Cognition AI Raises Over $1 Billion at a Valuation Around $26 Billion Cognition AI’s latest funding round has turned the small but fast-rising maker of the AI coding agent Devin into one of the most highly valued independent software startups in the sector, crystallizing both investor enthusiasm and competitive pressure in AI-assisted programming.

The new round, announced on Wednesday, raised more than $1 billion at about a $25 billion pre-money valuation — roughly $26 billion post-money — barely eight months after Cognition closed a $400 million round at a $10.2 billion valuation. The deal was led by Lux Capital and General Catalyst, with participation from existing backers like Founders Fund and 8VC and new investors including Ribbit Capital and Atreides.

Over the same period, Cognition’s business metrics have surged. The company says its annualized revenue run rate climbed from $37 million in May 2025 to $492 million today, a 13-fold increase in 12 months, and it aims to cross $1 billion in annualized revenue later this year. Enterprise usage of Devin has grown 50% month over month for the past six months, contributing to that $492 million run rate.

Cognition positions Devin as an “autonomous AI software engineer” that can take a task description and “produce working software autonomously,” planning, writing, debugging and deploying code across complex workflows rather than just suggesting snippets. Internally, the company claims “more than 90% of the company’s internal code is now written by Devin,” making it an aggressive user of its own product.

On the market landscape, investors see the round as “a giant vote of confidence” that there is room for independent coding agents even as model makers like OpenAI, Anthropic and Google push their own tools. Cognition argues its advantage is acting as an orchestration layer, running Devin on a mix of proprietary models and systems from OpenAI and Anthropic, and routing customers to “the best tools for their specific needs” instead of relying on a single provider.

Customer logos—including Mercedes‑Benz, NASA, Goldman Sachs, Santander, and parts of the U.S. government—underline the enterprise bet that such agents can safely take on larger chunks of software work.

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