Nebius cloud revenue jumps 514% to $575M
The AI compute buildout is still printing growth numbers: Amsterdam's Nebius posted another triple-digit quarter, enterprise AI's missing-context problem pulled in a $63 million bet, and the ChatGPT dog-cancer vaccine story officially became a startup.
Nebius, the Amsterdam-based AI cloud company that carries Yandex's international infrastructure business, reported Q2 cloud revenue of $575 million, up 514% year over year — with total revenue of $582 million beating the $557 million analysts expected. Shares jumped more than 15% on the release and are up 131% year to date, with the company reaffirming its 2026 outlook and signaling it will keep pouring money into capacity. Cloud now accounts for the bulk of the business, and the quarter reads as another data point for the industry's core conviction: demand for AI compute is still outrunning what anyone can build.
It's the same demand curve CoreWeave sketched this morning — CoreWeave's backlog tops $104 billion as AI cloud revenue doubles — and the pattern across the neocloud sector is getting hard to miss: the most reliable growth in AI right now isn't in the model layer, it's in who owns the GPUs and the data centers around them. The question for Nebius specifically is whether its expansion across Europe and North America can turn six-fold revenue growth into margins, or whether, like its peers, it remains a revenue story before it becomes a profit one.
Skan AI, a seven-year-old Menlo Park startup that builds a "context graph of work" by observing how employees actually use enterprise software, raised a $63 million Series C co-led by Cathay Innovation and Dell Technologies Capital. Citi Ventures, Bloomberg Beta, State Farm Ventures, and Wipro Ventures joined, bringing total funding to roughly $120 million. Alongside the round, Skan is launching two products — Blueprint and Agents — that turn screen-level observations into models AI agents can reason over and act on.
The pitch lands on enterprise AI's most embarrassing stat: Gartner research the company cites finds only 8% of enterprises have AI agents in production. Skan's argument, in co-founder Avinash Misra's framing, is that everyone is obsessed with building a better driver when the real opportunity is a better navigation system — the exceptions, handoffs, and habits that never appear in system logs. The obvious objection is surveillance, and the company leans on aggregation, claiming it surfaces patterns across hundreds of workers rather than tracking individuals. Whether that distinction holds will decide if "work context" becomes the next CRM — or the next workplace-privacy fight.
The Australian entrepreneur behind the viral "ChatGPT designed a cancer vaccine for my dog" story has turned it into a startup: Paul Conyngham launched Gamgee, a Y Combinator-backed company offering personalized mRNA cancer vaccines for dogs. The company, also backed by Founders Fund and Golden Gate Ventures, is recruiting for its first clinical trials in Australia with a global waitlist, working with the University of Queensland and UNSW genomics labs. It claims a roughly 75% tumor reduction in its "first documented case" — Rosie, Conyngham's dog, whose improvement came alongside another therapy, which is exactly why The Verge and oncologists have urged caution about crediting the vaccine, or the AI, with the result.
For all the hype, the launch is a genuine milestone for AI-driven biology: a pipeline where a self-described non-biologist used ChatGPT and genomics tools to reach clinical trials. The skeptical reading is that the science was always messier than the story — and that the company's ambitions now run from dogs to humans. Either way, Gamgee is a test case for how much credit AI deserves in discoveries, and how fast a viral story can become a real lab.
What to watch: whether Nebius's capex keeps pace with demand, and whether Gamgee's first trial data backs up Rosie's story.
Is watching how employees actually work the price of making enterprise AI useful — or a line companies shouldn't cross? Tell us in the comments.
