AI coding startup Cognition is reportedly in early discussions for a new funding round that could lift its valuation to around $40 billion, marking another rapid step in the company's growth story.
The company, known for its AI coding agent Devin, previously raised $1 billion in May at a $26 billion valuation. According to market sources, the new round is being framed around a possible $1 billion annualized revenue run rate, a milestone that would signal strong commercial momentum.
Three months ago, Cognition said its annualized revenue run rate had reached $492 million, while enterprise usage of Devin had been rising by 50% month over month for six consecutive months. The company has positioned Devin as a tool for repetitive, time-consuming engineering work rather than a substitute for software developers.
That approach appears to be resonating with large organizations. Cognition says its customers include Mercedes-Benz, NASA, and Goldman Sachs, reflecting growing interest in AI systems that can support software teams at scale. As AI coding tools mature, they are increasingly being viewed as productivity engines for complex technical workflows.
If the reported talks lead to a new round, Cognition could become one of the clearest examples of how fast AI infrastructure companies are scaling in the enterprise era. The next phase may help define how human developers and autonomous coding agents work together in the future.
