Cognition AI, the company behind autonomous coding agent Devin, has closed more than $1 billion in Series D funding at a $26 billion post-money valuation. The round, announced Wednesday, more than doubles Cognition’s valuation from the $10.2 billion it commanded after a $400 million raise in September 2025.
Lux Capital, General Catalyst, and 8VC co-led the round. Ribbit Capital, Atreides Management, and Peter Thiel’s Founders Fund participated alongside existing investors Elad Gil, Soma Capital, and others, according to TechCrunch. Cognition has now raised more than $2.5 billion in total funding, per The Next Web.
Revenue: $37 Million to $492 Million in 12 Months
The numbers behind the valuation are the real story. Cognition’s annualized revenue run rate grew from $37 million in May 2025 to $492 million today, a 13x increase in one year. Enterprise usage of Devin has grown 50% month-over-month for the past six months, according to TechCrunch. The company says it aims to cross $1 billion in annualized revenue later this year.
Customers include Goldman Sachs, Mercedes-Benz, NASA, Santander, and several parts of the US government.
90% of Cognition’s Own Code Written by Devin
CEO Scott Wu told The Next Web that more than 90% of Cognition’s internal code is now written by Devin. The claim, if accurate, makes Cognition one of the most aggressive users of its own product in enterprise software history: a company that has automated its own engineering function using the tool it sells to do the same at other companies.
Cognition runs Devin on a mix of proprietary models and models from OpenAI and Anthropic. Wu framed the multi-model approach as a strategic advantage, arguing that routing customers to the best model for their specific needs produces better results than relying on a single provider.
The Agent Layer Bet
The round lands in one of the hottest categories in venture capital. Cursor, the AI coding editor built by Anysphere, hit $2 billion in annual recurring revenue before SpaceX struck a deal in April to acquire the company for $60 billion, according to TNW. Anthropic’s Claude Code and OpenAI’s Codex are both investing heavily in native coding capabilities. Cognition uses models from those same companies, making it simultaneously a customer and a competitor.
Wu addressed this directly, arguing that Cognition’s durable value sits in the agent layer: the orchestration, planning, and execution logic on top of foundation models, not the models themselves. That is a bet that the model layer commoditizes while the agent layer captures margin. It is also a bet that OpenAI and Anthropic will not build equally capable agent products that undercut their own API customers.
Cognition also grew through acquisition. In July 2025, it acquired the remaining assets of Windsurf after Google struck a $2.4 billion deal for Windsurf’s top engineering talent, according to TechCrunch. Wu emphasized the new raise allows Cognition to remain independent, a pointed comment given the broader trend of AI startups being absorbed by larger platforms.
The Valuation Question
At $26 billion on $492 million in revenue, Cognition trades at roughly 53x revenue. That multiple holds only if growth sustains and the coding agent market does not compress around a few dominant players. Founded in 2023, Cognition went from a viral demo to a $26 billion company in under three years.