Cognition Raises $1 Billion at $25 Billion Valuation

Cognition has raised more than $1 billion in new funding at a $25 billion pre-money valuation, bringing its post-money value to $26 billion. The round was led by Lux Capital, General Catalyst, and 8VC, with participation from existing and new investors.

The company, known for creating the autonomous AI software engineer Devin, reported $492 million in annualized revenue and said enterprise adoption has grown tenfold since the start of the year. Cognition said usage of Devin has expanded among major organizations including Mercedes-Benz, NASA, Goldman Sachs, and Santander.

Cognition described itself as an independent agent lab and announced that it has begun building its own model training program. The company recently introduced SWE-1.6, a model now widely used in its Windsurf platform, with a processing speed of up to 950 tokens per second. Devin currently handles most of the product development work inside Cognition, including new features such as Devin Review and Auto-Triage.