AI coding startup Cognition announced on May 27, 2026, that it has raised more than $1 billion in a new funding round at a $25 billion pre-money valuation — more than doubling its valuation in eight months.
The round was led by Lux Capital and General Catalyst, with participation from existing investors including Founders Fund and 8VC, alongside new investors Ribbit Capital, Atreides, and Layer Global.
The raise marks a sharp step up from Cognition’s $10.2 billion post-money valuation when it closed a $400 million round in September 2025. The company makes Devin, an autonomous AI software engineer, and says enterprise usage of the product has grown 50% month-over-month for the past six months. Cognition reports an annualized revenue run rate of $492 million.
The company counts Mercedes-Benz, NASA, Goldman Sachs, and Santander among its enterprise customers. Cognition also acquired parts of Windsurf last year, following Google’s acqui-hire of the remainder of that company.
The funding comes as major AI model makers have moved into the coding tools market. Anthropic’s Claude Code, OpenAI’s Codex, and Google’s coding agent Jules have all entered the space, raising questions about whether independent AI coding startups could hold their ground. The size of this round and the caliber of investors involved suggests that top-tier venture capital firms see room for independent players to compete.
Source: TechCrunch