Cognition raises $2 billion at a $48 billion valuation

Cognition, the startup behind Devin, has raised more than $2 billion at a $48 billion valuation, only about four months after a funding round that valued it at $26 billion. Devin is designed to do more than suggest lines of code: companies can assign it software tasks and have it investigate, write, test, or organize work while engineers supervise the result. Cognition says the annualized pace of its revenue rose from $492 million in May to nearly $900 million, helping explain the investor enthusiasm. The financing is a big bet that AI agents will become working members of engineering teams, while setting a demanding bar for Cognition to turn fast adoption into a durable, profitable business.