Creator of AI-powered Devin prepares to raise investment at a $40 billion valuation

23:26 / 12.08.2026·21·Technology

Cognition, a startup specializing in automating programming processes through artificial intelligence, has begun negotiations to sharply increase its valuation in a new funding round. According to Bloomberg, the company plans to attract major investment at a valuation of at least $40 billion. It aims to reach this figure by achieving an annual revenue run rate (ARR) of $1 billion. TechCrunch.com reports .

This funding prospect would represent another huge leap for Cognition. In May this year, the company raised $1 billion at a valuation of $26 billion. Just three months later, the project’s financial performance has grown significantly, while investor interest in it has increased further.

Devin’s capabilities and enterprise demand

The company’s main product, the AI agent Devin, quickly gained popularity among developers. Earlier, Cognition CEO Scott Wu confirmed in an interview with TechCrunch that enterprise customers had been increasing their use of Devin’s capabilities by an average of 50% each month over the previous six months. In May, the company’s annual revenue run rate was reported to be $492 million.

Experts say Devin is not designed to replace humans, but to handle routine and tedious tasks. It often performs lengthy and laborious work that developers do not particularly enjoy, such as updating legacy software or migrating applications from one platform to another. This is also one of the reasons enterprises are actively adopting the technology.

Notable customers and future prospects

Today, Cognition’s services are used by leading companies and organizations around the world. Major brands such as Mercedes-Benz, NASA, and Goldman Sachs are among its customers. This shows that the AI agent is becoming an important tool not only for startups but also for large global industries.

Scott Wu himself is known as one of the young programming prodigies, while the company’s ambitious goals indicate that AI’s role in the technology market is continuing to strengthen. Reaching a $40 billion valuation could make Cognition one of the most valuable private projects in the AI industry.