Cognition raises $2 billion and nearly quadruples its valuation in four months

Devin's publisher has gone from $26 billion to $48 billion in valuation, with annualized revenue rising from $492 million to $900 million since May.

Cognition announced on September 8, 2026 the closing of an E series of $2 billion, bringing its valuation to $48 billion. Four months earlier, in May, the same company was valued at 26 billion. The tour is led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir.

The company, founded in 2024 by Scott Wu, highlights annualized income from $492 million to $900 million over the same period. His Devin Development Assistant is deployed at Mercedes-Benz, NASA, Goldman Sachs or Citi. In return, the cost structure remains cumbersome: renting a cluster of Nvidia servers billed several hundred million a year and estimated cash consumption of $800 million annually.

The amount goes against the idea of a market for code assistance promised to a single winner. In the spring, Cursor was valued at $50 billion for 2 billion of annualized revenue before its acquisition by SpaceX for $60 billion. Like its competitors, Cognition develops its own models to reduce its dependence on OpenAI and Anthropic APIs.