Cognition, the maker of the AI software-engineering agent Devin, said on May 27 that it raised more than $1 billion in a Series D round that valued the company at $26 billion post-money. The financing was led by Lux Capital, General Catalyst and 8VC, with participation from Founders Fund, Elad Gil, Alpha Wave, Avenir, Vitruvian, Bain Capital Ventures, Ribbit Capital, Atreides and Layer Global. The round follows an over-$400 million fundraise in September 2025 that valued the company at $10.2 billion post-money and was led by Founders Fund, taking total funding to more than $2.5 billion, according to a Bloomberg-syndicated report.
The sharp increase—more than 2.5 times the prior valuation—underscores the fervor among venture investors for AI tools that can write and manage software code. However, the company’s growth figures, which are central to the re-rating, are company-reported and have not been audited. The round’s structure, including any special terms, has not been disclosed.
Cognition launched Devin in 2024 and positions itself as an independent agent lab, differentiating from foundation-model companies such as OpenAI and Anthropic. In July 2025 it acquired AI coding tool Windsurf, months after Google paid $2.4 billion for Windsurf’s talent and licensing rights. The acquisition broadened Cognition’s product suite as it pushed for enterprise adoption.
The company said its revenue run-rate reached $492 million, up from $37 million a year earlier. Enterprise usage of its platform grew more than tenfold since the start of 2026. TechCrunch reported that the company was adding users at a 50% month-over-month rate for six consecutive months. Those figures are unaudited.
Chief Executive Scott Wu told Bloomberg that more than 90% of the code written inside Cognition is now produced by Devin. A company blog post later that day said 89% of code commits from its own engineers come from the AI agent. The precise methodology behind the figures is unclear.
Cognition listed a roster of prominent customers, including Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army, U.S. Navy, Treasury Department and NASA-JPL. A partnership with Mercedes-Benz was announced in April 2026. In February, the company launched “Cognition for Government,” claiming usage by U.S. military and civilian agencies. Independent confirmation of all listed clients was not immediately available.
The round underscores the increasing competition in AI coding. Foundation-model makers OpenAI and Anthropic are vying for enterprise contracts, while coding-tool startup Cursor draws attention—Bloomberg has reported that Elon Musk’s SpaceX has considered acquiring it. Cognition’s $26 billion valuation, which TechCrunch described as a $25 billion pre-money deal, reflects high expectations and possible investor fear of missing out. The jump from $10.2 billion in September reflects a rapid escalation in the perceived value of autonomous software agents, even before many large-scale enterprise deployments are publicly quantified. Private-market valuations can embed structured terms such as liquidation preferences, making them less comparable to public company market caps.
The company did not specify the exact amount raised above $1 billion, the security structure, or individual investor allocations. Its revenue run-rate, usage growth and customer claims remain unaudited. For now, the round stands as a single, prominent data point in a heated sector, not yet proof of durable enterprise transformation.