Technology and Science08 September, 20262 min read
Cognition Raises Over $2 Billion in Series E at $48 Billion Valuation for Devin
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Cognition raises over $2 billion in a Series E funding round. Valuation reaches $48 billion, roughly doubling from $26 billion earlier this year.
Cognition’s $48B leap
Cognition, the startup behind the Devin coding assistant, raised over $2 billion in a Series E round at a $48 billion valuation, according to a Tuesday blog post. The new round came just four months after a May 27 Series D in which Cognition raised more than $1 billion and was valued at $26 billion, with the company saying its run-rate revenue grew from $492 million to almost $900 million. TechCrunch said the valuation jump came as Cognition’s annualized run-rate revenue rose from $492 million to $900 million, while noting the startup did not explain how it calculates the metric.
Cognition’s funding also placed it in direct comparison with Cursor, which was in talks in April to raise capital at a $50 billion valuation before agreeing to be acquired by SpaceX for $60 billion later that month, with Cursor’s annualized revenue exceeding $2 billion. The company’s stated framing tied the financing to Devin’s expansion, with PYMNTS quoting Cognition saying, “Since our last round in May, Cognition’s run-rate revenue has grown from [$492 million] to almost [$900 million].”
Investors bet on more
TechCrunch said Cognition’s soaring valuation signals that VCs still see room for multiple major players to capture meaningful market share in AI coding, rather than a winner-take-all market. The same article said Cursor ultimately sold to SpaceX largely because it was severely compute-constrained, and it is unclear whether Cognition will face similar compute shortages. TechCrunch reported that Cognition leases an Nvidia server cluster that costs hundreds of millions of dollars annually, which could push its total cash burn to $800 million this year, citing The Information.
PYMNTS added that Avenir said its check was the largest it has ever written, with Avenir writing, “Cognition and [Cognition Co-Founder and CEO Scott Wu] saw the shift from autocomplete to autonomous agents before nearly everyone.” PYMNTS also quoted Cognition describing how Devin can take more directed, yet proactive action across surfaces, including Devin Auto-Triage, Devin Security Swarm, and Devin Automations.
Scaling, customers, and costs
Cognition’s Series E announcement described Devin as now able to take more directed, yet proactive action across its surfaces, including Devin Auto-Triage for incident investigation and Devin Security Swarm to find and triage vulnerabilities. Unite.AI said Cognition attributed run-rate growth to expanding adoption of Devin and listed product capabilities such as Devin Automations, which let teams configure work to begin from events in Slack, GitHub, Linear and other systems. Unite.AI also said Cognition’s product powers engineering teams at NVIDIA in chip design, GE Aerospace in aviation, Citi in financial services, Mercedes-Benz in automotive, and Modal in AI infrastructure.
The Information-backed cost framing in TechCrunch said Cognition’s Nvidia server cluster could push its total cash burn to $800 million this year, while also reporting that Cognition is expected to reach $4 billion to $5 billion in annualized revenue by the end of 2026. TechCrunch tied the next phase to cost control, saying that over time reducing reliance on expensive third-party models from OpenAI and Anthropic will help cut costs and bring the company closer to breakeven.