Cognition Nears $1B Round at $47B Valuation, Nearly Doubling May's $26B Mark

Bloomberg reports Cognition, maker of the Devin AI engineering agent, is closing a new round of around $1B at a ~$47B valuation, with roughly $10B in investor demand pushing final size higher. That is up from $26B in May and $10.2B last September; per Bloomberg, annualized revenue has grown from $492M in late May to more than $900M. The raise follows SpaceX's $60B move on rival Cursor, which reignited coding-agent competition.