- Cognition is nearing a roughly $1 billion round at a $47 billion valuation, Bloomberg reports, up from $26 billion just three months ago.
- Annualised revenue has more than doubled since May, climbing from $492 million to over $900 million.
- Investor demand has reportedly hit nearly $10 billion, partly fuelled by SpaceX’s closed $60 billion acquisition of rival Cursor.
Cognition is closing in on a new funding round of around $1 billion at a valuation of roughly $47 billion, according to people familiar with the matter cited by Bloomberg. The round could grow even larger: investors have reportedly expressed interest of nearly $10 billion in the company behind Devin, its autonomous AI software engineer. Cognition declined to comment on the report.
If it closes, the deal would land just three months after Cognition raised more than $1 billion at a $26 billion valuation in May.
Revenue is catching up to the valuation
Cognition was founded in late 2023 by Scott Wu, Steven Hao, and Walden Yan, a team with competitive programming backgrounds. Devin is built to operate as an autonomous engineer:t plans, writes, tests and deploys code with limited human oversight, and Cognition has since expanded into financial services, automotive and enterprise technology.
Revenue is climbing fast enough to make the case for it.
Annualised revenue has passed $900 million, up from $492 million around the May round. At the May raise, Cognition disclosed that Devin was already writing 89% of the company’s own code, up from 13% in December 2025, and that a legacy-system migration it estimated internally at eight months took Devin eight days when deployed at Mercedes-Benz.
Cognition’s acquisition of Windsurf in July 2025 added an AI-native development environment alongside Devin, and the deal paid off quickly: Cognition raised $500 million at a $9.8 billion valuation that August, then raised $400 million at a $10.2 billion valuation led by Founders Fund the following month.
The $1 billion Series D at $26 billion followed in May 2026, led by Lux Capital, General Catalyst and 8VC. A $47 billion mark now would nearly double that in roughly fourteen weeks.
The coding-agent race just consolidated
Cognition’s clearest rival is no longer an independent company. Cursor opened a London hub and planned 200 EMEA hires earlier this year while SpaceX held an option to buy its parent, Anysphere, for $60 billion. That deal closed on August 14, 2026, folding Cursor into SpaceX’s AI division.
Bloomberg reports that the closing is one reason investor appetite for Cognition has picked up: with the sector’s other marquee independent coding startup now owned by SpaceX, Cognition is one of the few remaining large, standalone bets on AI-native software development.
Two other rivals are chasing the market from the no-code end. Sweden’s Lovable raised $400 million at a $13.3 billion valuation in August, letting users build software in plain language rather than code. Replit, targeting a similar non-developer audience, raised $400 million at a $9 billion valuation in March.
Devin can write code. The open question is whether Cognition can turn that into a durable platform at $47 billion while its two closest peers reshape what “winning” the coding-agent market even means.
