Cognition raises $1B Series D at $26B valuation; Devin achieves 7x PR growth and 80% of commits across company repos

Cognition announced a $1B Series D funding round at a $26B valuation, led by Lux Capital, General Catalyst, and 8VC. Enterprise usage has grown >10x since the start of 2026, and run-rate revenue reached $492 M.

The industry is shifting toward async agents (AI systems that work in the background without constant developer oversight) rather than in-the-loop tools like Copilot. This shift was enabled by a December 2025 model inflection that made "spec to pull request" workflows practical—where developers provide a task and the agent completes it independently.

Devin, Cognition's AI software engineer launched two years ago, grew from handling 16% of commits to 80% across Cognition's internal repositories, with merged PR count increasing 7x. The architecture separates the "brain" (the model) from the machine (execution environment with Docker, VMs, snapshots, and GitHub/Slack integrations).