Cognition Raises $2B at $48B Valuation

Cognition, the company behind coding agent Devin, has raised $2 billion at a $48 billion valuation only four months after its previous financing valued it at $26 billion. The round was led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir. Cognition says its annualized run-rate revenue has grown from $492 million in May to $900 million, reinforcing investor belief that AI coding may support several large competitors rather than a single winner. The company leases an expensive Nvidia server cluster and is also training its own model using open-source foundations to reduce dependence on third-party providers. Major customers include Mercedes-Benz, NASA, Goldman Sachs and Citi, while reported projections put year-end annualized revenue between $4 billion and $5 billion.

TechCrunch AI, Marina Temkin – Cognition hits $48B valuation, signaling investors believe AI coding is far from a winner-take-all market – 8th September 2026