Cognition, the startup behind the AI coding agent Devin, is reportedly in early talks with investors for another funding round that could value the company at $40 billion or more.

This follows a $1 billion round in May 2026 that valued Cognition at $26 billion.

According to sources cited by Bloomberg, the potential new valuation is tied to the company reaching a $1 billion annualized revenue run rate.

Three months ago, Cognition co-founder Scott Wu told TechCrunch the company had already achieved a $492 million annualized revenue run rate, with enterprise usage of Devin growing 50% month-over-month for the prior six months.

Wu, a noted programmer, emphasized that Devin is not marketed as a human replacement.

The agent is typically deployed for long-tail grunt work many programmers avoid, such as updating legacy software or migrating applications between platforms.

Cognition lists Mercedes-Benz, NASA, and Goldman Sachs among its customers.