Cognition raises capital at $46B valuation, nearly doubling in three months

Cognition, the San Francisco-based AI startup behind the autonomous coding agent Devin, is raising new capital at a valuation of roughly $46 billion. That figure nearly doubles the $26 billion post-money valuation the company achieved just three months ago during its Series D round in May 2026.

For a company founded in 2023, the trajectory is staggering. Cognition’s valuation has essentially quadrupled in under a year, jumping from $10.2 billion in September 2025 to north of $40 billion by August 2026.

A revenue rocket ship

The valuation isn’t pure hype. Cognition’s revenue run-rate has approached $1 billion, roughly doubling from the $492 million annualized figure reported at the time of its May fundraise. That May number itself represented a dramatic leap from $73 million in annualized revenue in June 2025.

The May Series D round brought in over $1 billion and was led by Lux Capital, General Catalyst, and 8VC. Existing backers like Founders Fund participated, alongside new investors including Ribbit Capital and Layer Global. The company has now raised more than $2.5 billion in total funding since its founding.

The latest potential round, first reported in mid-August 2026, could push the valuation to $40 billion or higher.

What Devin actually does

Cognition’s core product, Devin, is an autonomous AI coding agent designed to work on its own, taking a task description and executing it end-to-end with minimal human supervision, handling tasks like writing code, debugging, and deploying features.

Enterprise usage of Devin has grown more than 10x since January 2026, according to figures the company shared during its May fundraise. The client roster now includes Goldman Sachs and the US government. In July 2025, Cognition acquired the remaining assets of Windsurf, a rival AI coding tool, integrating its capabilities into the broader Devin platform.

CEO Scott Wu founded Cognition in 2023. The company has raised more than $2.5 billion in total funding since its founding.

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