$1B for Cognition as Devin nears $492M revenue

Cognition AI raised more than $1 billion at a $26 billion valuation.

Cognition AI has raised more than $1 billion at a $26 billion valuation, according to a May 30 report. The funding backs Devin, the company’s autonomous coding agent, as reported annualized revenue climbs toward $492 million.

What changed

The round was led by Lux Capital, General Catalyst and 8VC, with Ribbit Capital, Atreides and Layer Global also participating. The financing gives Cognition one of the largest new war chests in AI coding, and it arrives after a reported jump in Devin’s usage and revenue.

According to the report, Cognition says Devin is already inside thousands of companies. Named users include Mercedes-Benz, NASA, Goldman Sachs, Santander and Nubank, which suggests the product is moving from early trials into broader enterprise deployment.

• Devin reached generally available status for teams in December 2024.
• Cognition said Devin had merged hundreds of thousands of pull requests by last November.
• One reported benchmark said Devin completed a modernization project in eight days instead of eight months.
• The company was valued at $10.2 billion in a September 2025 round.

Why it matters

The size of the raise shows investors are treating coding agents as software with recurring enterprise spend, not just experimental AI features. That matters because a $492 million run rate, if sustained, can support a much higher valuation than a product still dependent on pilots.

It also raises the pressure on Cognition to convert interest into durable paid use. Enterprise buyers will still weigh security reviews, workflow fit and procurement friction, while rivals such as Anthropic and OpenAI keep expanding their own coding tools and orchestration features.

Cognition says the new capital will go toward broader product adoption and hiring. The real test is whether Devin can keep turning fast growth into repeatable deployment inside large engineering teams.