AI coding startup Cognition raises $2B at $48B valuation as revenue nears $900M
SiliconANGLE Duncan Riley ● Covered by 4 sources
Cognition just raised over $2B at a $48B valuation. Its revenue is nearing $900M, and the company is betting on agentic coding — despite plenty of skepticism.
Based on reporting by SiliconANGLE, Duncan Riley — read the original for the full story.
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Cognition AI has closed a giant Series E: more than $2 billion at a $48 billion valuation. That’s almost twice the price tag investors gave it in May, when the startup raised more than $1 billion at a $26 billion valuation and said run-rate revenue was $492 million. Now, the company says revenue is close to $900 million.
That kind of jump would be eye-catching anywhere. For a company founded in 2024, it’s even louder. Cognition makes AI agents for software engineering, with Devin as the flagship: the system takes high-level requirements, plans the work, writes and tests code, debugges it and pushes deployments inside a sandbox.
The startup is also trying to look bigger than a single product. It bought Windsurf in July 2025 after OpenAI’s takeover bid fell apart and Google hired Windsurf’s founders in a licensing deal. Since then, Cognition has rolled out Devin Auto-Triage for production incidents, Devin Security Swarm for finding vulnerabilities, and Devin Automations, which starts agent work from Slack, GitHub and Linear.
The company is already pushing Devin into real customer work, naming Nvidia, GE Aerospace, Citigroup, Mercedes-Benz Group, Modal Labs and Goldman Sachs as users. It also says it now has offices in Washington, Tokyo, Singapore, London, São Paulo and Madrid, in addition to San Francisco, New York and Austin. And it still wants to frame itself as an independent agent lab that can pick models from different providers, including its own, rather than being chained to one ecosystem.
There’s a catch, of course. Cognition has picked up criticism along the way, first over the March 2024 Devin launch demo and later over its culture after the Windsurf deal. The money is real, but so is the baggage. Andreessen Horowitz and Accel led this round, with Nvidia among more than 30 other investors — which is a tidy reminder that in AI, customers and backers often end up wearing the same badge.
My take — AI-written commentary, not fact-checked reporting
This is classic AI era behavior: raise absurd money, announce enterprise traction, and hope everyone forgets the awkward demo video. Cognition is selling the future of software work, but it is also selling confidence in a company that has already drawn skepticism about how much its bots really do. The market still rewards that combination, which says more about investor memory than product maturity.
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