Cognition, the two-year-old startup behind the autonomous AI coding agent Devin, has closed more than $1 billion in new funding at a $26 billion post-money valuation. The round was co-led by Lux Capital, General Catalyst, and 8VC, with participation from Ribbit Capital, Atreides Management, Peter Thiel’s Founders Fund, Elad Gil, and Soma Capital, according to TechCrunch.

The valuation has more than doubled from $10.2 billion in September 2025, when Cognition closed a $400 million round. Total funding now exceeds $2.5 billion.

Revenue and Customer Base

The financial trajectory is the headline within the headline. Cognition’s annualized revenue run rate grew from $37 million in May 2025 to $492 million today, a 13-fold increase in 12 months, according to The Next Web. Enterprise usage of Devin has grown 50% month-over-month for the past six months, per TechCrunch. The company 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.

The 89% Figure

Cognition’s most striking disclosure is internal. CEO Scott Wu told BitcoinWorld that 89% of code committed by Cognition’s engineers was committed by Devin, with the remaining handled by local agents in Windsurf, the AI coding tool Cognition acquired in July 2025. The Next Web reported the figure at more than 90%.

Wu positioned this as augmentation rather than replacement. “We’ve never thought about it as replacing humans,” he told BitcoinWorld. “It has never been our view.” He described Devin’s current capability as “somewhere between a junior and a mid-level engineer,” focused on long-tail maintenance: updating old software, migrating applications between platforms, and handling repetitive fixes.

Competitive Landscape

The $26 billion valuation places Cognition among the highest-valued private AI companies outside the frontier lab tier. Its closest comparable is Cursor developer Anysphere, which was in talks to raise at a $50 billion valuation before SpaceX struck a $60 billion acquisition deal in April, per The Next Web.

Cognition uses a mix of proprietary models and models from OpenAI and Anthropic. Wu framed this as a strategic advantage: the company positions itself as an orchestration layer, routing customers to the best tools for specific tasks. That bet assumes the model layer commoditizes while the agent layer captures durable value.

The risk is straightforward. Anthropic’s Claude Code, OpenAI’s Codex, and Google’s Jules are all competing for the same enterprise budgets, and those companies also supply the models Cognition depends on.

Independence as Strategy

Wu emphasized on Bloomberg Television that the raise allows Cognition to remain independent. Given the SpaceX-Cursor deal and the broader trend of AI startups being absorbed by larger platforms, the comment was pointed. Whether independence holds at a 53x revenue multiple depends on whether growth continues at its current pace and whether the coding agent market consolidates around a few dominant players.

Cognition plans to use the funding to refine its models, improve the customer experience, and pursue additional acquisitions.