Cognition raises $2B Series E at $48B for Devin

Cognition said in a company blog post, titled "Do it all with Devin: Announcing our Series E", that it has raised over $2 billion at a $48 billion valuation. New investors Andreessen Horowitz and Accel led, alongside existing investors Founders Fund, General Catalyst, and Avenir.

This is a company blog post on a completed Series E close and a company-stated annualized run-rate. It is not audited annual revenue, and it is not a public-market valuation.

Since the May round, Cognition says run-rate revenue grew from $492 million to almost $900 million. That figure is annualized and company-stated.

TechCrunch puts the May close at a $26 billion valuation. Set $26 billion on $492 million, then $48 billion on almost $900 million, and the multiple is about 53 times in both cases. That is arithmetic on the company's own run-rate, not a verdict on quality of earnings.

Early September reports, including Tech Funding News citing Bloomberg, had Cognition nearing about $1 billion at about $47 billion. The company blog supersedes that chatter with over $2 billion at $48 billion.

Cognition was founded in 2024. Named customers in the post include NVIDIA (chip design), GE Aerospace, Citi, Mercedes-Benz, and Modal. Product notes include Devin Auto-Triage, Devin Security Swarm, and Devin Automations that start from Slack, GitHub, or Linear events.

A private AI-coding raise of this size sits next to Wispr's $280 million Series B and this week's Stoke Space $1 billion Series E. The same capital tape includes Qualcomm's Amazon server-chip warrants and Nvidia's $105 billion OpenAI Ohio backstop.

If you underwrite AI coding agents or compete with Devin or Windsurf, treat Cognition's binding numbers as the over-$2 billion Series E at $48 billion and the company-stated almost-$900 million run-rate, not as audited revenue or a public mark.