Cognition is reportedly in talks to raise at a $40 billion valuation, up from $26 billion three months ago

Cognition AI, maker of the AI coding agent Devin, is in early talks with investors for a new funding round that could value the company at $40 billion or more, Bloomberg reported August 11, citing people familiar with the matter. The round, which Bloomberg's sources describe as still unconfirmed and contingent on Cognition's revenue trajectory, would raise more than $1 billion.

The number would mark a more than 50% jump from Cognition's last round just three months earlier: $1 billion raised on May 27 at a $25 billion pre-money, $26 billion post-money valuation, led by Lux Capital, General Catalyst and 8VC. That round itself followed a $10.2 billion post-money valuation set only eight months before it, in September 2025.

What's driving the new talks, per Bloomberg's reporting, is revenue: Cognition's annualized run rate is now nearing $1 billion, roughly double the approximately $492 million it reported around the time of the May round. Devin is pitched at what CEO Scott Wu has called long-tail engineering work rather than replacing developers outright — legacy-system upgrades, platform migrations, and other maintenance work programmers tend to avoid — with enterprise customers including Citi, Mercedes-Benz, Goldman Sachs, and the US Army and Navy.

No investor has been named for the prospective round, and Cognition has not issued its own statement confirming the talks or the figures attached to them. A valuation set before a round closes is also, by definition, a negotiating position rather than a settled fact — the number that eventually prints, if a round closes at all, is the only one that will be confirmed rather than reported.