Cognition, $40B valuation funding round in talks after May's $26B raise
Original: AI coding startup Cognition reportedly already in talks to raise at $40B valuation
Why This Matters
Cognition's rapid valuation growth from $26B to a potential $40B signals surging enterprise demand for autonomous AI coding agents.
AI coding startup Cognition, maker of AI agent Devin, is reportedly in talks with investors to raise a new round at a valuation of at least $40 billion, just three months after closing a $1 billion raise at a $26 billion valuation in May 2026.
Cognition, the AI coding startup behind the autonomous coding agent Devin, is already in early discussions with investors for a new funding round that could value the company at $40 billion or more, according to sources cited by Bloomberg. The company closed its previous $1 billion round at a $26 billion valuation in May 2026. The new round is reportedly tied to Cognition reaching a $1 billion annualized revenue run rate. At the time of the May raise, CEO Scott Wu confirmed to TechCrunch that Cognition had achieved a $492 million annualized revenue run rate, with enterprise customers growing their Devin usage by 50% month-over-month for six consecutive months. Wu has emphasized that Devin is positioned not as a human replacement but as an agent for long-tail, repetitive engineering tasks such as legacy software modernization and platform migrations — work that many developers prefer to avoid. The company counts Mercedes-Benz, NASA, and Goldman Sachs among its enterprise customers.