AI Startup Cognition Raises $2 Billion at $48 Billion Valuation as Revenue Approaches $900 Million
Artificial intelligence coding startup Cognition AI announced on September 8, 2026, that it has raised over $2 billion in Series E funding at a valuation of $48 billion. The financing round was co-led by new investors Andreessen Horowitz and Accel, alongside existing backers including Founders Fund, General Catalyst, and Avenir. The latest round nearly doubles the San Francisco-based company's previous $26 billion valuation from May 2026, when it raised $1 billion.
Founded in 2024 by CEO Scott Wu, Cognition is best known for creating Devin, an autonomous AI software engineering agent capable of planning, writing, testing, debugging, and deploying code with minimal human supervision. Cognition reported that its annual run-rate revenue has surged from $492 million in May to nearly $900 million, driven by expanding enterprise adoption among major clients including Nvidia, GE Aerospace, Citi, and Mercedes-Benz AG.
The massive funding round underscores the relentless investor appetite for AI-driven automation in software development. As frontier AI labs and startups build increasingly capable autonomous agents, software engineering tools have emerged as one of the fastest-growing and most lucrative commercial applications of generative AI. Cognition plans to use the capital to expand its engineering team, scale its compute infrastructure, and further enhance its autonomous coding tools.
