The Devin coding agent just landed record-breaking capital: Cognition, the startup behind Devin, has raised roughly $2 billion in a Series E round and is now valued at $48 billion. The financing is led by Andreessen Horowitz and Accel.
Valuation nearly doubled in four months
As recently as May 2026, Cognition carried a $26 billion valuation. The new round lifts the California company to $48 billion – a jump of almost 85 percent in just four months. Alongside lead investors Andreessen Horowitz and Accel, backers reportedly include Founders Fund, General Catalyst and Avenir. Part of the money goes toward compute: Cognition’s Nvidia cluster is said to cost hundreds of millions of dollars a year.
Devin’s revenue is climbing fast
Sales are growing quickly: according to figures cited in the funding materials, annualized run-rate revenue rose from around $492 million in May to roughly $900 million now. Devin, a largely autonomous software agent, is being deployed across several industries, the company says:
- Citi in financial services
- Mercedes-Benz in automotive
- Goldman Sachs and U.S. space agency NASA
AI coding stays fiercely contested
Observers read the rich valuation as a sign that AI-assisted coding is not a winner-take-all market. Investors evidently see room for multiple large players alongside rivals such as Cursor. Notably, Andreessen Horowitz – which had previously profited from a Cursor deal – is now leading the round in competitor Cognition. The business remains costly, however: total cash burn could climb to around $800 million in 2026.
Sources: TechCrunch · Bloomberg
