AI Coding Startup Cognition May Be Worth $40 Billion

Bloomberg reported August 12, 2026, that Cognition, which makes an AI tool called Devin that writes software code, is in talks to raise money at a $40 billion valuation — up from $26 billion in May. The company's yearly revenue reportedly reached $1 billion, about double the $492 million confirmed in May. Cognition has not publicly confirmed the talks.