Cognition raises $2B at $48B valuation as Devin revenue nears $900M

Cognition has announced that it raised more than $2 billion in a Series E that values the AI coding company at $48 billion. 

The company has nearly doubled its price tag in under four months. Meanwhile, the run-rate revenue behind its Devin agent is approaching $900 million.

How much did Cognition AI raise in its funding round? 

Artificial intelligence coding startup Cognition AI Inc. has raised over $2 billion in a Series E funding round, pushing its valuation to $48 billion, a massive jump from its $26 billion valuation just four months ago in May 2026. 

New backers of the company, Andreessen Horowitz and Accel, led this funding round. They were joined by existing investors like Founders Fund, General Catalyst, and Avenir.  

The list of investors also includes big names like Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, T. Rowe Price, Lux, 8VC, DST, Ribbit, Bain Capital Ventures, and Nvidia (NASDAQ: NVDA). 

Cognition plans to burn about $800 million in cash during 2026, mainly to lease Nvidia servers in order to get the computing power needed to run and train AI models.  

Cognition’s CEO Scott Wu has built an impressive client list. Besides Nvidia (NASDAQ: NVDA), customers include GE Aerospace, Citi (NYSE: C), Mercedes-Benz, and Modal. In Brazil, the company already counts Itaú and Nubank as clients and is opening an office in São Paulo to grow further in Latin America. 

How did Cognition’s valuation grow so fast?

Cognition AI became a unicorn in April 2024, when it was less than six months old. In September 2025, it closed a $400 million round at a $10.2 billion valuation. By May 2026, it raised over $1 billion at a $26 billion valuation. Now, that figure has doubled to $48 billion. 

Revenue has grown just as quickly with the company now recording a run rate of $900 million from just $492 million in May 2026, representing an 83% jump. The figures put the company’s value at roughly 53 times its run-rate revenue, which is the same multiple it had in its previous round. 

Despite competition from big players like Anthropic’s Claude Code, OpenAI’s Codex, and Google’s Jules, back in May, it was reported that the enterprise usage of Devin had been growing by 50% month-over-month for six straight months  

Cognition has stayed independent by positioning itself as an “independent agent lab” that can mix and match different foundation models rather than locking customers into one provider. 

The company has also been expanding globally. In the past year, it opened offices in Washington, D.C., Tokyo, Singapore, London, São Paulo, and Madrid, adding to existing hubs in San Francisco, New York, and Austin. In Japan, Cognition set up its first Asia-Pacific office in April 2026, and the country is now its second-largest user base after the United States. 

What does Devin do? 

Devin is Cognition’s autonomous software engineering agent, first launched in 2024 as what the company calls the first AI software engineer. It is designed to work like an independent engineer, so once it is given a task, it plans, writes code, runs tests, finds bugs, and fixes them without needing constant human direction. 

This is different from tools like GitHub Copilot, which act more like a pair programmer helping you as you type. Devin is meant to be more like a full team member who can handle entire tasks from start to finish. Cognition says Devin generates about 90% of the company’s own internal code. 

The company recently added new features to make Devin even more useful. For instance, Devin Auto-Triage takes a first pass at investigating software incidents while Devin Security Swarm hunts for vulnerabilities and sorts them by priority. 

Devin Automations lets teams set up work to start automatically from events in tools like Slack, GitHub, and Linear, without someone having to open a chat each time. 

Cognition describes this as “the dawn of the self-driving software era.” The idea is that agents will become proactive by default, software will improve itself, and human engineers will act more like architects who set goals and priorities rather than writing code line by line.

Companies like Goldman Sachs (NYSE: GS), Citi (NYSE: C), and Santander (NYSE: SAN) use Devin. In Japan, Mizuho Securities is using Devin as a major part of its AI strategy. 

The company’s internal forecasts project run-rate revenue exceeding $1.5 billion by the end of 2026 and reaching between $4 billion and $5 billion in 2027. Cognition also acquired Windsurf in 2025 to expand its reach in the developer tools market.

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