Cognition Reportedly Seeks $1B at $47B, Three Months After $26B Mark

Cognition is reportedly seeking about $1 billion at a valuation of roughly $47 billion, setting a new proposed benchmark for the company behind the AI engineering agent Devin. The financing is still under negotiation, so the final size and terms may change.

Interest is high; the round is not final

Bloomberg, citing people familiar with the private discussions, said Cognition has received nearly $10 billion in investor interest. The company is raising around $1 billion, though the total could be larger. That interest is a measure of demand for this financing, not a completed investment: negotiations are ongoing, and Cognition did not respond to Bloomberg’s request for comment.

The proposed valuation is a steep step from Cognition’s recent reported funding mark. Bloomberg said the startup raised $1 billion at a $26 billion valuation three months earlier. In September 2025, Cognition said it had raised more than $400 million at a $10.2 billion post-money valuation.

Revenue growth now sits beside a broader product base

The valuation discussion is paired with a higher reported revenue run rate. Bloomberg said Cognition was generating more than $900 million in annualized revenue, citing a person familiar with the business. That compares with $492 million in annualized revenue that Cognition said it reached in late May.

The two figures have different sources: the May number came from Cognition, while the later figure came through Bloomberg’s source. Cognition’s September 2025 update also said its acquisition of Windsurf more than doubled ARR, or annual recurring revenue, and gave the company a product suite spanning coding agents and integrated development environments.

Agents and IDEs are different products

Cognition describes Devin as an AI engineering agent. In its product framing, an integrated development environment lets an engineer make each decision with AI assistance, while an agent can take on a complete task asynchronously. The proposed financing would therefore value a company selling both forms of AI coding software, rather than Devin alone.