Cognition AI said Tuesday it raised $2 billion in a Series E round at a $48 billion valuation, according to Reuters and TechCrunch. The round was led by new investors Andreessen Horowitz and Accel, alongside existing backers Founders Fund, General Catalyst, and Avenir. The valuation nearly doubles the company’s $26 billion mark from May, when it raised $1 billion.
Cognition, the startup behind the autonomous coding agent Devin, said annualized run-rate revenue grew from $492 million to nearly $900 million since that May round. TechCrunch noted the firm did not detail how it calculates run-rate. The company builds agents that plan, write, test, and deploy code with limited human intervention, and counts Mercedes-Benz, NASA, Goldman Sachs, and Citi among enterprise customers.
The raise underscores investor belief that AI coding remains a multi-player market. Cursor had talked to investors at about a $50 billion valuation before selling to SpaceX for $60 billion earlier this year, with higher revenue at the time. TechCrunch reported Cognition is training its own model on open-source bases to cut reliance on third-party models from OpenAI and Anthropic, and that The Information has put Cognition’s Nvidia cluster lease and burn on a path that could approach $800 million this year, with year-end ARR expectations in the $4 billion to $5 billion range.
Founded in 2024 by Scott Wu, Cognition is betting that enterprise software-engineering agents can keep scaling without a single winner taking the whole market.