AI coding startup Cognition is closing a funding round at a $47 billion valuation, up from $26 billion in late May, according to Bloomberg. The company is raising more than $1 billion and fielded nearly $10 billion in investor interest.
Cognition's annualized revenue has climbed to over $900 million from $492 million in May, a span of three months. The valuation jump of 81 percent in the same period occurred as venture capital deployed capital into AI tools that automate software development.
Cognition makes Devin, an AI agent that writes, tests and deploys code. The tool has attracted both institutional backing and individual developers since its launch in March 2024. SpaceX's acquisition of Cursor, a rival code-completion tool, for $60 billion in August preceded this round. Cursor held a $25 billion valuation before the deal.
Cognition's revenue growth to $900 million annualized from $492 million in May represents an 83 percent increase alongside its 81 percent valuation climb. Investor interest of $10 billion against a $1 billion final raise means Cognition received ten times oversubscription.
