Cognition Seeks $40 Billion Valuation as Devin Revenue Doubles

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