The Devin maker could nearly double its valuation in its next round. Bloomberg reports that Cognition is in talks with investors for a raise that would value the AI coding startup at $40B, contingent on a $1B annualized revenue run rate.
The company was worth $26B as recently as May, when it closed a $1B round. Three months ago CEO Scott Wu told TechCrunch that annualized revenue had reached $492M, so the new target implies a near-doubling of that pace, a steep but plausible ask for an agent riding the coding boom.
Devin sells to enterprises that want grunt work automated, such as modernizing legacy code and moving applications between platforms. Wu has said business usage grew 50 percent month over month for six months, with Mercedes-Benz, NASA, and Goldman Sachs among the customers.
The reported talks extend a funding stampede across AI coding tools, a category investors increasingly see as the earliest mass market for autonomous agents. Multiple startups in the space have crossed into billion-dollar territory this year.
Bloomberg’s sources caution the $40B figure hinges on hitting the revenue milestone. Cognition declined to comment.
