Cognition Doubled Its Valuation to $48 Billion in Four
Cognition, the startup behind autonomous coding agent Devin, has raised over $2 billion in a Series E round at a $48 billion valuation, nearly doubling its price tag from $26 billion in May as annualized run-rate revenue climbed from $492 million to almost $900 million.
Cognition just proved that in AI coding, the money hasn't stopped moving. The startup behind autonomous coding agent Devin announced on September 8 that it raised more than $2 billion in a Series E round, pushing its valuation to $48 billion — nearly double the $26 billion price tag it carried just four months ago.
New investors Andreessen Horowitz and Accel led the round, joined by returning backers Founders Fund, General Catalyst and Avenir, alongside an unusually broad syndicate. A few numbers show how fast Cognition is scaling:
- Annualized run-rate revenue climbed from $492 million in May to nearly $900 million today
- Internal forecasts project revenue exceeding $1.5 billion by the end of 2026, and $4-5 billion in 2027
- The syndicate also includes Nvidia, Benchmark, Bessemer, and T. Rowe Price, among dozens of other backers
Devin is now embedded in engineering teams at Nvidia, GE Aerospace, Citi, Mercedes-Benz, and Goldman Sachs, according to reporting on the round, and the company frames coding as the AI application with the clearest return on investment: engineers are expensive, projects take measurable time, and an agent that speeds up shipping has an easy-to-quantify business case.
The valuation also lands as a pointed contrast to rival Cursor, which was reportedly valued at $50 billion in funding talks before being acquired by SpaceX for $60 billion over compute constraints — a reminder that even at nine-figure valuations, AI coding startups are still one bad infrastructure bet away from needing a buyer.
