Cognition in talks to raise at $40B value
Archive item — written before sources were shown.
Devin-maker Cognition is reportedly in early talks to raise over $1B at a $40B+ valuation, up from $26B in May, as its annualized revenue nears $1B.
Cognition, the maker of AI coding agent Devin, is in early talks with investors for a new funding round that could value the company at $40 billion or more, according to Bloomberg. That would be over 50% higher than the $26 billion valuation it set in May, when it raised $1 billion. The company would be expected to raise over $1 billion again in this round, though Bloomberg notes it may still decide not to raise, or take different terms.
The trigger is revenue growth: Cognition’s annualized revenue run rate is now approaching $1 billion, roughly double what it was reporting at the time of its May round. Customers include Goldman Sachs, Mercedes-Benz, and several US government agencies. Cognition was founded in 2023 by Scott Wu, Steven Hao, and Walden Yan.
What it means for you
A revenue run-rate that doubled in three months is the number worth tracking here, not the valuation multiple, it’s a proxy for how fast enterprise coding-agent adoption is actually moving, independent of any one vendor’s fundraising story. If Devin or a competitor like it is on your shortlist, expect pricing and support to keep shifting as Cognition scales into government and finance-grade customers with different compliance needs than a typical startup client. It’s the same acceleration story behind DeepSeek’s newly open-sourced Harness agent runtime, coding agents are the fastest-moving product category in AI right now, on both the commercial and open-source sides.
- 01AI coding startup Cognition reportedly already in talks to raise at $40B valuationtechcrunch.com · reporting, citing Bloomberg
- 02AI Startup Cognition in New Funding Talks at $40 Billion Valuebloomberg.com · primary reporting
