AI Coding Startup Cognition Raises $2 Billion Despite Heavy Costs

Cognition, maker of the AI coding tool Devin, raised $2 billion at a $48 billion valuation as revenue neared $900 million. But the company could burn through $800 million in cash in 2026, largely to rent powerful Nvidia servers. If revenue reaches $4–5 billion by year-end, the math improves — a big assumption given the computing costs of generating code automatically.