Cognition Raises 1B at 26B Valuation as Devin Revenue Hits 492M

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Cognition secured $1B in Series D funding at a $26B valuation, driven by a 10x surge in enterprise adoption of its Devin AI software engineer. The company reported a $492M revenue run-rate as major organizations like Goldman Sachs and the U.S. Navy move toward autonomous software development.

Cognition, an applied AI lab building autonomous software agents, raised $1B at a $26B valuation. Enterprise usage has grown tenfold since early 2026, reaching a $492M run-rate revenue. The growth follows the release of specialized workflows like Devin for Security and the Devin Auto-Triage incident responder.
Series D funding
$1B
Valuation
$26B
Run-rate revenue
$492M
Internal code commits by Devin
89%
SWE-1.6 inference speed
Up to 950 tokens per second

The funding signals a shift toward production-grade agentic coding (AI that autonomously writes and tests code). Cognition operates as an independent lab, routing tasks to the most cost-effective models rather than a single provider. This is critical as token usage grows and teams prioritize price-to-performance ratios.

You can now deploy Devin for tasks ranging from legacy modernization to vulnerability patching. Cognition's own team uses the agent for 89% of its code commits, using the Cognition SWE-1.6 Fast model for fast inference. Devin is available via the Cognition platform and Windsurf IDE for enterprise and government users.

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1/ We’ve raised over $1B at a $26B valuation, led by @Lux_Capital, @generalcatalyst, and @8vc. Our enterprise usage has grown >10x since the start of this year, and our run-rate revenue grew to $492 M. We launched Devin two years ago as the first AI software engineer. Since then, cloud agents have gone from niche to mainstream, and today they are the fastest growing way to create software.

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Still wondering? A few quick answers below.

Cognition is an applied AI lab that develops Devin, an autonomous AI software engineer. Unlike basic coding assistants that offer autocomplete suggestions, Devin is designed as a collaborative teammate that can plan and execute complex engineering tasks, such as migrating legacy codebases or automatically patching security vulnerabilities, across an entire software development lifecycle.

Cognition recently raised over 1 billion dollars in a Series D funding round, bringing the company to a 26 billion dollar valuation. The round was led by Lux Capital, General Catalyst, and 8VC. This significant investment follows a period of rapid growth where the company reached a 492 million dollar annual revenue run-rate.

Devin is used by large enterprise and government organizations including Goldman Sachs, Citi, Mercedes-Benz, Dell, Santander, and Elevance. It has also been adopted by the U.S. Army and the U.S. Navy. Additionally, high-growth startups such as OpenRouter, Modal, and Eight Sleep use the agent to make their software development processes more autonomous.

SWE-1.6 is a specialized model developed by Cognition specifically for software engineering tasks. It is the primary model used within the Windsurf IDE and is noted for its high performance and efficiency. The model can reach inference speeds of up to 950 tokens per second, allowing for near-instantaneous feedback during autonomous coding sessions.

Cognition uses Devin as a core part of its own engineering team to accelerate its product roadmap. Currently, Devin is responsible for writing 89 percent of the pull requests and code commits at the company. The agent builds and ships new features for the platform, including tools like Auto-Triage and Managed Devins.

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