Cognition AI nears $1 billion annualized revenue on Devin coding demand

September 25, 2026 at 07:30 PM1 min

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Cognition AI Inc. is on track to generate annualized revenue of $1 billion based on its September performance, according to a person familiar with the matter. The AI coding startup's run-rate revenue topped $900 million in September, up from $492 million in May. The company raised $2 billion earlier this month at a $48 billion valuation.

Key Facts

Cognition AI's annualized revenue reached $1 billion in September, doubling from $492 million in May.
The company raised $2 billion in a funding round that lifted its valuation to $48 billion.
SpaceX acquired competitor Cursor for $60 billion in August and has approached Cognition about a potential acquisition.
Cognition's customers include Nvidia, Citigroup, and Mercedes-Benz Group.

Revenue Growth

Cognition AI is on track to generate annualized revenue of $1 billion based on its performance this month, according to a person familiar with the matter. The company said in September that its run-rate revenue topped $900 million, fueled by demand for its Devin AI coding software. It had previously generated $492 million in annualized revenue as of May. Cognition declined to comment on the latest financials.

Funding and Valuation

Earlier this month, Cognition said it raised $2 billion in a new round of funding that vaulted its valuation to $48 billion, up from $26 billion roughly three months earlier. The startup's customers include Nvidia Corp., Citigroup Inc. and Mercedes-Benz Group AG.

Market Context

Cognition is part of a growing crop of AI companies catering to the lucrative market for services that streamline the process of writing and debugging code. Investor interest in Cognition picked up earlier this year after Elon Musk's SpaceX announced it could acquire competitor Cursor for $60 billion, Bloomberg has reported. That deal closed in August. SpaceX has also previously approached Cognition about a potential acquisition.