Cognition raises $2B at $48B valuation as Devin revenue nears $900M

Cognition has announced that it raised more than $2 billion in a Series E that values the AI coding company at $48 billion. The company has nearly doubled its price tag in under four months. Meanwhile, the run-rate revenue behind its Devin agent is approaching $900 million. How much did Cognition AI raise in its funding round? Artificial intelligence coding startup Cognition AI Inc. has raised over $2 billion in a Series E funding round, pushing its valuation to $48 billion, a massive jump from its $26 billion valuation just four months ago in May 2026. New backers of the company, Andreessen Horowitz and Accel, led this funding round. They were joined by existing investors like Founders Fund, General Catalyst, and Avenir. The list of investors also includes big names like Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, T. Rowe Price, Lux, 8VC, DST, Ribbit, Bain Capital Ventures, and Nvidia (NASDAQ: NVDA). Cognition plans to burn about $800 million in cash during 2026, mainly to lease Nvidia servers in order to get the computing power needed to run and train AI models. Cognition’s CEO Scott Wu has built an impressive client list. Besides Nvidia (NASDAQ: NVDA), customers include GE Aerospace, Citi (NYSE: C), Mercedes-Benz, and Modal. In Brazil, the company already counts Itaú and Nubank as clients and is opening an office in São Paulo to grow further in Latin America. How did Cognition’s valuation grow so fast? Cognition AI became a unicorn in April 2024, when it was less than six months old. In September 2025, it closed a $400 million round at a $10.2 billion valuation. By May 2026, it raised over $1 billion at a $26 billion valuation. Now, that figure has doubled to $48 billion. Revenue has grown just as quickly with the company now recording a run rate of $900 million from just $492 million in May 2026, representing an 83% jump. The figures put the company’s value at roughly 53 times its run-rate revenue, which is the same multiple it had in its previous round. Despite competition from big players like Anthropic’s Claude Code, OpenAI’s Codex, and Google’s Jules, back in May, it was reported that the enterprise usage of Devin had been growing by 50% month-over-month for six straight months Cognition has stayed independent by positioning itself as an “independent agent lab” that can mix and match different foundation models rather than locking customers into one provider. The company has also been expanding globally. In the past year, it opened offices in Washington, D.C., Tokyo, Singapore, London, São Paulo, and Madrid, adding to existing hubs in San Francisco, New York, and Austin.