Devin might not be getting as much coverage as Claude Code and Codex, but it’s finding some users of its own all the same.
Cognition, the maker of the AI coding agent Devin, has closed a fresh funding round that values the company at roughly $48 billion, with new backers Andreessen Horowitz (a16z) and Accel joining the cap table alongside existing investors. The round underlines just how aggressively money is flowing into autonomous coding startups this year, even as Devin itself remains a far quieter name in developer circles than rivals like Anthropic’s Claude Code or OpenAI’s Codex.
The jump in valuation is staggering by any measure. Cognition was valued at $10.2 billion in September 2025, then $26 billion in May 2026, and has now nearly doubled again in about three months. Bloomberg had reported in early September that Cognition was closing in on a $1 billion raise at close to $47 billion, with almost $10 billion worth of investor demand chasing the round — enough to push the final number past what was originally being discussed.
Cognition says its annualised revenue has crossed $900 million, up from $492 million at the end of May, meaning the company has roughly doubled its run-rate in about three months. Devin, which Cognition calls the first full-time “AI software engineer,” is a big part of that story, alongside the code editor Windsurf, which Cognition acquired in 2025 after Google poached Windsurf’s co-founders and licensed its technology.
Devin Doesn’t Get Talked About Much, But Enterprises Are Clearly Buying It
Here’s what makes Cognition’s valuation surge a little surprising: Devin simply doesn’t come up that often in day-to-day developer conversation. Scroll through X, Reddit’s programming communities, or Hacker News threads on AI coding tools, and the names that dominate are Anthropic’s Claude Code, OpenAI’s Codex, and Cursor — not Devin. Coding benchmark leaderboards, “which AI coding tool should I use” blog posts, and viral demos are also overwhelmingly built around those three.
Yet behind that relatively muted public buzz, Cognition has quietly built one of the most enterprise-heavy customer lists in the AI coding space. The company counts Citi, Mercedes-Benz, Goldman Sachs, Dell Technologies, Cisco, Santander, Elevance, and even the US Army and Navy among its clients. It has also struck integration deals with systems integrators like Infosys and Cognizant, who now use Devin inside their own project delivery workflows for clients. Cognition has said enterprise usage of Devin grew more than 10x over the course of this year, and roughly 50% month-over-month for six straight months at one point.
Some of the numbers Cognition has put out are eye-catching. It says Mercedes-Benz used Devin to cut an eight-month legacy code modernisation project down to eight days, and that Itaú Unibanco now uses Devin to automatically fix 70% of its security vulnerabilities. Internally, Cognition claims Devin now writes close to 90% of the company’s own codebase.
This pattern — low visibility among individual developers, heavy adoption inside large, process-driven organisations — makes some sense given how Devin is positioned. Rather than being a chat-based assistant developers reach for constantly through the day, Devin is pitched more as an autonomous agent you assign well-defined, high-volume engineering work to: migrations, legacy modernisation, bug fixes, and repetitive refactoring across large codebases. That’s exactly the kind of work large banks, automakers, and IT services firms have plenty of, even if it doesn’t produce the viral “look what my AI just built” clips that tools like Cursor or Claude Code generate.
A Crowded, Fast-Moving Market
Cognition’s new valuation also comes right after a reminder of how much money is sloshing around this space. In August, SpaceX closed its roughly $60 billion acquisition of Cursor, folding the coding assistant into its xAI unit. That deal appears to have reignited investor appetite for independent AI coding companies, with Bloomberg noting investor interest in Cognition picked up noticeably in its aftermath.
Cognition was founded in 2023 by competitive programmers Scott Wu, Steven Hao, and Walden Yan, who between them held 10 gold medals from international coding competitions before the company had even hired past its first 10 employees. It first unveiled Devin in March 2024 as “the world’s first AI software engineer,” backed by Peter Thiel and a $22 million round. It has raised money at a dizzying pace since — from a $4 billion valuation in March 2025, to $10.2 billion by September, to $26 billion in May 2026, and now near $48 billion just a few months later.
Whether that valuation holds up will likely depend on whether Cognition can keep converting enterprise pilots into the kind of large, recurring engineering-workload contracts it’s been touting — the sort of unglamorous, high-stakes work that doesn’t trend on social media but does show up on a balance sheet.