Devin Maker Cognition in Talks to More Than Double Valuation to $25 Billion

Cognition AI, the startup behind the autonomous coding agent Devin, is in early talks to raise hundreds of millions of dollars at a valuation of roughly $25 billion, according to a Bloomberg report. The round would more than double the $10.2 billion valuation Cognition reached in September, when it closed a $400 million round led by Founders Fund, and reflects the white-hot demand for AI systems that can perform real engineering work end-to-end.

Devin is pitched as the world’s first autonomous AI software engineer. Customers point it at a Jira ticket and walk away; the agent reads the codebase, writes the change, runs the tests, and opens the pull request for human review. The product has progressed from research demo to enterprise tool faster than nearly any developer-facing AI launch on record. Cognition’s annualized recurring revenue jumped from about $1 million in September 2024 to $73 million by mid-2025, and the customer roster now includes Goldman Sachs, Citi, Dell, Cisco, Ramp, Palantir, Nubank, and Mercado Libre.

The proposed valuation marks a stunning trajectory: Cognition was worth $4 billion in March 2025 and is now in talks at more than 6x that figure roughly a year later. Investors appear to be pricing in continued share gains against incumbents like GitHub Copilot, Cursor, and the wave of in-house agent stacks emerging at hyperscalers. Cognition’s recent acquisition of Windsurf, the IDE startup, broadens its surface area from headless agent into the editor itself.

The talks slot into a broader frenzy: Q1 2026 set a record $300 billion in global AI venture funding, and coding has emerged as the highest-conviction category for enterprise spend. Google CEO Sundar Pichai disclosed this month that 75% of new code at Google is now AI-written, a data point that has become a recurring slide in fundraising decks across the sector.

Terms have not been finalized and the round could shift. But if it closes at the reported number, Cognition will join a small club of AI-native companies that have crossed $25 billion within two years of founding — a milestone that, even by 2026 standards, captures how aggressively the market is repricing AI-native developer tools.