Cognition seeks new funding with potential $40 billion valuation

AI programming startup Cognition is reportedly in talks with investors for a new funding round that could value the company at least $40 billion. This would represent a significant increase from its $26 billion valuation following a $1 billion funding round in May.

Cognition is the developer of Devin, an AI software engineering agent. CEO Scott Wu has stated that Devin is designed to handle tedious, repetitive tasks—such as updating legacy software or migrating applications—rather than replacing human programmers. The company reported an annualized revenue run rate of $492 million three months ago, with enterprise usage of Devin growing by 50% monthly over the last six months.

Cognition's client base includes major institutions such as Mercedes-Benz, NASA, and Goldman Sachs, spanning the automotive, aerospace, and financial sectors.