SAN FRANCISCO — Cognition AI, the company behind autonomous software engineer Devin, is in early discussions with investors for a new funding round that could push its valuation above $40 billion, according to people familiar with the matter.
The figure would mark a sharp jump from May 2026, when Cognition closed a $1 billion round at a $26 billion valuation—less than three months ago.
The catalyst is revenue. Cognition's annualized run rate now approaches $1 billion, roughly double the level it reported at the time of its last raise.
Peter Thiel is among the company's existing backers.
Devin automates software engineering tasks, placing Cognition at the center of a crowded field of AI developer tools drawing heavy capital. Doubling its revenue run rate in months points to real enterprise demand rather than pilot-stage adoption—the kind of unit economics that justify elevated multiples in the current AI funding market.
If the round closes, the proceeds would fund research and development and expand Devin's model capabilities.
