FUNDING
Key Metrics
Company Snapshot
Cognition is a Developer tools company, based in San Francisco, CA, founded 2023 by Scott Wu, Steven Hao, Walden Yan. Latest valuation $48B (As of Sep 8, 2026, TechCrunch). Total funding $2.5B+ (As of May 27, 2026).
Recent changes
- Sep 9, 2026Sep 9, 2026Cognition Raises $2B, Hits $48B Valuation Pulse story
- Sep 8, 2026Sep 8, 2026Raised >$2B at a $48B valuation TechCrunch
- Sep 8, 2026Sep 8, 2026Raised >$2B Series E at a $48B valuation TechCrunch
- Sep 8, 2026Sep 8, 2026New investor: Andreessen Horowitz TechCrunch
- Sep 8, 2026Sep 8, 2026New investor: Accel TechCrunch
Earlier changes (15)
- Sep 8, 2026Sep 8, 2026New investor: General Catalyst TechCrunch
- Sep 8, 2026Sep 8, 2026Cognition hits $48B valuation on AI coding boom Pulse story
- Sep 8, 2026Sep 8, 2026ARR rose from ~$492M (May 2026 — up from $37M a year earlier, ~13x) to $900M TechCrunch
- Sep 8, 2026Sep 8, 2026Valuation rose from $48B (Sept 2026 Series E) to $48B TechCrunch
- Sep 2026Sep 2026Valuation rose from $26B to $48B (Sept 2026 Series E) Value Add Pulse enrichment
- Aug 19, 2026Aug 19, 2026Acquired by AI Coding Startup Cognition for $60B Bloomberg
- Aug 12, 2026Aug 12, 2026Cognition Nears $40B Valuation, Up 50%+ Since Spring Pulse story
- Aug 12, 2026Aug 12, 2026Cognition in Talks to Raise at $40B Valuation for Devin AI Pulse story
- May 27, 2026May 27, 2026Raised $1B Series C at a $26B valuation TechCrunch
- May 2026May 2026Raised $1B+ at a ~$26B valuation Value Add Pulse enrichment
- May 2026May 2026First reported arr: ~$492M (May 2026 — up from $37M a year earlier, ~13x)Estimated Sacra — Cognition revenue, valuation & funding
- May 2026May 2026Valuation rose from $10.2B (Sept 2025, 2 months post-Windsurf) to $26B TechCrunch
- Sep 8, 2025Sep 8, 2025Raised $400M Series B at a $10.2B valuation Built In
- Sep 8, 2025Sep 8, 2025New investor: Founders Fund Built In
- Sep 2025Sep 2025Raised $400M at a $10.2B valuation Value Add Pulse enrichment
Funding History
7 events · sources dated per row| Date | Event | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Sep 8, 2026 | funding round | >$2B | $48B | outlined = lead | TechCrunch |
| Sep 8, 2026 | Series E | >$2B | $48B | outlined = lead | TechCrunch |
| Aug 19, 2026 | acquisition | $60B | — | Pulse story | |
| May 27, 2026 | Series C | $1B | $26B | outlined = lead | TechCrunch |
| May 1, 2026 | funding round | $1B+ | ~$26B | Value Add Pulse research | |
| Sep 8, 2025 | Series B | $400M | $10.2B | outlined = lead | Built In |
| Sep 1, 2025 | funding round | $400M | $10.2B | Value Add Pulse research |
Underlying values
| As of | Value | Method | Source |
|---|---|---|---|
| Sep 8, 2026 | $48B | Reported | TechCrunch |
| Sep 8, 2026 | $48B | Reported | TechCrunch |
| Sep 8, 2026 | $48B | Reported | TechCrunch |
| Sep 2026 | $48B (Sept 2026 Series E) | Reported | Value Add Pulse research |
| May 2026 | ~$26B (May 2026 raise, $1B+) | Estimated | Sacra — Cognition revenue, valuation & funding |
| May 2026 | ~$25B-$26B | Estimated | Sacra — Cognition revenue, valuation & funding |
| May 2026 | $26B | Reported | TechCrunch |
| May 2026 | $26B | Reported | TechCrunch |
| May 2026 | $26B | Reported | TechCrunch |
| Sep 2025 | $10.2B (Sept 2025, 2 months post-Windsurf) | Reported | Sacra — Cognition revenue, valuation & funding |
Investors
Latest Pulse
- Sep 11, 2026September's Megadeals Already Top $8 BillionSix 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.→
- Sep 9, 2026Cognition Raises $2B, Hits $48B ValuationAI 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.→
- Sep 8, 2026Cognition hits $48B valuation on AI coding boomCognition, 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.→
- Aug 19, 2026SpaceX Tried to Buy AI Coding Startup CognitionSpaceX 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.→
- Aug 14, 2026The 2026 Repricing Sprint: What This Week Means for Term SheetsThis 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.→
- Aug 12, 2026Cognition in Talks to Raise at $40B Valuation for Devin AICognition, 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.→
- Aug 12, 2026Cognition Nears $40B Valuation, Up 50%+ Since SpringAI 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.→
Coverage Timeline
newest first- Sep 11, 2026FUNDINGSeptember's Megadeals Already Top $8 Billion→
- Sep 9, 2026FUNDINGCognition Raises $2B, Hits $48B Valuation$2B at $48B valuation→
- Sep 8, 2026AICognition hits $48B valuation on AI coding boom$48B valuation→
- Aug 19, 2026BIG TECHSpaceX Tried to Buy AI Coding Startup Cognition→
- Aug 14, 2026FUNDINGThe 2026 Repricing Sprint: What This Week Means for Term Sheets→
- Aug 12, 2026FUNDINGCognition in Talks to Raise at $40B Valuation for Devin AITalks at $40B+ valuation→
- Aug 12, 2026FUNDINGCognition Nears $40B Valuation, Up 50%+ Since Spring$40B+ (in talks)→
All Coverage
FUNDING
September's Megadeals Already Top $8 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.
BY THE NUMBERS
FUNDING
Cognition Raises $2B, Hits $48B Valuation
FUNDING$2B at $48B valuation
Cognition Raises $2B, Hits $48B Valuation
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.
DEEP DIVE
AI
Cognition hits $48B valuation on AI coding boom
AI$48B valuation
Cognition hits $48B valuation on AI coding boom
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.
DEEP DIVE
BIG TECH
SpaceX Tried to Buy AI Coding Startup Cognition
BIG TECH
SpaceX Tried to Buy AI Coding Startup Cognition
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.
DEEP DIVE
FUNDING
The 2026 Repricing Sprint: What This Week Means for Term Sheets
FUNDING
The 2026 Repricing Sprint: What This Week Means for Term Sheets
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.
DEEP DIVE
FUNDING
Cognition in Talks to Raise at $40B Valuation for Devin AI
FUNDINGTalks at $40B+ valuation
Cognition in Talks to Raise at $40B Valuation for Devin AI
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.
DEEP DIVE
FUNDING
Cognition Nears $40B Valuation, Up 50%+ Since Spring
FUNDING$40B+ (in talks)
Cognition Nears $40B Valuation, Up 50%+ Since Spring
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.
DEEP DIVE
Value Add Research
Related Companies
Competitors
Shared investors
Trace's Take
Cognition is the clearest evidence that in AI coding, distribution beats being first: Devin got the headlines '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, 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.
Sources & methodologyshow
Where these figures come from
- TechCrunchmajor outlet4 facts
- TechCrunchmajor outlet2 facts
- Bloombergmajor outlet1 fact
- Value Add Pulse researchValue Add VC data2 facts
- Built InValue Add VC data1 fact
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.