AI start-up Cognition has raised more than $2bn for a $48bn valuation led by investors including Andreessen Horowitz, Accel and Founders Fund.

Cognition went from $26bn to $48bn since May. Revenue went from $492m to nearly $900m. The multiple stayed near 53x.

Cognition's valuation multiple is higher than Cursor's was before selling to SpaceX.

The round was led by new investors Andreessen Horowitz and Accel, alongside existing backers Founders Fund, General Catalyst, and Avenir.