Cognition, the maker of AI coding agent Devin, is discussing another funding round that could value the company at at least $40 billion, according to sources cited by Bloomberg. The talks come just months after Cognition raised $1 billion at a $26 billion valuation in May. The prospective valuation is tied to the company reaching a $1 billion annualized revenue run rate. When Cognition announced its last financing three months ago, Scott Wu said the company had reached a $492 million annualized revenue run rate and that enterprise usage of Devin had been growing 50% month over month for the prior six months. Wu also said Devin is not being marketed as a replacement for human programmers, but is often used for time-consuming maintenance and migration work such as updating legacy software or moving applications between platforms. Cognition says customers include Mercedes-Benz, NASA and Goldman Sachs.