Cognition raises $2 billion as AI coding startup hits $48 billion valuation

AI coding startup Cognition has raised more than $2 billion in a Series E round, valuing the company at $48 billion—nearly four months after it announced a $26 billion valuation. The round was led by new investors Andreessen Horowitz and Accel, with existing backers Founders Fund, General Catalyst, and Avenir joining. Participants included Benchmark, Bessemer Venture Partners, Kleiner Perkins, Greylock, and Lightspeed. Cognition said its annualized revenue run rate rose from $492 million in May to nearly $900 million. Its Devin AI agent is being used by companies such as Nvidia, GE Aerospace, Citigroup, Mercedes-Benz, and Modal Labs. Cognition leases a large Nvidia server cluster and expects cash burn up to $800 million this year.