AI coding startup Cognition is in early discussions with investors about a new funding round that would value the company at least $40 billion, Bloomberg reported on August 12 — barely three months after the Devin maker closed $1 billion at a $26 billion valuation.
Revenue Growing Twice As Fast As The Valuation
The 50%-plus valuation jump is being driven by breakneck revenue growth. Cognition annualized run rate is approaching $1 billion, roughly double the level reported around the last financing. Customers now include Goldman Sachs, Mercedes-Benz and several U.S. government agencies, with 89% of Cognition own code committed by Devin.
The Devin Bet: Software Engineering As A Category
Devin is pitched as an autonomous software engineer rather than an autocomplete: it plans, writes, tests and ships production code inside a customer own codebase, and can migrate legacy applications between platforms. That framing puts Cognition in direct competition with Anysphere Cursor, Anthropic Claude Code and OpenAI Codex agents — plus a wave of coding-agent startups burning through venture capital.
A $40 Billion Bet On Autonomous Engineering
A $40 billion valuation would put Cognition alongside the largest privately held AI companies and imply extraordinary confidence that coding agents can absorb a meaningful slice of enterprise engineering budgets. Rival Harvey has been linked to talks near $15 billion in legal AI, showing that vertical AI is developing into a serious category race. The talks remain preliminary, meaning terms could shift or no deal could ultimately close. See our related coverage of the $45M Series B for Blacksmith on AI code validation.
Reporting based on coverage from Bloomberg, TechCrunch, PYMNTS and Yahoo Finance.