Cognition, the startup behind AI coding assistant Devin, raised $2 billion at a $48 billion valuation, nearly doubling the $26 billion price investors assigned the company just four months earlier2,3.
Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir led the round. SiliconANGLE characterized the raise as a Series E.
Cognition said its annualized run-rate revenue grew from $492 million to $900 million since announcing its previous fundraise in May. TechCrunch noted the startup did not explain how it calculates run-rate revenue, though the metric is usually defined as a single month's top line multiplied by 12.
The valuation places Cognition in the upper tier of AI coding startups. Cursor, another widely used coding assistant, was in talks in April to raise at a $50 billion valuation before agreeing to sell to SpaceX for $60 billion later that month. At the time of those funding talks, Cursor's annualized revenue had surpassed $2 billion, meaning Cognition currently commands a higher revenue multiple than Cursor did in the spring.
Cursor ultimately sold to SpaceX largely because it was severely compute-constrained, according to investors familiar with its financials. Cognition leases an Nvidia server cluster that costs hundreds of millions of dollars annually, which could push its total cash burn to $800 million.
ANALYSIS The $2 billion raise against that level of infrastructure spending suggests the capital is partly defensive: maintaining access to GPU capacity at the scale required to serve a fast-growing coding-agent product. Cognition's higher revenue multiple relative to Cursor's pre-acquisition valuation underscores investor willingness to pay a premium for a second major entrant in AI-assisted coding. The presence of five lead investors, rather than a single dominant backer, distributes the risk of a bet that AI coding remains a multi-player market rather than consolidating around one product.