Cognition is chasing a 40B USD valuation for Devin

Cognition, the company behind the Devin coding agent, is in early talks with investors for a new funding round that could value it at at least 40B USD, Bloomberg reported, citing people familiar with the matter. The reported target would be more than 50% above the 26B USD valuation Cognition reached in its previous round.

The round is not final. Bloomberg said Cognition may seek to raise more than 1B USD, while its annualized revenue run rate has approached 1B USD. PYMNTS also reported the talks, pointing to the same Bloomberg account.

The story matters because coding agents have become one of the clearest commercial fronts in generative AI. If Cognition can raise at this level, investors are effectively betting that autonomous software work will support frontier-scale startup valuations, not just productivity-tool pricing. It also raises the bar for competitors building AI developer tools: revenue traction, enterprise distribution and model access now matter as much as demos.