Cognition's Devin AI coder secures $1B at $25B valuation

Cognition AI, the company behind the autonomous coding agent Devin, announced a massive $1 billion funding round at a $25 billion pre-money valuation. The round was led by Lux Capital and General Catalyst, with participation from Founders Fund, 8VC, and new investors including Ribbit Capital, Atreides, and Layer Global. This represents a dramatic jump from the company's $10.2 billion post-money valuation just eight months ago, when it raised $400 million. The raise is a strong vote of confidence that independent AI coding startups can hold their own against model makers like Anthropic (Claude Code), OpenAI (Codex), and Google (Jules). Cognition also acquired the remaining pieces of Windsurf last year.

Devin's enterprise traction is growing rapidly. The company reports $492 million in annualized revenue run rate, with usage growing 50% month over month for the past six months. High-profile customers include Mercedes-Benz, NASA, Goldman Sachs, and Santander. This suggests that large organizations are willing to bet on specialized coding AI tools rather than generic models. The funding will likely fuel further product development and sales expansion, positioning Cognition as a major player in the AI-assisted software engineering space.