Cognition, maker of AI coding agent Devin, raises over $1 billion at a valuation north of $26 billion, more than doubling its September 2025 valuation.

Cognition raised over $1 billion at a valuation north of $26 billion, led by Lux Capital, General Catalyst, and 8VC, joined by Founders Fund and Ribbit Capital. This valuation more than doubles the $10 billion valuation from September 2025, when Devin raised $400 million.

Devin is an AI software developer (an agent that writes and manages code autonomously). 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. Internally, 89 percent of Cognition's code is now written by Devin, up from 13 percent in December 2025.

The funding reflects investor appetite for AI coding agents, though their real-world value remains debated. Developer George Hotz has called AI agents 'the most costly mistakes' in software development history.