Cognition's Devin rockets toward $40B valuation on $1B ARR pace

Cognition, the AI startup behind the coding agent Devin, is reportedly already in talks with investors for a new funding round that could value the company at $40 billion or more, according to Bloomberg sources. The valuation leap is tied to Devin's revenue trajectory: the company is said to have hit a $1 billion annualized revenue run rate (ARR) just months after posting $492 million. This would mark a staggering rise from May's $1 billion round at a $26 billion valuation, suggesting enterprises are rapidly expanding their use of the AI agent.

CEO Scott Wu, a former competitive programming prodigy, previously told TechCrunch that Devin is positioned not as a human replacement but as a tool for the long-tail grunt work programmers dislike—modernizing legacy software, migrating applications across platforms, and other maintenance tasks. That positioning appears to resonate: enterprise usage grew 50% month-over-month for six straight months, with marquee customers including Mercedes-Benz, NASA, and Goldman Sachs. If the reported $40B valuation materializes, Cognition would cement its place among the most valuable AI startups, betting that autonomous coding agents are the next major enterprise productivity layer.