Cognition in Funding Talks at $40 Billion Valuation, Up 50% From May

Bloomberg reported August 12, 2026, that Cognition, maker of the AI coding agent Devin, is in talks to raise at a $40 billion valuation — up from $26 billion in May 2026. The reported figure is tied to a $1 billion annualized revenue run rate, roughly double the $492 million Cognition confirmed in May. Cognition has not publicly confirmed the talks.