Cognition, the San Francisco company behind the AI coding agent Devin, said on 27 May 2026 that it had raised more than $1bn at a $26bn valuation. TechCrunch reported the figure as a $25bn pre-money valuation, which gives the $26bn post-money total.
Lux Capital, General Catalyst and 8VC led the round. Existing investors Founders Fund, Elad Gil, Alpha Wave, Definition Capital, Positive Sum, Avenir, Vitruvian, Bain Capital Ventures, Conversion Capital, 137 Ventures, Soma Capital and Omri Casspi also invested, and Ribbit Capital, Atreides and Layer Global joined as new backers.
The valuation was well above the $10.2bn post-money valuation Cognition reached when it closed a $400m round in September 2025, according to TechCrunch. Pulse 2.0 reported that Founders Fund led that earlier round.
“We're now shifting to a world of self-driving software development.”The Cognition Team, Cognition
What Cognition does
Cognition said it launched Devin two years before the round and called it the first AI software engineer. It describes itself as an agent lab. Alongside Devin it offers Devin Desktop and its own coding model, SWE-1.6, which the company said runs at up to 950 tokens per second and is the most used model in Devin Desktop.
In 2025 Cognition bought what remained of Windsurf, the AI coding company, after Google struck an acqui-hire deal for part of its team, TechCrunch reported. The company competes with coding agents from much larger groups, including Anthropic's Claude Code, OpenAI's Codex and Google's Jules.
Cognition was founded in August 2023, according to Pulse 2.0. The company did not disclose its headcount.
Revenue and customers
Cognition said its run-rate revenue had reached $492m and that enterprise use of its products had grown more than tenfold since the start of the year. TechCrunch reported that enterprise usage of Devin had grown 50% month on month for the previous six months. According to The Next Web, as cited by Let's Data Science, revenue rose from about $37m to $492m in twelve months. The figures come from the company and have not been independently audited.
Customers named in the announcement include Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the US Army, the US Navy, Exa, Modal, Eight Sleep and OpenRouter. The company said Mercedes-Benz cut a legacy modernisation project from eight months to eight days, and that Itaú fixes 70% of its security vulnerabilities automatically with Devin. Cognition also said 89% of the code its own engineers commit is committed by Devin.
A fast climb in valuation
Pulse 2.0 reported that Cognition's valuation rose from $350m in early 2024 to $2bn, then $4bn and then $10.2bn before this round. The new round more than doubled that last figure in about eight months.
TechCrunch described the deal as a large vote of confidence from venture investors in independent AI coding companies, at a time when the biggest AI labs sell competing tools. Cognition did not say how it would use the new money. In its announcement it said software development was moving towards what it called self-driving software development.
Company website: cognition.com