Cognition closes a $2 billion round at a $48 billion valuation
Cognition, the company behind Devin and Devin Desktop, announced on September 8, 2026 that it closed a Series E round, raising over $2 billion at a $48 billion valuation. Andreessen Horowitz and Accel led the round, joined by Founders Fund, General Catalyst, Avenir, Nvidia, and dozens of other investors. Cognition's annualized revenue has grown to almost $900 million, up from about $492 million in May 2026, when the company was valued at $26 billion. Six days earlier, Bloomberg had reported Cognition was close to raising around $1 billion at a $47 billion valuation. The deal that actually closed ended up roughly twice as large as that early report.
Why it matters
This is a funding story, not a product change, so there's nothing to do in Devin Desktop today. It shows investors still see room for more than one winner in AI coding tools, and it gives Cognition more money to keep building out Devin Desktop, Devin Cloud, Devin CLI, and Devin Review.
The closed round ended up twice the size first reported six days earlier