Cognition, the company behind AI software developer Devin, has raised over $1 billion at a valuation north of $26 billion. That's more than double the ten-billion-dollar valuation from September 2025, when Devin pulled in $400 million. Lux Capital, General Catalyst, and 8VC led the round, joined by Founders Fund and Ribbit Capital. Cognition reports $492 million in annualized revenue and tenfold enterprise usage growth this year, with clients including Citi, Mercedes-Benz, Goldman Sachs, Dell, and the U.S. military.
Weekly Devin sessions have exploded since March 2026. | Image: Cognition
Cognition works model-agnostic with different AI labs and recently released its own model, SWE-1.6. Internally, 89 percent of the company's code is now written by Devin, according to Cognition. SWE-Agent is an open-source alternative to Devin.
Share of Cognition's codebase written by Devin: from 13 percent in December 2025 to 89 percent in May 2026. | Image: Cognition
The massive round underscores investor appetite for AI coding agents, even as their real-world value remains debated. Developer George Hotz has called AI agents "the most costly mistakes" in software development history.
