Cognition heads for $47B valuation as Devin revenue nears $1B

Cognition is lining up a roughly $1 billion funding round at about a $47 billion valuation, Bloomberg reports, with people familiar with the deal saying the round could even swell beyond that. That would come only three months after the company raised more than $1 billion at a $26 billion valuation in May. The speed of the jump is the headline here. The money is moving almost as quickly as the numbers Cognition is using to defend the price.

Annualised revenue has climbed to more than $900 million, up from $492 million around the May raise. That matters because Cognition is no longer pitching a speculative tool with a nice demo; it is pitching a business that is approaching the scale of a billion-dollar run rate. The company behind Devin, its autonomous AI software engineer, declined to comment to Bloomberg.

Cognition was founded in late 2023 by Scott Wu, Steven Hao and Walden Yan, all coming out of competitive programming. Devin is meant to act like an autonomous engineer, planning, writing, testing and deploying code with limited human oversight. Since launch, Cognition has pushed beyond software development into financial services, automotive and enterprise technology. The company also said at the May round that Devin was already writing 89% of its own code and that a legacy-system migration it estimated internally at eight months took Devin eight days at Mercedes-Benz.

The valuation story is being sharpened by the market around it. Cognition bought Windsurf in July 2025, then raised $500 million at a $9.8 billion valuation that August and another $400 million at $10.2 billion the following month, with Founders Fund leading. Its $1 billion Series D at $26 billion followed in May 2026, led by Lux Capital, General Catalyst and 8VC. Now, with investor interest reportedly nearing $10 billion, a $47 billion price tag would nearly double Cognition’s valuation in about fourteen weeks.

Part of the appetite seems tied to the fact that Cursor is no longer an independent rival. SpaceX closed its $60 billion acquisition of Anysphere, Cursor’s parent, on August 14, 2026, after earlier planning a London hub and 200 EMEA hires. Bloomberg says that consolidation has made Cognition one of the few large standalone bets left on AI-native software development. There are still challengers, though: Lovable raised $400 million at a $13.3 billion valuation in August, and Replit raised $400 million at $9 billion in March. Devin writes code. The real test is whether that is enough to make $47 billion feel like a bargain instead of a very expensive bet.