Cognition Seeks $40 Billion Valuation in New Funding Round

Cognition, creator of the AI coding agent Devin, is in talks with investors for a funding round that could value the company at $40 billion, based on achieving $1 billion in annualized revenue run rate. This would represent a significant jump from the company's $26 billion valuation in May 2026, when it raised $1 billion. At that time, Cognition reported $492 million in annualized revenue run rate and 50% month-over-month growth in enterprise usage. The company serves customers including Mercedes-Benz, NASA, and Goldman Sachs, using Devin to automate long-tail software development tasks like modernization and platform migrations rather than replacing programmers entirely.