AI Judge changed title after evaluation, original title: "Cognition raises over $1 billion at a $26 billion valuation, reaching a $492 million annual revenue run-rate"
Weekly Devin sessions spiked at Citi and Mercedes-Benz
Shirin Ghaffary#1892
Cognition just raised over $1 billion at a $26 billion valuation.
Business is booming as companies rush to adopt AI coding tools. The startup's revenue run rate is now $492 million.
Exclusive from me: https://www.bloomberg.com/news/articles/2026-05-27/ai-coding-startup-cognition-raises-1-billion-at-26-billion-value
Many users congratulated Cognition on raising over $1B at a $26B valuation for its Devin AI agent due to surging sessions and revenue, while some criticized infrastructure limits and questioned production claims.
What's Devin's best selling product?
Devin, Cognition's flagship AI software engineer agent, is the company's primary product driving its $492M revenue run-rate. Enterprise usage of Devin has grown over 10x this year, with no other products highlighted.
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
cognition is now the largest independent agent lab in the world. take the 200% utilization that everyone is hitting from this chart and run out the sales growth from this, i encourage you to go thru the exercise if you are new to investing
a lot of you have read my cog initation post, but when i talk to people they do not sufficiently appreciate that this is the perfect storm of all the trends:
- first* koding agent - first* cloud dev infra - best reviewed code review/security guy - first* llm wiki knowledge base - s-tier GTM - most IOI golds - somehow also cracked at Smash Bros and Poker
agent lab gets you: - long model diversity - long reasoning/toolcalling models - long harnesses - long domain specific RLFT - long coding data/expertise/evals - long full agentic SDLC - chief partner to CIOs in combating tokenmaxxing slop from humans and from agents - SOTA foodbench from house chefs
and this is why you can see this is Peter Thiel's biggest AI bet
*i dont like "first" as an adjective, but "first + 2 years of serious scaling" really serves as a shorthand for "most enterprise battle tested" - see customer list in screenshot - literally 10s of thousands of devs, 10s of thousands of repos, PER CUSTOMER is the kind of weight I put on the simple word "first"
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
Grateful for our customers, investors, partners, and most of all for our incredible team. Hard to believe it's only been two years.
Still a long way to go to build the future of software engineering - we are hard at work every day on making Devin even better! If you haven鈥檛 tried it in a bit, check it out and let us know what you think: http://devin.ai
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
Big milestone today. But still very early for self-driving software.
When I was working on Autopilot at Tesla, we had an internal infra project called "Operation Vacation" - the goal being that the entire Autopilot engineering team could take a vacation and come back to a better self-driving stack as long as the data kept flowing and the models kept training.
We'll soon see the same idea come to life for entire software products, managed and improved by fleets of Devins.
Last year, our usage graph had a big dip during the holidays. A goal on our engineering team is that the same time this year has no dip, because the Devins are proactive and working by default. Automations are live in the product already - give it a try!
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
"There's about 30-35mn software engineers in the world today. We wanna make all of them 10 times more efficient, and then we think there is a lot more than 10 times more software to build."
~ Cognition CEO Scott Wu Talking about their $1 Bn fund raise today.
Their revenue climbed from $37M to ~$500M in 1 Year.
----
From "Bloomberg Technology" YouTube channel, (link in comment)
Another great win for agentic coding.
Cognition AI just raised over $1B at a $26B pre-money valuation.
Revenue reportedly climbed from $37M in annualized run-rate to $492M, while customers like Goldman Sachs and Mercedes-Benz suggest Devin is moving from demo rooms into production workflows.
Cognition's progress is driven by its flagship product, Devin, which aims to function as an autonomous junior engineer, going beyond typical coding assistants. Devin can plan, test, and deploy code through multi-step workflows in secure environments.
Cognition combines its own models with OpenAI and Anthropic rather than relying on one model.
Cognition is basically pitching Devin as a model-agnostic agent layer: the LLM does the reasoning and code generation, while Devin supplies the engineering workspace, repo context, terminal access, file edits, tests, and model choice around it.
Last July, Cognition agreed to buy the remains of coding startup Windsurf after Google struck a $2.4 billion deal for Windsurf鈥檚 top talent and licensing rights.
Another great win for agentic coding.
Cognition AI just raised over $1B at a $26B pre-money valuation.
Revenue reportedly climbed from $37M in annualized run-rate to $492M, while customers like Goldman Sachs and Mercedes-Benz suggest Devin is moving from demo rooms into production workflows.
Cognition's progress is driven by its flagship product, Devin, which aims to function as an autonomous junior engineer, going beyond typical coding assistants. Devin can plan, test, and deploy code through multi-step workflows in secure environments.
Cognition combines its own models with OpenAI and Anthropic rather than relying on one model.
Cognition is basically pitching Devin as a model-agnostic agent layer: the LLM does the reasoning and code generation, while Devin supplies the engineering workspace, repo context, terminal access, file edits, tests, and model choice around it.
Last July, Cognition agreed to buy the remains of coding startup Windsurf after Google struck a $2.4 billion deal for Windsurf鈥檚 top talent and licensing rights.
i am very bullish on cognition
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
.@ScottWu46 and team saw where the puck was and is going, and built for the right future.
Some of my favorite meetings in the past two years have been sitting with Scott, Russell and others at Cognition to hear about the future.
Crazy recent growth. Congrats to them all!
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
It鈥檚 crazy riding this exponential. And somehow it鈥檚 only accelerating faster. It鈥檚 the age of cloud agents, and if you haven鈥檛 tried Devin in a while, it鈥檚 gotten a lot better.
Oh and we raised $1B to keep making Devin better!
2/ As we鈥檝e scaled, Cognition has become a trusted partner for the world鈥檚 largest and most impactful organizations - including Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army, and the U.S. Navy.
Fast-growing startups like Exa, Modal, Eight Sleep, and OpenRouter have also made their software development lifecycle increasingly autonomous with Devin.
excited for cognition to become the frontier ai agents lab
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
Be brave. Let's see that y-axis label
2/ As we鈥檝e scaled, Cognition has become a trusted partner for the world鈥檚 largest and most impactful organizations - including Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, the U.S. Army, and the U.S. Navy.
Fast-growing startups like Exa, Modal, Eight Sleep, and OpenRouter have also made their software development lifecycle increasingly autonomous with Devin.
One of the most brilliant teams Lux has continued to invest more to fuel them in every round possible!
Thank you @ScottWu46 for your talent magnetism as a founder leader and for the bar of brilliance and momentum you鈥檝e set for @cognition !
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
Scott, Walden, Steven, Russell, and the Cognition team were among the first to truly grasp the idea of self-driving software with AI agents. Obvious today but controversial then!
Still love that I invested off of Scott's mathlete video :) Lesson - take more videos of your kids!
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
Huge congrats to the team! Relentless execution and focus ftw
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
@wolfejosh @cognition thank you for the kind words and for believing in us early!
One of the most brilliant teams Lux has continued to invest more to fuel them in every round possible!
Thank you @ScottWu46 for your talent magnetism as a founder leader and for the bar of brilliance and momentum you鈥檝e set for @cognition !
oh yeah first* automations - instead of dumb crons kicking of agents, devin has made them smart. try it - it is the first non annoying proactive agent impl ive seen
Big milestone today. But still very early for self-driving software.
When I was working on Autopilot at Tesla, we had an internal infra project called "Operation Vacation" - the goal being that the entire Autopilot engineering team could take a vacation and come back to a better self-driving stack as long as the data kept flowing and the models kept training.
We'll soon see the same idea come to life for entire software products, managed and improved by fleets of Devins.
Last year, our usage graph had a big dip during the holidays. A goal on our engineering team is that the same time this year has no dip, because the Devins are proactive and working by default. Automations are live in the product already - give it a try!
Just a few years ago, before anyone was talking about AI's impact on software engineering, @ScottWu46 came by to show an early demo of Devin. It's incredible how everything has turned out in almost exactly the way Scott saw it in 2023. Congratulations to @cognition!
1/ We鈥檝e raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc.
Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M.
We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.
i first wrote down the agent labs thesis last year
New @latentspacepod Essay:
why Agent Labs are clearly emerging in 2025 as a complement to Model Labs' all becoming AI Cloud platforms.
https://latent.space/p/agent-labs
3/ Cognition is an independent agent lab. Independence matters as token usage grows exponentially across the industry, and teams increasingly care about price performance - which requires using the right model for the right task.
We evaluate model performance across 100+ categories of software engineering tasks, and architect Devin to help engineering teams automatically manage spend.
writeup https://www.latent.space/p/ainews-cognition-raises-1b-in-26b
cognition is now the largest independent agent lab in the world. take the 200% utilization that everyone is hitting from this chart and run out the sales growth from this, i encourage you to go thru the exercise if you are new to investing
a lot of you have read my cog initation post, but when i talk to people they do not sufficiently appreciate that this is the perfect storm of all the trends:
- first* koding agent - first* cloud dev infra - best reviewed code review/security guy - first* llm wiki knowledge base - s-tier GTM - most IOI golds - somehow also cracked at Smash Bros and Poker
agent lab gets you: - long model diversity - long reasoning/toolcalling models - long harnesses - long domain specific RLFT - long coding data/expertise/evals - long full agentic SDLC - chief partner to CIOs in combating tokenmaxxing slop from humans and from agents - SOTA foodbench from house chefs
and this is why you can see this is Peter Thiel's biggest AI bet
*i dont like "first" as an adjective, but "first + 2 years of serious scaling" really serves as a shorthand for "most enterprise battle tested" - see customer list in screenshot - literally 10s of thousands of devs, 10s of thousands of repos, PER CUSTOMER is the kind of weight I put on the simple word "first"
