Cognition

AI Coding Agents · Enterprise Software · AI Infrastructure

Funding

Cognition hits $48B valuation with $2B Series E for Devin

Run-rate revenue nearly doubled to $900 million in four months, pricing in continued hypergrowth rather than a plateau.

• Cognition closed a Series E of more than $2 billion at a $48 billion valuation, led by new investors Andreessen Horowitz and Accel alongside returning backers Founders Fund, General Catalyst and Avenir.
• Cognition's flagship product Devin is an autonomous AI software engineer that plans, writes, debugs and deploys code across multi-step workflows, now running inside NVIDIA, GE Aerospace, Citi, Mercedes-Benz and Modal.
• Run-rate revenue climbed from $492 million in May 2026 to nearly $900 million by September, roughly an 80% jump in four months, after growing from about $73 million to near $1 billion over the past year.
• Cognition's valuation has rocketed from about $350 million in early 2024 to $2 billion by April 2024, $10.2 billion in September 2025 after acquiring rival Windsurf, $26 billion in May 2026, and now $48 billion.
• New Devin tools — Auto-Triage for incident investigation, Security Swarm for vulnerability triage, and Automations that trigger tasks from Slack, GitHub and Linear events — push the agent toward acting proactively rather than waiting on chat prompts.
• Cognition's implied revenue multiple now tops the roughly 29x multiple Cursor commanded before its $60 billion acquisition by SpaceX, suggesting investors expect the AI coding market to support several well-funded players rather than one winner.
• The round shows enterprises are increasingly comfortable handing full engineering tasks to autonomous agents rather than just code-completion tools, a shift that is inflating valuations across the AI coding sector.