Cognition, the AI coding startup behind the Devin software engineering agent, is weighing a new funding round at a valuation of $70 billion to $80 billion, according to people familiar with the discussions. The company has received inbound investor offers in that range and is seriously considering a raise before the end of 2026.
The talks are early and the terms could change. No investors in a new round have been named, and Cognition has not announced a deal.
The offers come weeks after Cognition closed a round of more than $2 billion at a $48 billion valuation in September. Andreessen Horowitz and Accel led that round as new lead investors, with existing backers Founders Fund, General Catalyst and Avenir joining Benchmark, Kleiner Perkins, Greylock, Lightspeed, Altimeter, T. Rowe Price and Nvidia, among roughly 30 other participants.
Key facts
- 01Cognition is considering a new round at a $70 billion to $80 billion valuation, based on inbound investor offers.
- 02Cognition raised more than $2 billion at a $48 billion valuation in September, led by Andreessen Horowitz and Accel.
- 03Devin's run-rate revenue reached nearly $900 million in September, up from $492 million in May.
- 04The proposed range implies roughly 78x to 89x revenue, up from about 53x at the September round.
- 05Talks are early, no new investors have been named, and terms could change before any year-end close.
At the time of the September round, Cognition said its run-rate revenue had climbed to nearly $900 million, up from $492 million at its previous raise in May. The company said customer usage of Devin had grown even faster than revenue over the same stretch.
Measured against that revenue figure, a $70 billion to $80 billion price would value Cognition at roughly 78 to 89 times revenue. The September round priced the company at about 53 times.
Devin is an AI agent designed to automate software engineering tasks. Cognition has named Nvidia, GE Aerospace, Citi, Mercedes-Benz and Modal as customers, with use cases ranging from chip design to financial services.
Scott Wu, Steven Hao and Walden Yan founded Cognition in San Francisco in 2023. The company describes Devin as part of what it calls a "self-driving software era" of proactive agents and self-improving systems.
The valuation range would put Cognition above the $60 billion in stock SpaceX paid for Anysphere, the maker of the rival coding tool Cursor.
Working on something we should cover, or seeing a story we missed? Send leads, documents, or feedback to hello@aichatdaily.com. For sensitive tips, see our secure tips page for Signal and PGP options.
Spotted an error? Email hello@aichatdaily.com with the URL and the issue, or read our full corrections policy.
