Cognition Reportedly Seeks New Funding at $40 Billion Valuation

Cognition, the artificial intelligence startup behind coding agent Devin, is reportedly in early talks to raise another major funding round that could value the company at $40 billion or more, less than three months after its previous financing.

The company could seek more than $1 billion in the potential round, Bloomberg reported, citing people familiar with the discussions. The talks remain preliminary, and Cognition could decide not to raise the money or could pursue different terms.

Cognition’s revenue approaches $1 billion run rate

The potential valuation comes as Cognition’s annualised revenue run rate approaches $1 billion, according to Bloomberg. That would be roughly double the $492 million annualised run rate the company reported when it announced its previous funding in May.

Cognition raised more than $1 billion in that round at a $25 billion pre-money valuation, or approximately $26 billion after the new investment. Lux Capital, General Catalyst and 8VC led the financing.

At the time, Cognition said enterprise usage of Devin had increased 50% month over month for the previous six months. The company lists major organisations, including Mercedes-Benz, NASA and Goldman Sachs, as customers using its technology.

Devin focuses on software engineering tasks

Devin is an AI coding agent designed to carry out software development tasks with greater independence than traditional code-completion tools. Cognition CEO Scott Wu has said thcompany’s's goal is not to replace human programmers but to use agents for work such as updating older software and migrating applications between platforms.

If completed at a valuation of at least $40 billion, the financing would represent another sharp increase in Cognition’s private-market value. For now, however, the proposed terms remain under discussion, and no new funding round has been announced.