Quick Facts
- Cognition is in talks to raise hundreds of millions at a $25 billion valuation, up from $10.2 billion in September 2025
- The company’s Devin AI coding assistant grew from $1 million ARR in September 2024 to $73 million in June 2025
- Enterprise customers include Goldman Sachs, Citi, Dell, Cisco, and Palantir
Cognition AI Inc. is in discussions with investors about a funding round that would more than double its valuation to $25 billion, according to Bloomberg reports from April 2026.
The startup behind the Devin AI software engineer is seeking to raise hundreds of millions of dollars. No specific investors have been named and discussions remain ongoing.
This represents a significant jump from the company’s current $10.2 billion valuation established in September 2025 after raising $400 million. Founders Fund led that round with backing from Lux Capital, 8VC, Elad Gil, Definition Capital and Swish Ventures.
Revenue Growth Drives Valuation
Cognition’s explosive growth justifies investor interest. Devin’s annual recurring revenue grew from $1 million in September 2024 to $73 million by June 2025. After acquiring coding tool Windsurf, the combined enterprise ARR has grown over 30% in seven weeks post-acquisition.
The company serves enterprise customers including Goldman Sachs, Citi, Dell, Cisco, Ramp, Palantir, Nubank, and Mercado Libre. As of March 2026, Cognition employs 305 people.
Founded in August 2023 by competitive programmers Scott Wu, Steven Hao, and Walden Yan, the company launched Devin as an AI programming assistant in March 2024.
Market Competition Intensifies
The funding talks occur amid fierce competition in AI coding tools. Bloomberg reports cite momentum around AI-generated code driven by competitors including Anthropic and OpenAI.
Recent market data shows Anthropic leads with 41% market confidence for the best AI coding model by March 2026, followed by OpenAI at 33%. The competitive pressure is reflected in rival Cursor’s valuation jump from $2.5 billion in January 2025 to roughly $50 billion in its latest funding round.
CEO Scott Wu envisions “a world of software abundance where engineers become architects, solving the most challenging problems and focusing on their creative visions while tasking an army of autonomous agents to support them on everything else.”
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