Company intelligence
As of September 8, 2026, Cognition was last valued at $48B (September 2026 Series E) and has raised at least $3.4B in equity across 3 sourced funding rounds. Its most recent arr figure is $900M, reported by TechCrunch, September 2026.
Cognition builds AI coding agents (Devin) and the Windsurf AI-native IDE; its valuation nearly doubled to $48B in a September 2026 Series E as run-rate revenue approached $900M, just four months after its prior $26B round.
Cognition is the AI coding company behind Devin, which it calls "the first autonomous software engineer."[1] According to Cognition, Devin plans, writes, tests and ships production code on its own, working inside a customer's codebase and existing tools.[1] On Jul 14, 2025, Cognition signed a definitive agreement to acquire Windsurf, the agentic IDE.[2] Cognition said Windsurf brought $82M of ARR and more than 350 enterprise customers at the time of the July 2025 deal.[2]
Cognition says Devin is used by engineering teams at NVIDIA, GE Aerospace, Citi, Mercedes-Benz and Modal (Sep 2026).[3] Cognition also named Dell, Santander, the U.S. Army and the U.S. Navy among its customers in May 2026.[4] Cognition says its run-rate revenue grew from $492M at its May 2026 round to almost $900M by September 2026.[3] In May 2026, Cognition said its enterprise usage had grown more than 10x since the start of the year.[4] The Information reported, via TechCrunch in September 2026, that Cognition leases an Nvidia server cluster that could push its 2026 cash burn to $800 million.[5]
Is something wrong on this page?
Cognition is a developer tools company, based in San Francisco, California, USA, founded 2023 by Scott Wu, Steven Hao, Walden Yan.
| Date | Round | Amount | Valuation | Lead investors | Source |
|---|---|---|---|---|---|
| Oct 26, 2026 | Secondary salenot counted: no new capital | $10M | $48Bpost-money | — WithRobinhood Ventures Fund I | Pulse 2.0 |
| Sep 8, 2026 | Series E | $2B | $48Bpost-money | TechCrunch | |
| May 27, 2026 | Funding round | $1B | $26Bpost-money | WithFounders Fund | TechCrunch |
| Sep 8, 2025 | Funding round | $400M | $10.2Bpost-money | Cognition |
Equity only. “Equity raised” above sums the rounds with a dated, linked source; rumored rounds, tender offers and secondary sales are listed but not counted, and debt financing is listed separately.
On Sep 8, 2025, Cognition raised over $400M at a $10.2B post-money valuation led by Founders Fund.[6] Existing investors Lux Capital, 8VC, Neo, Elad Gil, Definition Capital and Swish VC also joined the September 2025 round.[6] On May 27, 2026, Cognition raised over $1B at a $26B valuation, led by Lux Capital, General Catalyst and 8VC, with Founders Fund, Elad Gil, Alpha Wave, Avenir, Bain Capital Ventures and others participating.[4] TechCrunch reported that the May 2026 round was priced at a $25 billion pre-money valuation, or $26 billion post-money.[7] Ribbit Capital, Atreides and Layer Global were new investors in Cognition's May 2026 round.[4] On Sep 8, 2026, Cognition announced a Series E of over $2B at a $48B valuation, led by new investors Andreessen Horowitz and Accel alongside existing investors Founders Fund, General Catalyst and Avenir.[3] Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed, Altimeter, Bond Capital, Meritech and T. Rowe Price were among the other investors in Cognition's September 2026 Series E.[3]
| As of | Value | Method | Source |
|---|---|---|---|
| Oct 26, 2026 | $48B | Reported | Pulse 2.0 |
| Sep 8, 2026 | $48B | Reported | TechCrunch |
| May 27, 2026 | $26B | Derived | TechCrunch |
| Sep 2025 | $10.2B (Sept 2025, 2 months post-Windsurf) | Reported | TechCrunch |
Robinhood Ventures Fund I bought a $10 million stake in Cognition, the AI coding startup behind Devin, giving non-accredited investors indirect exposure to a private company valued at $48 billion.
Six companies -- The Boring Company, Cognition, Positron AI, Mach Industries, Harvey, and Ayar Labs -- have absorbed more than $8 billion in the first ten days of September, almost all of it into physical AI infrastructure and applied AI.
AI coding startup Cognition raised more than $2 billion at a $48 billion valuation, nearly doubling its mark from four months ago as its annualized revenue grew from $492 million to $900 million.
Cognition, maker of the AI coding agent Devin, raised $2 billion at a $48 billion valuation just four months after being valued at $26 billion, with annualized revenue nearly doubling to $900 million.
SpaceX approached AI coding startup Cognition about an acquisition just five days after closing its $60B purchase of Cursor, but Cognition's CEO says the company never engaged and is not for sale.
This week's Databricks, Cognition and Anthropic developments show valuation cycles for AI leaders compressing from years to months, forcing founders and investors to rethink how long a primary valuation should even hold.
Cognition, maker of the AI coding agent Devin, is reportedly in early talks to raise more than $1 billion at a valuation above $40 billion, up from $26 billion three months ago, as its revenue run rate nears $1 billion.
AI coding startup Cognition is in early talks for a new round that could value it above $40 billion, more than 50% above the $26 billion mark it set in May, as it approaches a $1 billion annualized revenue run rate.
Cognition is the clearest evidence that in AI coding, distribution beats being first: Devin got the headlines as the 'first AI software engineer,' but it was buying Windsurf's existing developer base that actually multiplied revenue 13x in a year. Going from $10B to $26B in eight months looks aggressive until you remember Cursor just sold to SpaceX for $60B — this whole category is being priced as infrastructure, not tooling. The risk is the same one every AI-coding player faces: model providers themselves (OpenAI, Anthropic) could commoditize the agent layer Cognition is charging a premium for.
Cognition sells AI coding agents on a subscription and usage basis: Devin is an autonomous software engineer that plans, writes, tests, and ships code with minimal supervision, while Windsurf (acquired July 2025 after OpenAI's $3B bid for it collapsed) is an AI-native IDE with a large bottoms-up developer user base. Pricing spans individual developer plans up through enterprise contracts.
The Windsurf acquisition is what transformed Cognition's revenue mix — it added a large existing subscription base and pulled Cognition from a single agentic product into a two-sided platform that sells both top-down (enterprise engineering orgs standardizing on Devin) and bottom-up (individual developers on Windsurf). That combination is what took ARR from $37M to $492M in twelve months.
Profile sources (verified 2026-08-02): Sacra — Cognition revenue, valuation & funding · CNBC — Cognition valued at $10.2B two months after Windsurf purchase · Value Add VC — How Cognition makes money (Devin, Windsurf, $48B valuation)
Cognition was valued at $48 billion in its Series E in September 2026, up from $26 billion post-money in May 2026 and $10.2B post-money in September 2025.[5],[7],[6]
Cognition says its run-rate revenue reached almost $900M in September 2026, up from $492M in May 2026.[3] The Information projected, as reported by TechCrunch, that Cognition could reach $4 billion to $5 billion in annualized revenue by the end of 2026.[5]
Andreessen Horowitz and Accel led Cognition's $2B-plus Series E in September 2026, alongside Founders Fund, General Catalyst and Avenir.[3] Lux Capital, General Catalyst and 8VC led the May 2026 round, and Founders Fund led the September 2025 round.[4],[6]
Cognition is privately held and backed by venture investors including Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Lux Capital.[3],[4]
No. Cognition raised a private Series E of over $2B in September 2026, so it is privately held as of that date.[3]
Cognition builds Devin, an AI software engineer that plans, writes, tests and ships production code, and acquired the Windsurf IDE in July 2025.[1],[2]
Value Add VC tracks more than $3.4 billion in equity across three rounds since September 2025: over $400M, over $1B and over $2B.[6],[4],[3]
Cognition reached approximately $492 million in ARR by May 2026, up from about $37 million a year earlier — roughly a 13x increase in twelve months.
Yes. Cognition acquired Windsurf's IP, product, brand, and engineering team in July 2025, after OpenAI's $3 billion bid to acquire Windsurf collapsed and Google DeepMind separately struck a licensing deal to hire Windsurf's CEO.
Devin is an autonomous AI software engineer that plans, writes, tests, and ships code with minimal human supervision, sold on subscription and usage-based pricing to individual developers and enterprises.
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.
