Cognition raises $1B at $26B valuation for AI coding agent

Cognition AI raised more than $1 billion at a $26 billion valuation for Devin, its AI coding agent. The valuation more than doubled from a prior round that valued the company at $10.2 billion. Revenue increased from $37 million to $492 million over 12 months, and the company targets more than $1 billion in annualised revenue later in the year. Customers include Goldman Sachs, Mercedes-Benz, NASA, Santander, and multiple parts of the US government. Devin automates programming end to end by planning, writing, debugging, and deploying code from task descriptions. The company reports that over 90% of its internal code is written by Devin, and it runs Devin using a mix of proprietary models and models from OpenAI and Anthropic.

"Cognition AI has raised more than $1 billion in new funding at a $26 billion valuation, more than doubling its worth since a September round that valued the company at $10.2 billion. The round was co-led by Lux Capital, General Catalyst, and 8VC, with participation from Ribbit Capital, Atreides Management, and Peter Thiel's Founders Fund. The company has now raised more than $2.5 billion in total funding."

"The numbers behind the valuation tell the story. Cognition's revenue run rate has grown from $37 million in May 2025 to $492 million today, a 13-fold increase in 12 months. The company says it aims to cross $1 billion in annualised revenue later this year. Its customers include Goldman Sachs, Mercedes-Benz, NASA, Santander, and several parts of the US government."

"Cognition's flagship product is Devin, an AI agent designed to automate the programming process end-to-end. Unlike code completion tools that suggest lines or blocks of code while a human developer writes, Devin operates as a full coding agent that can take a task description and produce working software autonomously. It plans, writes, debugs, and deploys code across complex multi-step workflows."

"Scott Wu, the company's co-founder and CEO, said that more than 90% of the company's internal code is now written by Devin. That figure, if accurate, makes Cognition one of the most aggressive practitioners of its own product in the history of enterprise software. It is a company that has automated its own engineering function using the tool it sells to automate engineering functions at other companies."

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