Cognition, the developer of the autonomous AI coding agent Devin and owner of the acquired tool Windsurf, said on May 27 it raised more than $1 billion in a Series D round led by Lux Capital, General Catalyst and 8VC. The financing valued the company at $26 billion including the new capital, or $25 billion pre-money, more than doubling the $10.2 billion valuation it secured just eight months earlier.
The rapid climb—from a $400 million-plus raise in September 2025 to one of the largest private capitalizations in AI applications—underscores investor conviction that software engineering assistants will become a standalone platform layer. All key growth figures, however, are company-reported and have not been independently audited.
Cognition disclosed the round in a company blog post, but no regulatory filing such as a Form D has yet appeared. The announcement listed a broad syndicate of participants, including Founders Fund, Ribbit Capital, Atreides Management, Elad Gil, Bain Capital Ventures and Soma Capital, alongside the three lead investors. Individual commitments were not disclosed, and whether the round involved secondary share sales is unknown.
The company said run-rate revenue reached $492 million, up from $37 million in May 2025 according to Bloomberg News. Enterprise usage, Cognition added, has grown more than tenfold since the beginning of 2026. Internally, 89 percent of code committed by its engineers is now written by Devin—a figure Chief Executive Scott Wu put at more than 90 percent in a Bloomberg interview.
Named customers include Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, as well as the U.S. Army, Navy and NASA’s Jet Propulsion Laboratory. The company published a case study claiming that Mercedes-Benz compressed an eight-month legacy modernization project involving over 200,000 lines of COBOL into eight days. None of these customer deployments could be independently verified, and government procurement offices have not confirmed the contracts.
The round follows Cursor’s $2.3 billion Series D, which closed at a $29.3 billion post-money valuation in November 2025. Together, the two deals highlight sustained investor appetite for AI coding tools, even as large technology platforms—Microsoft with GitHub Copilot, Google, OpenAI and Anthropic—continue building their own coding assistants.
Because Cognition remains private, its $26 billion valuation reflects a negotiated price, not a market-determined cap. The company has not published audited financials, and the run-rate revenue metric mixes Devin and Windsurf—an acquired product—without a detailed breakdown. The dramatic jump in reported revenue and the claimed enterprise adoption depend entirely on management’s assertions.
For investors and corporate strategists, the round cements the view that AI coding is a high-stakes category commanding large checks. It also leaves open the question of whether the independent agent labs will build durable moats before the major platform companies catch up, and whether the revenue growth they report will survive external scrutiny.