Cognition raises $2 billion at $48 billion valuation

AI startup Cognition has raised about $2 billion in new funding, pushing its valuation to roughly $48 billion. The company is behind Devin, an AI tool that can write code and carry out software development tasks. The new funding comes only a few months after Cognition raised more than $1 billion at a valuation of about $26 billion. There has also been a big change in the company's revenue during that period. Cognition's annualised revenue was about $492 million in May. It is now above $900 million.

What Cognition is selling

Devin is aimed at software developers and companies with large engineering teams. A developer can give Devin a task, and the system can work on the code, test it and make changes. It can be used for things such as fixing bugs, updating older software or moving code from one system to another. That does not mean a company can give Devin a project and send the developers home. People still need to decide what needs to be built and check whether the work is correct. But if Devin can handle some of the work, developers have less of it to do themselves. For companies with large software teams, that is what Cognition is trying to sell.

Businesses are already paying for it

Cognition has been going after large companies for Devin. Its customers have included Mercedes-Benz, NASA, Goldman Sachs and Santander. These are companies with large software operations and plenty of existing systems to maintain. That matters because Cognition does not need every developer in the world to become a customer. Getting large companies to pay for the software can produce much bigger contracts. The company's revenue growth suggests that approach is working so far.

The numbers have changed quickly

Cognition was valued at about $10.2 billion in September 2025. By May 2026, that had risen to about $26 billion. It is now roughly $48 billion. Its annualised revenue has also gone from $492 million in May to more than $900 million. That is a big increase in a short period. But the company is also operating in a market where there is no shortage of competition.

There are plenty of AI coding tools

Cognition is competing with other companies building AI tools for software developers. Large AI companies are also adding coding features to their products. Cognition has also added Windsurf, an AI development platform, to its business. So developers now have several tools they can choose from, rather than having to use Devin. For Cognition, the important part will be getting companies to keep paying for the software and to use it for more of their development work.

$2 billion gives Cognition more room to grow

The latest funding gives Cognition another large pool of money to spend on its products, employees and computing costs. It also gives the company more time to build Devin and Windsurf while the market for AI coding tools is still growing. But a $48 billion valuation puts Cognition in a very different position from where it was a year ago. The company has gone from a $10.2 billion valuation to $48 billion in roughly 12 months. Its revenue is growing quickly too. The question now is whether Cognition can keep that growth going as more companies build their own AI coding tools and customers become more selective about what they pay for.