Cognition is in talks to raise at a $40 billion valuation, Bloomberg says

On August 12 TechCrunch reported that Cognition, the company behind the coding agent Devin, is already talking to investors about a new round at a much higher valuation. Bloomberg’s sources put the working number at least $40 billion, with more than $1 billion expected to be raised. A Cognition representative declined to comment. The people said the company may still walk away or change terms.

What is on the public record

In May Cognition raised about $1 billion at a $26 billion valuation. CEO Scott Wu told TechCrunch then that annualized revenue was $492 million and that enterprise usage of Devin had grown 50% month-over-month for six months. Bloomberg’s August sources said the run rate is now approaching $1 billion. Backers named in prior rounds include General Catalyst, Founders Fund, Lux Capital, and 8VC.

• May 2026: ~$1B in, $26B post-money, $492M ARR (Wu to TechCrunch)
• August 2026 talks: ≥$40B, >$1B raise, ~$1B ARR (Bloomberg sources)
• Status: early talks, company silent, deal not committed

Takeaways

• Do not treat $40 billion as a closed valuation
• The only CEO-confirmed ARR figure is still the May $492 million
• The comparison in the coverage is Cursor’s pre-SpaceX private marks

Source: TechCrunch / Bloomberg