Cognition, the startup behind the AI coding agent Devin, is reportedly already in talks with investors about another funding round with a big leap in valuation — just months after raising $1 billion at a $26 billion valuation in May.
The new round could deliver at least a $40 billion valuation based on achieving a $1 billion annualized revenue run rate, according to sources cited by Bloomberg.
At its last raise, founder and CEO Scott Wu confirmed to TechCrunch that Cognition had achieved a $492 million annualized revenue run rate and that enterprise usage of Devin had been growing 50% month-over-month for the past six months.
Devin is not being sold as a human replacement. The agent is often tasked with long-tail grunt work that many programmers dislike — such as bringing old software up to date or moving applications from one platform to another — which may account for much of its growing popularity among enterprises that have adopted it. The company says its customers include Mercedes-Benz, NASA, and Goldman Sachs.
The talks are the latest sign of how hot the AI coding tools market has become — a space also contested by rivals such as Lovable, which confirmed a $13.3 billion valuation on Tuesday, and Cursor maker Anysphere.
A $40 billion valuation would put Cognition in the top tier of the world's most valuable private AI companies, just months after crossing the $26 billion mark.
