Cognition Seeks $40 Billion Valuation as Devin AI Revenue Surges
AI coding startup Cognition is reportedly in talks with investors to raise a new funding round that could value the company at $40 billion or more. The discussions come just three months after the company raised $1 billion at a $26 billion valuation in May, signaling remarkably rapid growth and investor enthusiasm for its AI coding agent, Devin.
According to Bloomberg sources, the new valuation hinges on Cognition reaching a $1 billion annualized revenue run rate. In May, CEO Scott Wu confirmed that the company had already achieved a $492 million run rate, with enterprise usage of Devin growing 50% month-over-month for six straight months. High-profile customers include Mercedes-Benz, NASA, and Goldman Sachs.
Wu emphasizes that Devin serves as a tool for tedious programming tasks rather than a human replacement. The agent frequently handles grunt work like updating legacy software and migrating applications between platforms—chores that many developers find undesirable. This practical positioning appears to resonate strongly with enterprises seeking efficiency gains without workforce disruption.