Cognition raises $2B at $48B valuation as revenue nears $900M

Cognition's new $48 billion valuation is a notable marker for AI coding agents, the software that automates engineering work from requirements to deployment. The funding round follows a Series E led by new investors Andreessen Horowitz and Accel, with participation from a long list of high-profile firms including Benchmark, Bessemer, and Kleiner Perkins. Notably, Nvidia participated as an investor while also being a customer for Devin, used for chip design.

Cognition builds Devin, an AI agent that can plan, write, test, and debug code in a sandboxed environment, alongside Windsurf, an AI coding editor acquired in July 2025 after OpenAI's takeover bid collapsed. The company positions itself as an independent agent lab, able to choose the best models for each job, unlike competitors tied to one provider.

However, the path to this valuation has not been smooth. Criticism of Devin's March 2024 debut pointed to an overstated demonstration, and internal practices have drawn scrutiny. In August 2025, Cognition laid off 30 staff and required remaining employees to either accept nine months' severance or commit to six-day weeks of 80+ hours, a move CEO Scott Wu defended in a memo. With fresh capital and a near-doubled valuation, the pressure is on to show Devin's enterprise adoption can match the investment hype. The outcome likely hinges on whether these enterprise deployments at Nvidia, GE Aerospace, and Citigroup translate into durable revenue growth while the company manages its demanding internal culture.