Artificial intelligence coding startup Cognition has closed a Series E funding round of more than $2 billion, pushing the company's valuation to $48 billion. The latest valuation marks a significant increase from its $26 billion valuation recorded in May 2026.
The funding round was led by new backers Andreessen Horowitz and Accel, alongside returning investors including Founders Fund, General Catalyst, and Avenir. Additional participants in the round include Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, T. Rowe Price, Lux, 8VC, DST, Ribbit, Bain Capital Ventures, and Nvidia.
Cognition plans to utilize approximately $800 million in cash during 2026 primarily to lease Nvidia servers, securing the computing power necessary to run and train its AI models.
Rapid Revenue Growth and Global Expansion
The company's financial growth has mirrored its valuation increases. Cognition's run-rate revenue associated with its Devin agent is approaching $900 million, up from $492 million in May 2026. This values the firm at approximately 53 times its run-rate revenue, consistent with the multiple from its previous funding round.
Cognition maintains an enterprise client base that includes Nvidia, GE Aerospace, Citi, Mercedes-Benz, Modal, Itaú, Nubank, Goldman Sachs, Santander, and Mizuho Securities. To support its international growth, the company has opened offices in Washington, D.C., Tokyo, Singapore, London, São Paulo, and Madrid, joining existing hubs in San Francisco, New York, and Austin. Japan currently represents Cognition's second-largest user base after the United States.
Capabilities of the Devin Agent
Launched in 2024, Devin is positioned as an autonomous software engineering agent designed to operate independently. Unlike pairing tools that assist users during typing, Devin is built to handle complete workflows by planning, writing code, executing tests, and identifying and resolving bugs without continuous human intervention.
Cognition has expanded Devin's capabilities with features such as:
- Devin Auto-Triage: Investigates software incidents on a first-pass basis.
- Devin Security Swarm: Scans for vulnerabilities and prioritizes them.
- Devin Automations: Triggers workflows directly from tools like Slack, GitHub, and Linear.
Cognition projects that its run-rate revenue will exceed $1.5 billion by the end of 2026, with forecasts reaching between $4 billion and $5 billion in 2027. The company previously acquired Windsurf in 2025 to broaden its presence in the developer tools sector.
