Cognition, the developer of agentic coding tool Devin, raised $2 billion in a Series E round at a $48 billion valuation, nearly doubling its $26 billion valuation from a $1 billion financing in May. New investors Andreessen Horowitz and Accel led the round, while General Catalyst, Founders Fund and Avenir returned alongside a broad syndicate. The company said run-rate revenue rose from $492 million in May to almost $900 million as enterprise adoption broadened. Devin uses automated software-engineering agents for tasks including incident investigation and vulnerability scanning, and its integrations with GitHub, Slack and Linear can trigger workflows from events in those systems. Cognition cited deployments at Nvidia, Citi, GE Aerospace, Mercedes-Benz and Modal. Founded in 2024, the company has expanded internationally and acquired AI code-generation company Windsurf in July 2025. The financing arrives amid intensifying competition for enterprise spending on AI coding tools, increasing pressure on Cognition to sustain its rapid revenue growth.