Cognition Weighs New Round at $70 Billion to $80 Billion Valuation, Business Insider Reports
The Devin maker is fielding offers weeks after closing a round at $48 billion. Talks are early and no deal has been announced.
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Cognition, the AI coding startup behind the Devin agent, has received investor offers valuing it at $70 billion to $80 billion. It is seriously considering raising before the end of 2026, Business Insider reported on October 28, citing people familiar with the matter. The talks are early and the targets could change. Cognition has not announced a new round, and its last confirmed valuation is $48 billion.
Image: Markus Spiske (Unsplash) / CC0, via Wikimedia Commons
What the report says
Business Insider's Katie Roof reported that Cognition is "fielding new investor interest at a much higher price" just weeks after its last raise. The report gives no amount for the possible round and names no investors behind the offers. It describes the valuation range as based on offers received, not agreed terms.
To put the figure in context, the report noted that SpaceX acquired rival AI coding company Cursor for $60 billion a few months earlier. An acquisition price and a private-round valuation are not directly comparable.
How fast the valuation has moved
| Round | Date | Valuation | Source |
|---|---|---|---|
| Series D (more than $1B raised) | May 27, 2026 | $26 billion | Cognition |
| Series E (more than $2B raised) | Sep 8, 2026 | $48 billion | Cognition |
| Possible new round | Reported Oct 28, 2026 | $70B–$80B in offers | Business Insider |
At $70 billion to $80 billion, the valuation would be about 46% to 67% above September's. These are offers, not a closed deal.
Andreessen Horowitz and Accel led the Series E. Existing investors Founders Fund, General Catalyst and Avenir joined them, along with a long list of others that included Benchmark, Bessemer, Greylock and Lightspeed. Lux Capital, General Catalyst and 8VC led the May round.
The business behind the number
Cognition says its run-rate revenue grew from $492 million at the time of the May round to almost $900 million by September. Run-rate revenue extrapolates recent sales to a full year; it is not audited annual revenue.
The company names NVIDIA, GE Aerospace, Citi, Mercedes-Benz and Modal among Devin's customers. Its September post highlighted three newer products:
- Devin Auto-Triage: takes a first pass at investigating incidents
- Devin Security Swarm: finds and triages vulnerabilities
- Devin Automations: starts work from events in Slack, GitHub, Linear and other systems
Cognition calls itself an "independent agent lab." It says it combines its own models with other providers' instead of tying customers to a single vendor.
According to Business Insider, Cognition was drawn last month into a public dispute with rival Factory AI. Factory accused Cognition employees of posing as job applicants to get product information. Cognition and a former Factory adviser denied that any confidential information was sought or shared.
What to watch
- Confirmation: whether Cognition confirms a round, and at what size and price
- Investors: who leads the round, and whether existing backers increase their stakes
- Revenue: whether Cognition publishes updated run-rate figures to support a higher price
Until there is an announcement, the confirmed benchmark remains $48 billion. For more coverage of AI coding tools, see our Artificial Intelligence hub.
How we reported this
We confirmed the Business Insider article directly and attribute the valuation range only to that report. We checked funding and revenue figures against Cognition's Series D and Series E announcements. Cognition's founding year varies by source: Business Insider says 2023, and Cognition's own post says 2024. We left it out. We also cut a secondhand Bloomberg revenue figure we could not open.
Sources
- Business Insider: AI coding startup Cognition is weighing a new funding round at a $70 billion to $80 billion valuation, Oct 28, 2026.
- Cognition: Do it all with Devin: Announcing our Series E, Sep 8, 2026.
- Cognition: More Devins in More Places (Series D), May 27, 2026.
DailyMech used AI tools to help research and draft this article; it was fact-checked by our editors.