration continues). Partners with Roche, Genentech and Sanofi. Q4 2025 revenue $35.5M (incl. a $30M Roche milestone). 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데이터로 파이프라인 가치를 증명하기 전까지는 컴퓨트 비용이 앞서고 매출은 마일스톤에 좌우되는 현금소진 구조가 재평가의 핵심 변수다.","analysis_en":"The thesis is whether a 'compute-to-drug' model gets validated by milestone cash flows. It trains foundation models on 23PB of proprietary data and screens candidates at scale on the NVIDIA-GPU BioHive-2, but the infrastructure is two layers — in-house GPUs (NVIDIA) for model training, and Google as primary cloud running Recursion OS and its data for 6+ years (expanded to Gemini in 2024). The substance of revenue is collaboration with Roche, Genentech and Sanofi: Q4 2025 revenue of $35.5M includes a $30M Roche milestone, so it still leans on partnerships, not its own pipeline. NVIDIA's unwinding of its 2023 $50M strategic stake in Feb 2026 (collaboration continues) weakens the equity signal — until in-house clinical data prove pipeline value, the cash-burn structure of compute costs leading and revenue swinging on milestones is the key re-rating variable.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-07","basis":"NVIDIA 전략 투자(2026.2 지분 정리)","value":50000000,"period":"2023 전략투자","basis_en":"NVIDIA strategic investment (stake unwound 2026.2)"},"note":"BioHive-2 슈퍼컴퓨터를 NVIDIA GPU로 구축·운용(파운데이션 모델 학습).","note_en":"Builds and runs the BioHive-2 supercomputer on NVIDIA GPUs (foundation-model training).","sources":[{"stance":"confirms","publisher":"Kavout","publisher_en":"Kavout","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.kavout.com/market-lens/recursion-pharmaceuticals-an-ai-powered-drug-discovery-powerhouse","title":"Recursion, AI 신약 발굴(23PB·BioHive-2)","title_en":"Recursion, an AI drug-discovery powerhouse (23PB, BioHive-2)","excerpt":"BioHive-2 슈퍼컴퓨터를 NVIDIA GPU로 구축·운용(파운데이션 모델 학습).","excerpt_en":"Builds and runs the BioHive-2 supercomputer on NVIDIA GPUs (foundation-model training)."},{"stance":"confirms","publisher":"Recursion","publisher_en":"Recursion","kind":"filing","lang":"en","published_at":"2023-07-12","url":"https://ir.recursion.com/news-releases/news-release-details/recursion-announces-collaboration-and-50-million-investment","title":"Recursion·NVIDIA 협업·$5천만 투자","title_en":"Recursion-NVIDIA collaboration and $50M investment","excerpt":"BioHive-2 슈퍼컴퓨터를 NVIDIA GPU로 구축·운용(파운데이션 모델 학습).","excerpt_en":"Builds and runs the BioHive-2 supercomputer on NVIDIA GPUs (foundation-model training)."}]},{"direction":"revenue","counterparty":"로슈·사노피·제약 (협업·마일스톤)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-12","basis":"협업 마일스톤 수령","value":30000000,"period":"로슈 마일스톤","basis_en":"Roche collaboration milestone"},"note":"로슈·제넥텍·사노피와 협업, 마일스톤 수령(로슈 $30M).","note_en":"Collaboration with Roche, Genentech and Sanofi, with milestones (Roche $30M).","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-02-26","url":"https://finance.yahoo.com/sectors/healthcare/articles/recursion-pharmaceuticals-details-ai-driven-050418210.html","title":"Recursion, 로슈·사노피 마일스톤·2028 런웨이","title_en":"Recursion details Sanofi/Roche milestones, runway to 2028","excerpt":"로슈·제넥텍·사노피와 협업, 마일스톤 수령(로슈 $30M).","excerpt_en":"Collaboration with Roche, Genentech and Sanofi, with milestones (Roche $30M)."},{"stance":"confirms","publisher":"Recursion","publisher_en":"Recursion","kind":"filing","lang":"en","published_at":"2023-07-12","url":"https://ir.recursion.com/news-releases/news-release-details/recursion-announces-collaboration-and-50-million-investment","title":"Recursion·NVIDIA 협업·$5천만 투자","title_en":"Recursion-NVIDIA collaboration and $50M investment","excerpt":"로슈·제넥텍·사노피와 협업, 마일스톤 수령(로슈 $30M).","excerpt_en":"Collaboration with Roche, Genentech and Sanofi, with milestones (Roche $30M)."}]},{"direction":"cost","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"as_of":"2024-10-21","qualifier":"primary_cloud_provider"},"note":"Recursion OS·데이터 플랫폼을 Google Cloud에서 운영(2019년 주 클라우드 지정, GKE·Compute Engine·BigQuery·클라우드 스토리지). 2024년 파트너십 확장으로 Gemini까지 탐색. BioHive-2 자체 GPU와는 별개 인프라 층.","note_en":"Runs Recursion OS and its data platform on Google Cloud (primary cloud since 2019: GKE, Compute Engine, BigQuery, storage); 2024 expansion adds Gemini. Separate infrastructure layer from the in-house BioHive-2 GPUs.","sources":[{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"ir","lang":"en","published_at":"2024-10-21","url":"https://www.prnewswire.com/news-releases/recursion-and-google-cloud-announce-expansion-of-partnership-to-support-drug-discovery-with-cloud-and-exploration-of-generative-ai-technologies-302281509.html","title":"Recursion·Google Cloud 파트너십 확장(생성형 AI 포함)","title_en":"Recursion and Google Cloud announce expansion of partnership","excerpt":"6년 이상 협업. GKE·Compute Engine·BigQuery로 대규모 데이터셋 저장·분석, Gemini 역량 탐색.","excerpt_en":"Working together for more than six years, using GKE, Compute Engine, storage and BigQuery; exploring Gemini's capabilities."},{"stance":"confirms","publisher":"Google Cloud","publisher_en":"Google Cloud","kind":"ir","lang":"en","published_at":"2019-03-01","url":"https://cloud.google.com/blog/topics/customers/recursion-pharmaceuticals-accelerates-drug-discovery-with-google-cloud","title":"Recursion, Google Cloud로 신약 발굴 가속","title_en":"Recursion Pharmaceuticals accelerates drug discovery with Google Cloud","excerpt":"Recursion has selected Google Cloud as their primary public cloud provider.","excerpt_en":"Recursion has selected Google Cloud as their primary public cloud provider."}]},{"direction":"revenue","counterparty":"자체 신약 파이프라인 (임상)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"자체 AI 발굴 파이프라인의 임상 진전.","note_en":"Clinical progress of its own AI-discovered pipeline.","sources":[{"stance":"confirms","publisher":"Kavout","publisher_en":"Kavout","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.kavout.com/market-lens/recursion-pharmaceuticals-an-ai-powered-drug-discovery-powerhouse","title":"Recursion, AI 신약 발굴(23PB·BioHive-2)","title_en":"Recursion, an AI drug-discovery powerhouse (23PB, BioHive-2)","excerpt":"자체 AI 발굴 파이프라인의 임상 진전.","excerpt_en":"Clinical progress of its own AI-discovered pipeline."}]},{"direction":"investor","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"mid","metric":null,"note":"NVIDIA가 2023년 $5천만 전략 투자(2026.2 지분 정리, 협업 지속).","note_en":"NVIDIA made a $50M strategic investment in 2023 (stake trimmed Feb 2026, collaboration continues).","sources":[{"stance":"confirms","publisher":"Yahoo Finance","publisher_en":"Yahoo Finance","kind":"news","lang":"en","published_at":"2026-02-26","url":"https://finance.yahoo.com/sectors/healthcare/articles/recursion-pharmaceuticals-details-ai-driven-050418210.html","title":"Recursion, 로슈·사노피 마일스톤·2028 런웨이","title_en":"Recursion details Sanofi/Roche milestones, runway to 2028","excerpt":"NVIDIA가 2023년 $5천만 전략 투자(2026.2 지분 정리, 협업 지속).","excerpt_en":"NVIDIA made a $50M strategic investment in 2023 (stake trimmed Feb 2026, collaboration continues)."},{"stance":"confirms","publisher":"Recursion","publisher_en":"Recursion","kind":"filing","lang":"en","published_at":"2023-07-12","url":"https://ir.recursion.com/news-releases/news-release-details/recursion-announces-collaboration-and-50-million-investment","title":"Recursion·NVIDIA 협업·$5천만 투자","title_en":"Recursion-NVIDIA collaboration and $50M investment","excerpt":"NVIDIA가 2023년 $5천만 전략 투자(2026.2 지분 정리, 협업 지속).","excerpt_en":"NVIDIA made a $50M strategic investment in 2023 (stake trimmed Feb 2026, collaboration continues)."}]},{"direction":"cost","counterparty":"클라우드·실험·습식랩 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"클라우드·자동화 습식랩·데이터 생성.","note_en":"Cloud, automated wet-lab and data generation.","sources":[{"stance":"confirms","publisher":"Kavout","publisher_en":"Kavout","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://www.kavout.com/market-lens/recursion-pharmaceuticals-an-ai-powered-drug-discovery-powerhouse","title":"Recursion, AI 신약 발굴(23PB·BioHive-2)","title_en":"Recursion, an AI drug-discovery powerhouse (23PB, BioHive-2)","excerpt":"클라우드·자동화 습식랩·데이터 생성.","excerpt_en":"Cloud, automated wet-lab and data generation."}]}]}