Cognition hits $48B valuation, signaling investors believe AI coding is far from a winner-take-all market
Cognition, maker of Devin, raised $2 billion at a $48 billion valuation led by a16z, Accel, and Founders Fund, with revenue at $900M annualized.
Cognition raised $2 billion at a $48 billion valuation, four months after a $26 billion round, led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir. Its annualized run-rate revenue grew from $492 million to $900 million since May, with projected $4-5 billion by end of 2026, while compute costs could push 2026 burn to $800 million. The startup, founded by Scott Wu, counts Mercedes-Benz, NASA, Goldman Sachs, and Citi as customers and is training its own model to cut reliance on OpenAI and Anthropic.
- Round led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir.
- Annualized run-rate revenue grew from $492M to $900M; $4-5B expected by end of 2026.
- Leased Nvidia cluster could push total 2026 cash burn to $800 million.
- Customers include Mercedes-Benz, NASA, Goldman Sachs, and Citi.
- Funding signals VCs see room for multiple winners in AI coding.
- Products
- Devin
From the original article
2 min read at techcrunch.com
Cognition's valuation multiple is higher than Cursor's was before selling to SpaceX.
By Marina Temkin · techcrunch.com
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