Cognition AI

AI Coding Agents · Developer Tools

Funding

Cognition AI nears $47B valuation in new $1B funding round

Revenue at the coding-agent maker has nearly doubled since May, and SpaceX's $60B buyout of rival Cursor helped stoke investor demand.

• Cognition is closing a roughly $1 billion funding round that would value the AI coding startup at about $47 billion, up from $26 billion in May, according to Bloomberg.
• Cognition, founded in 2023 by Scott Wu, Steven Hao and Walden Yan, makes Devin, an autonomous AI software engineer that plans, writes, tests and debugs code with limited human oversight.
• The round drew nearly $10 billion in investor interest, and the final raise could exceed $1 billion as terms are still being negotiated, people familiar with the talks said.
• Annualized revenue climbed from $492 million in late May to more than $900 million now, nearly doubling in just over three months.
• The rally follows SpaceX's $60 billion acquisition of rival coding-agent startup Cursor, which closed in August and sharpened investor interest across the sector.
• Cognition's valuation has jumped from $10.2 billion last September to $26 billion in May and now toward $47 billion, roughly an 81% increase in about three months.
• The speed of the repricing shows investors are now underwriting AI coding agents on fast-growing, real revenue rather than pure potential, intensifying competition among agent startups.