AI coding startup Cognition reportedly already in talks to raise at $40B valuation

Cognition may be looking to raise another mega round just a few months after raising $1 billion at a $26 billion valuation.

Funding talks

Cognition, makers of the AI coding agent Devin, is reportedly already talking to investors about raising another funding round with a big leap in valuation, after it raised $1 billion at a $26 billion valuation in May. This new round could deliver at least a $40 billion valuation based on achieving a $1 billion annualized revenue run rate, according to sources cited by Bloomberg.

Revenue and growth

Three months ago, when it announced its last raise, Cognition’s Scott Wu confirmed to TechCrunch that it had achieved a $492 million annualized revenue run rate and that enterprises were growing their usage of Devin by 50% month-over-month for the past six months.

Wu, a famed wunderkind programmer himself, also told TechCrunch that Devin is not being sold as a human replacement. The agent is often tasked with doing long-tail grunt-work that many programmers dislike, such as bringing old software up to date or moving applications off one platform and onto another. This could account for much of its growing popularity among enterprises that have adopted it.

Customers

The company says its customers include Mercedes-Benz, NASA, and Goldman Sachs.