Cognition, the San Francisco startup behind autonomous software engineer Devin, said Monday it has closed a $2 billion Series E that vaults its valuation to $48 billion, roughly doubling the $26 billion mark it hit in a May round.
A16z Leads A Cursor Rematch
The Series E was co-led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir. Existing backers Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond, Meritech, Lux and Bain Capital Ventures piled on, alongside strategic checks from T. Rowe Price and D1. It is a striking bet for a16z, which sold much of its Cursor position when SpaceX bought that coding assistant for $60 billion in April.
Devin's Run-Rate Nearly Doubles In Four Months
Founder and chief executive Scott Wu said Devin's annualized run-rate revenue has climbed from $492 million in May to nearly $900 million, with the company on track for $4-$5 billion in ARR by year-end. Enterprise customers named on Cognition's site include Mercedes-Benz, Goldman Sachs, NASA, Citi, Anduril, Nubank and Itaú.
Compute Bill Meets A Homegrown Model Push
The Information reported Cognition is spending hundreds of millions a year on a leased NVIDIA cluster, pushing 2026 cash burn toward $800 million. Like Cursor before it, Cognition is now training its own coding model on top of open-source foundations to blunt its dependence on OpenAI and Anthropic and eventually crack breakeven.
Coding Race Is Wide Open
Cursor was on pace for $6 billion in ARR when it sold to SpaceX; Cognition's current $900 million run-rate implies a higher revenue multiple than Cursor commanded pre-buyout. Investors clearly believe there is room for multiple platforms, echoing the same bet driving humanoid rivals like XPENG's IRON and OpenAI's humanoid ambitions.
Reporting based on coverage from TechCrunch, Bloomberg, Reuters and Cognition's Series E blog post.