Cognition, the San Francisco-based startup behind the Devin autonomous AI coding agent, is raising capital at a valuation of roughly $46 billion, nearly twice its $26 billion post-money valuation in the May 2026 Series D. The company’s revenue run-rate has approached $1 billion, up from $492 million annualized in May and $73 million in June 2025, while enterprise usage of Devin has grown more than 10x since January 2026. Cognition has raised more than $2.5 billion since its 2023 founding, with customers including Goldman Sachs and the US government, as AI application startups seek to expand despite competition from Anthropic and OpenAI.