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- Cognition
Cognition Revenue, Valuation, Funding & Investors
Cognition is valued at $48B as of September 2026, a 53.3x multiple on its last reported $900M revenue.
Last Cognition valuation
$48B
Series E · Sep 2026
Last Cognition funding round
$2B
Series E · Sep 2026
Cognition revenue
$900M
Series E · Sep 2026
Key investors in Cognition
Founders Fund
General Catalyst
Khosla Ventures
8VC
Lux Capital
Ribbit Capital
About Cognition
Cognition is a San Francisco-based applied AI lab developing end-to-end software agents that function as collaborative teammates for engineering projects. Its agents automate complex tasks to boost team efficiency and innovation through https://www.cognition.ai.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$900M (Sep 2026)
Valuation
$48B (Sep 2026)
Cognition Valuation
Cognition is currently valued at $48B, based on its Series E in September 2026.
The $2B round was led by Accel and Andreessen Horowitz, with participation from General Catalyst, Kleiner Perkins, T. Rowe Price, Altimeter Capital, Bessemer Venture Partners and 5 other investors.
Cognition's valuation has grown 137x from $350M at its Series A in March 2024 to $48B in September 2026, across 6 priced rounds.
Cognition valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Series E | $48B | 53.3x |
| May 2026 | Series D | $26B | 52.8x |
| Sep 2025 | Series C | $10B | 139.7x |
| Mar 2025 | Series B | $4B | 54.8x |
| Apr 2024 | Series A | $2B | - |
| Mar 2024 | Series A | $350M | - |
Cognition Revenue
Cognition's latest recorded revenue is $900M, as of its Series E in September 2026. At a $48B valuation, that implies a 53.3x revenue multiple.
Revenue grew from $73M in March 2025 to $900M in September 2026, while the revenue multiple moved from 54.8x to 53.3x.
Cognition revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Sep 2026 | $900M | $48B | 53.3x | Series E |
| May 2026 | $492M | $26B | 52.8x | Series D |
| Sep 2025 | $73M | $10B | 139.7x | Series C |
| Mar 2025 | $73M | $4B | 54.8x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Cognition Funding History
Cognition has raised a total of $3.9B across 6 funding rounds.
Cognition's first fundraising round was a $21M Series A in March 2024. The most recent completed round was a $2B Series E in September 2026.
Cognition funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series E | Accel (lead); Andreessen Horowitz (lead); General Catalyst; Kleiner Perkins; T. Rowe Price; Altimeter Capital; Bessemer Venture Partners; Ribbit Capital; Valor Equity Partners; Greylock; Alkeon Capital; Meritech Capital Partners | $2B | $48B | Cognition raised over $2 billion in a Series E financing in September 2026 at a $48 billion valuation, with Andreessen Horowitz and Accel leading the round alongside existing investors including Founders Fund, General Catalyst, and Avenir. The company said the capital is being used to scale its AI agent platform, expand globally, and continue advancing Devin for enterprise software engineering. Cognition is an AI coding startup focused on autonomous software development through its Devin agent. The company had previously raised $1 billion in May 2026 at a $26 billion valuation, and it reported that the new round nearly doubled that valuation. The investor syndicate also included a broad set of venture and growth investors, reflecting continued demand for frontier AI infrastructure and coding tools. |
| May 2026 | Series D | 8VC (lead); General Catalyst (lead); Lux Capital (lead); 137 Ventures; Positive Sum; Atreides Management; Layer Global; Omri Casspi; Ribbit Capital; Founders Fund; Elad Gil; Alpha Wave Global | $1B | $26B | In May 2026, reports indicated that Cognition was raising $500M in a round led by Founders Fund, with the implied valuation described as nearly $10B. The round was framed as part of the rapid funding surge around AI coding tools, and the lead investor was specifically identified as Peter Thiel’s Founders Fund. Cognition had previously described a later financing history that culminated in over $1B raised at a $26B valuation led by Lux Capital, General Catalyst, and 8VC, with Founders Fund listed among prior backers. The strategic context is Cognition’s position in AI coding, where investor interest has been driven by fast product adoption and strong revenue growth across the sector. The May 2026 fundraising reports suggest continued investor conviction in Cognition’s ability to scale its Devin product and expand its market position. Earlier disclosures show that Founders Fund had already backed Cognition in prior rounds, underscoring a continuing relationship between the company and the firm. Cognition is an AI coding company best known for Devin, its software engineering product. The company’s disclosed funding history includes earlier rounds led by Founders Fund and later large-scale financings involving other top venture investors. No revenue or EBITDA figures were disclosed in the provided results for the May 2026 round. |
| Sep 2025 | Series C | Founders Fund (lead) | $400M | $10B | Cognition AI, a San Francisco-based applied AI lab founded in 2023 by Scott Wu, Steven Hao, and Walden Yang, develops end-to-end software agents like Devin, an AI software engineer capable of building applications, triaging bugs, and optimizing performance, and recently acquired Windsurf to complete its suite for AI coding. The company serves enterprise clients including Goldman Sachs, Dell, Palantir, Cisco, and Mercado Libre, positioning itself to enable engineers to manage armies of autonomous agents for software abundance. In September 2025, Cognition raised over $400 million in a funding round led by Founders Fund at a $10.2 billion post-money valuation, more than doubling from its prior $4 billion valuation earlier in the year and following a $500 million round in August at $9.8 billion. Existing investors Lux Capital, 8VC, Neo, Elad Gil, Definition Capital, and Swish VC doubled down, joined by new backers Bain Capital Ventures, D1 Capital, and Hanabi Capital. The round supports continued investment in Devin and Windsurf amid rapid growth. Cognition's annual recurring revenue grew from $1 million in September 2024 to $73 million by June 2025, nearly doubling further after the Windsurf acquisition in July, with a 30 percent increase in combined enterprise revenue in the subsequent seven weeks. The company maintains efficient operations with net burn under $20 million since founding and has a team of over 40, though it faced scrutiny for demanding 80-hour work weeks, leading to layoffs and buyouts. This funding defies AI market turbulence, building on Cognition's momentum from Devin’s launch in March 2024 and the Windsurf deal, with plans to expand agent capabilities for faster technology development. |
| Mar 2025 | Series B | 8VC (lead); Lux Capital (lead); Conviction; Khosla Ventures; Founders Fund | $300M | $4B | Cognition is an AI company developing agentic AI tools for software engineering, with its flagship product Devin, an AI software engineer capable of building applications, triaging bugs, and optimizing performance. The company recently acquired Windsurf, adding an integrated development environment (IDE) to create a full-stack AI coding suite, serving enterprise customers like Goldman Sachs, Cisco, Palantir, Dell, Citi, and Nubank. This acquisition boosted growth, with combined enterprise revenue increasing 30% in the weeks following the deal. In September 2025, Cognition raised over $400 million in a funding round led by Founders Fund, with participation from existing investors including Lux Capital, 8VC, Neo, Elad Gil, Definition Capital, and Swish Ventures, plus new investors like Bain Capital Ventures and D1 Capital. The post-money valuation reached $10.2 billion, more than doubling from $4 billion earlier in the year and following a $500 million round in August at $9.8 billion valuation. Investors 8VC and Lux Capital, who jointly led the previous round, continued their support. Cognition demonstrated strong traction with Devin ARR growing from $1 million in September 2024 to $73 million by June 2025, before more than doubling post-Windsurf acquisition. The company maintained efficient operations, with total net burn under $20 million since founding in 2023. Funds will support engineering expansion and product development to advance AI coding agents toward enterprise software dominance. This round positions Cognition amid rising demand for AI coding automation, competing with tech giants like Google, Microsoft, and Amazon, while defying market turbulence through rapid scaling and customer adoption. |
| Apr 2024 | Series A | Founders Fund (lead); Nitesh Banta; Khosla Ventures; South Park Commons | $175M | $2B | - |
| Mar 2024 | Series A | Founders Fund (lead); Pear VC; Fred Ehrsam; Erik Bernhardsson; Tony Xu; John Collison; Karim Atiyeh; Sarah Guo; Eric Glyman | $21M | $350M | Cognition is an AI startup founded in 2023 by Scott Wu, developing Devin, an autonomous AI software engineering agent that writes code for enterprise customers including Bilt, Gumroad, Ramp, and Linktree to accelerate data migration and engineering efficiency. The company competes in the fast-growing AI developer tools sector against players like Microsoft and Anthropic's Claude models. In March 2024, Cognition raised a $21 million Series A round led by Founders Fund at a $350 million valuation, matching the investors including Eric Glyman, Erik Bernhardsson, Fred Ehrsam, John Collison, Karim Atiyeh, Pear VC, Sarah Guo, and Tony Xu as described. This followed an earlier seed round and preceded a larger $175 million round in April 2024 led by the same investor, boosting valuation to approximately $2 billion with participation from 8VC, Elad Gil, Conviction Partners, and Khosla Ventures. The March 2024 round supported early development and launch of Devin, positioning Cognition as an early mover in autonomous AI coding agents amid surging VC interest in AI, which captured over 60% of Q4 2024 funding and totaled $110 billion for the year. Total funding across rounds reached approximately $696-896 million by 2025. Subsequent developments included a $500 million Series C in August 2025 at $9.8-10 billion valuation led by Founders Fund, followed by a $400 million round in September 2025 at $10.2 billion post-money valuation with investors like Lux Capital, 8VC, Neo, Elad Gil, and new participants Bain Capital Ventures. These later rounds fueled acquisitions like Windsurf and expansion to customers such as Goldman Sachs, Citi, Dell, Cisco, and Palantir, with efficient growth maintaining sub-$20M net burn historically. |
Who has invested in Cognition?
34 investors have backed Cognition across its funding rounds, including Founders Fund, General Catalyst, Khosla Ventures, 8VC, Lux Capital and Ribbit Capital.
Lead investors include Accel, Andreessen Horowitz, 8VC, General Catalyst, Lux Capital and 1 other investor.
Cognition Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | Mar 2024 | ||
| 2 | Lead | May 2026 | ||
| 2 | Lead | Mar 2025 | ||
| 2 | Lead | Mar 2025 | ||
| 2 | Participant | Apr 2024 | ||
| 2 | Participant | May 2026 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | Mar 2025 | ||
| 1 | Participant | Sep 2026 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Participant | Mar 2024 | ||
| 1 | Participant | Apr 2024 | ||
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Start Free TrialAcquisitions by Cognition
Cognition has acquired 2 companies to date.
Last acquisition by Cognition was on July 24th 2026. Cognition acquired Poke for $100M.
Latest Acquisitions by Cognition
| Description | Poke is a proactive AI assistant startup that operates entirely inside familiar messaging applications like iMessage, WhatsApp, Telegram, and RCS without requiring a separate app. Founded by Marvin von Hagen and Felix Schlegel, the Palo Alto company integrates deeply with external productivity and lifestyle services. | Windsurf is a provider of an AI-powered coding assistant integrated into development environments for Mac, Windows, and Linux users. The platform automates code generation, debugging, and refactoring tasks, supporting languages like Python, JavaScript, and Java. Individual developers access a free tier, while enterprise plans add team collaboration, version control integration with GitHub, and custom model training for proprietary codebases. |
| HQ Country | ||
| HQ City | - | San Francisco, CA |
| Deal Date | 24 Jul 2026 | 14 Jul 2025 |
| Valuation | $100M | $250M |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Cognition acquisitions and their M&A valuation multiples. Start Free Trial | ||
Cognition Competitors
Cognition competitors include listed companies like C3.ai and Z.ai, and private ones like Lovable, Reflection.Ai, OpenAI and Anthropic.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $500M | - | $13B | 26.6x | ||
| Private | - | - | $8B | - | ||
| Private | $25B | - | $852B | 34.1x | ||
| Private | $47B | - | $965B | 20.5x | ||
| Publicly listed | $250M | ($484M) | $1.7B | 4.5x | ||
| Publicly listed | $108M | ($658M) | $46B | 65.9x |
Cognition Public Comps
Cognition is still privately-owned, but its public comps include Atlassian, Z.ai, MongoDB, IonQ, DigitalOcean, JFrog, MiniMax Group, Datadog, GitLab and Presight AI.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $6.6B | $142M | 7.4x | 7.2x | 342.1x | 23.7x | |||
| $108M | ($658M) | 422.9x | 65.9x | (69.4x) | (73.0x) | |||
| $2.5B | ($104M) | 11.9x | 10.4x | (282.5x) | 49.6x | |||
| $130M | ($531M) | 109.9x | 40.3x | (26.9x) | (39.1x) | |||
| $901M | $343M | 18.2x | 14.9x | 47.9x | 37.7x | |||
| $532M | ($67M) | 20.3x | 17.4x | (159.9x) | 88.4x | |||
| $79M | ($1.9B) | 131.8x | - | (5.5x) | - | |||
| $3.4B | ($588K) | 23.6x | 19.4x | (137813.0x) | 77.6x | |||
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Common questions about Cognition
| When was Cognition founded? | Cognition was founded in 2023. |
| Where is Cognition headquartered? | Cognition is headquartered in San Francisco, CA, United States. |
| Is Cognition publicly listed? | No, Cognition is a private, VC-backed company. |
| What is Cognition's valuation? | Cognition was last valued at $48B in its Series E in September 2026. |
| How much funding has Cognition raised? | Cognition has raised $3.9B across 6 funding rounds. |
| What was Cognition's last funding round? | Cognition's last funding round was a $2B Series E in September 2026, led by Accel and Andreessen Horowitz. |
| Who are Cognition's investors? | Cognition's investors include Founders Fund, General Catalyst, 8VC, Lux Capital, Khosla Ventures, Ribbit Capital, 137 Ventures, Positive Sum, Conviction, Kleiner Perkins and 24 others. |
| What is Cognition's revenue? | Cognition's latest recorded revenue is $900M (September 2026). |
| What is Cognition's revenue multiple? | Cognition's latest valuation implies a 53.3x revenue multiple ($48B valuation on $900M of revenue). |
| Which companies are comparable to Cognition? | Companies comparable to Cognition include Lovable, Reflection.Ai, OpenAI, Anthropic, C3.ai and Z.ai. |
| How many companies has Cognition acquired? | Cognition has acquired 2 companies, including Poke and Windsurf. |
| What was the largest acquisition by Cognition? | The $250M acquisition of Windsurf in July 2025 is the largest acquisition Cognition has made to date. |
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