Cognition, the startup behind the coding assistant Devin, has raised $2 billion at a $48 billion valuation, roughly doubling its valuation from a $26 billion round just four months earlier. The round was led by Andreessen Horowitz, Accel, Founders Fund, General Catalyst, and Avenir. Cognition said its annualized run-rate revenue has grown from $492 million to $900 million since its last fundraise in May, though the company did not explain exactly how it calculates that metric, which is typically a month’s revenue multiplied by 12.

The fundraise signals that venture investors still see AI coding as a market with room for multiple large players, rather than a winner-take-all outcome. The comparison with Cursor is a central part of that story. Cursor was in talks in April to raise at a $50 billion valuation before agreeing to sell to SpaceX for $60 billion later that month, when its annualized revenue had surpassed $2 billion. That means Cognition currently holds a higher revenue multiple than Cursor did in the spring. Cursor sold to SpaceX largely because it was severely compute-constrained, according to investors familiar with its financials.

It is unclear whether Cognition will face similar constraints. Cognition leases an Nvidia server cluster that costs hundreds of millions of dollars annually, which could push its total cash burn to $800 million this year, according to The Information. Like Cursor before joining SpaceX, Cognition is training its own model based on open source alternatives. Reducing reliance on expensive third-party models from OpenAI and Anthropic is expected to cut costs over time and help the company move closer to breakeven.

Cognition is expected to reach $4 billion to $5 billion in annualized revenue by the end of 2026, based on The Information’s reporting. By comparison, TechCrunch reported in the spring that Cursor was on track to surpass $6 billion by year-end. The round is also notable because a16z, a major backer of Cursor that profited from the SpaceX sale, is back to lead a round in a Cursor competitor. Cognition was founded in 2024 by math prodigy Scott Wu, and its major enterprise customers include Mercedes-Benz, NASA, Goldman Sachs, and Citi.