Cognition AI, the company behind autonomous software engineer Devin, is in early-stage talks to raise a new funding round at a $25 billion valuation, according to Bloomberg. The round would more than double Cognition’s $10.2 billion valuation set just months ago in September 2025. Terms are still under discussion and could change.
The Revenue Trajectory
Cognition’s valuation growth tracks a revenue curve that few enterprise software companies have matched. Devin’s annualized recurring revenue surged from $1 million in September 2024 to $73 million by June 2025, according to Pulse2. The customer list now includes Goldman Sachs, Citi, Dell, Cisco, Ramp, Palantir, Nubank, and Mercado Libre.
The company’s valuation trajectory has moved from $350 million in early 2024 to $2 billion, then $4 billion, then $10.2 billion at the September 2025 raise. A $25 billion round would represent a roughly 70x increase in less than two years.
The Windsurf Acquisition
In July 2025, Cognition acquired Windsurf, an AI-native integrated development environment, after a deal between Windsurf’s founders and Google fell apart. The acquisition proved immediately accretive: combined enterprise ARR rose more than 30% in the seven weeks following the close, with less than 5% overlap in enterprise customers between the two companies pre-acquisition, according to Pulse2.
The deal gave Cognition two complementary products: Devin as a fully autonomous coding agent that handles development from inception to deployment, and Windsurf as an AI-native IDE for developers who want AI assistance within their existing workflow.
Founding Team
Cognition was founded in August 2023 by Scott Wu, Steven Hao, and Walden Yan, all competitive programmers who won gold medals at the International Olympiad in Informatics. Their most recent primary fundraise, a $400 million round in September 2025, was led by Founders Fund with participation from Lux Capital, 8VC, Elad Gil, Definition Capital, and Bain Capital Ventures, as reported by Pulse2.
The Coding Agent Category
Cognition’s potential $25 billion valuation arrives in a week where SpaceX secured an option to acquire AI coding startup Cursor for $60 billion, signaling that autonomous and AI-assisted coding tools have become one of the highest-valued categories in enterprise AI. The broader market for generative AI coding assistants is projected to grow from roughly $26 million in 2024 to nearly $98 million by 2030, per Pulse2.
The distinction between Cognition and most competitors is the autonomy threshold. Where GitHub Copilot, Cursor, and similar tools augment a developer’s workflow, Devin is designed to handle entire development projects independently: writing, testing, and deploying code without constant human input. That positioning, fully autonomous rather than assistive, is what investors appear to be pricing at a premium.
Published: April 25, 2026