Cognition, the startup developing coding assistant Devin, announced it raised $2 billion at a $48 billion valuation, led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir. The round comes just four months after Cognition's previous fundraise at $26 billion.
The valuation signals that venture capitalists still see room for multiple major players in AI coding. Cognition said its annualized run-rate revenue grew from $492 million to $900 million since May. This gives Cognition a higher revenue multiple than Cursor had before selling to SpaceX for $60 billion in April.
Cursor, another popular coding assistant, sold to SpaceX largely because it was compute-constrained. Cognition is training its own model based on open source alternatives to reduce reliance on expensive third-party models from OpenAI and Anthropic.
Cognition is expected to reach $4-5 billion in annualized revenue by year-end. The company counts Mercedes-Benz, NASA, Goldman Sachs, and Citi among its enterprise customers. Founded in 2024 by math prodigy Scott Wu, Cognition leases an Nvidia server cluster costing hundreds of millions annually.
