Cognition raises capital at $46B valuation, nearly doubling in three months

Cognition, the San Francisco-based AI startup behind the autonomous coding agent Devin, is raising new capital at a valuation of roughly $46 billion. That figure nearly doubles the $26 billion post-money valuation the company achieved just three months ago during its Series D round in May 2026. For a company founded in 2023, the trajectory is staggering. Cognition’s valuation has essentially quadrupled in under a year, jumping from $10.2 billion in September 2025 to north of $40 billion by August 2026. A revenue rocket ship The valuation isn’t pure hype. Cognition’s revenue run-rate has approached $1 billion, roughly doubling from the $492 million annualized figure reported at the time of its May fundraise. That May number itself represented a dramatic leap from $73 million in annualized revenue in June 2025. The May Series D round brought in over $1 billion and was led by Lux Capital, General Catalyst, and 8VC. Existing backers like Founders Fund participated, alongside new investors including Ribbit Capital and Layer Global. The company has now raised more than $2.5 billion in total funding since its founding. The latest potential round, first reported in mid-August 2026, could p...