Cognition eyes new funding round that could push valuation past $40 billion

Cognition, the creator of the AI coding agent Devin, is reportedly seeking a new round of financing that could raise its valuation to a minimum of $40 billion, according to sources. The prospective valuation hinges on the company achieving a $1 billion annualized revenue run rate. Cognition previously closed a $1 billion funding round in May.

Scott Wu, who leads the firm, told one outlet that the company had already hit a $492 million annualized revenue run rate and that enterprise usage of Devin was growing 50% month-over-month for six months. Wu emphasized that Devin is intended for repetitive, low-level programming tasks rather than replacing human developers. The firm counts Mercedes-Benz, NASA and Goldman Sachs among its customers.