Cognition's $900M Revenue Offset by $800M Cash Burn From Nvidia Leases

Cognition, maker of AI coding agent Devin, raised $2 billion at a $48 billion valuation as annualized revenue neared $900 million. Annual cash burn could reach $800 million in 2026, driven by Nvidia server cluster leasing costs. If Cognition hits its $4–5 billion year-end target, the ratio improves — a significant assumption given inference costs for autonomous code generation.