Cognition AI Seeks Funding to Reach $40 Billion Valuation

Cognition AI Inc. is in early discussions with investors for a new funding round that could increase its valuation by over 50% to at least $40 billion. The coding startup, which develops the AI agent Devin to automate engineering tasks, is seeking to raise over $1 billion in this round.

The company reports that its annualized revenue run rate is approaching $1 billion, approximately double the amount recorded during its previous financing. This potential valuation surge comes less than three months after a funding round in which the firm raised $1 billion at a $26 billion valuation.

Cognition AI is backed by venture firms including General Catalyst and Founders Fund. While the company is currently in talks, it may still choose not to raise capital or seek different terms for the financing.