The US software company Cognition is reportedly negotiating a new funding round at a valuation of around 47 billion dollars, according to a Bloomberg report. That would be nearly double the 26 billion dollars the Devin developer was attributed just in May 2026. Investors are reportedly offering roughly ten times the amount of capital the company wants to raise.
Valuation has more than quadrupled since September 2025
Cognition secured a valuation of 10.2 billion dollars back in September 2025, following a round of over 400 million dollars at the time. Just eight months later, in May 2026, came the next jump to 26 billion dollars on one billion dollars in fresh capital – led by Lux Capital, General Catalyst and 8VC. Already in August 2026, reports surfaced about talks for a 40 billion dollar valuation, which beckmann.ai covered at the time. The current talks go well beyond that: Bloomberg puts the new target at around 47 billion dollars in a fresh funding round of about one billion dollars. Who would lead the round remains unknown, and Cognition did not comment when asked. According to the report, talks are still ongoing and a conclusion is pending.
Demand far exceeds the amount being sought
The rush for Cognition shares stems from two sources, according to Bloomberg: a sharp revenue jump and the industry-wide boom in AI coding assistants. The company’s annualized revenue rate is said to have climbed from 492 million dollars in May to more than 900 million dollars now – a figure Bloomberg says was first reported by The Information and that remains independently unverified. At the same time, investors reportedly signaled buying interest of nearly ten billion dollars, even though Cognition wants to raise only about a tenth of that. The interest is also fueled by billion-dollar competition: just in August, SpaceX completed its acquisition of Cognition rival Cursor for 60 billion dollars, which put the entire AI coding tools market in growth investors’ sights. Cognition builds Devin, an agent that largely handles programming tasks such as software updates or platform migrations on its own and, according to the company, is used at Mercedes-Benz, NASA and Goldman Sachs, among others.
What matters now is whether the 47 billion dollar valuation ultimately holds or investors still renegotiate the final terms – at the previous 40 billion dollar mark in August, that same question stayed open before talks moved forward. Should the deal go through as reported, Cognition would nearly quintuple its value within a year, placing it among the highest-valued private AI providers outside the major foundation-model makers.
