Cognition, the company behind the Devin coding agent, raised $2 billion at a $48 billion valuation, TechCrunch reported on September 8. The company said annualized run-rate revenue grew from $492 million to $900 million since its May fundraise, when it raised $1 billion at a $25 billion pre-money valuation.
The Information has reported it expects $4 billion to $5 billion in annualized revenue by the end of 2026. These are company-supplied or press-reported figures, and run-rate revenue is not audited.
TechCrunch framed the round as a sign that investors do not believe AI coding will be winner-take-all, with Cursor (being acquired by SpaceX for $60 billion in stock), Lovable and Replit all raising at large valuations.
Source: TechCrunch