Cognition reportedly in talks to raise at $40 billion valuation

Cognition, the startup behind the AI coding agent Devin, is in talks for a new funding round that would value the company at $40 billion, according to sources cited by Bloomberg. The talks come just three months after Cognition closed $1 billion at a $26 billion valuation in May.

The jump tracks revenue, not just investor appetite. Cognition founder and CEO Scott Wu said in May that the company had reached a $492 million annualized revenue run rate, with enterprise customers increasing their Devin usage by 50% month-over-month over the prior six months. Cognition counts Mercedes-Benz, NASA, and Goldman Sachs among its clients, and positions Devin for routine engineering work, like legacy system updates and platform migrations, rather than as a replacement for developers.

Cognition's pace puts it alongside a run of AI coding agents raising at valuations well ahead of typical revenue multiples, the same field developers weigh when comparing Claude Code, Cursor, and Copilot on real migration work. For a small team evaluating Devin against those agents, the valuation number says nothing about how it performs on your own codebase, that's still worth testing directly.