Cognition secures $2 billion funding, lifts valuation to $48 billion

Cognition, the startup behind the Devin AI coding assistant, announced a $2 billion investment that lifts its valuation to $48 billion, nearly doubling the figure from a round four months earlier. The round was spearheaded by Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir. Since its May fundraising, Cognition said its annualized revenue run-rate rose from $492 million to $900 million, though the calculation method was not disclosed.

The firm leases a large Nvidia server cluster, a cost that may push its total cash burn to $800 million for the year. Cognition is developing its own model using open-source foundations to lower dependence on expensive services from OpenAI and Anthropic. Analysts project the company could generate $4 billion to $5 billion in annual revenue by the end of 2026. Its client roster includes Mercedes-Benz, NASA, Goldman Sachs and Citi.