Cognition, the startup behind AI coding assistant Devin, has raised $2 billion at a $48 billion valuation, roughly quadrupling its worth in just four months since its previous $26 billion raise in May. The round was led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir.
The company reported that its annualized run-rate revenue has climbed from $492 million to $900 million since May, and it is projected to reach $4–5 billion by the end of 2026. Founder Scott Wu has built Cognition into a major player in AI-assisted software development, with enterprise clients including Mercedes-Benz, NASA, Goldman Sachs, and Citi.
The valuation surge underscores investor confidence that multiple companies can still capture significant share in the AI coding market. It also draws a contrast with rival Cursor, which was valued at $50 billion in funding talks before being acquired by SpaceX for $60 billion, reportedly due to compute constraints. Cognition is said to be training its own model on open-source foundations, a strategy aimed at reducing dependence on third-party AI providers such as OpenAI and Anthropic and lowering its substantial cash burn, estimated at around $800 million this year.
