Cognition · 2026-05-27 · major
Cognition Raises $1B at $26B Valuation — Devin Maker More Than Doubles Its Price in Eight Months, Lands Citi, Mercedes-Benz, Goldman Sachs, US Army and Navy
Cognition raised over $1B at a $26B post-money valuation in a Series D led by Lux Capital, General Catalyst, and 8VC. Run-rate revenue is $492M, enterprise usage is up 10x in 2026, and 89% of Cognition's own code is now committed by Devin.
Devin's maker takes a $1B Series D at $26B, more than doubling its September 2025 valuation in eight months.
Key specs
| Raised | $1B+ |
|---|---|
| Post money valuation | $26B |
| Pre money valuation | $25B |
| Run rate revenue | $492M |
| Valuation growth | $10.2B → $26B in 8 months |
| Enterprise growth2026 | 10x |
| Internal devin commit share | 89% |
What is it?
Cognition is the San Francisco lab behind Devin, an autonomous coding agent that takes tickets, opens PRs, and operates as a teammate inside enterprise engineering orgs. The Series D, led by Lux Capital, General Catalyst, and 8VC, brings in over $1B at a $25B pre-money and $26B post-money valuation, with Ribbit Capital, Atreides, Layer Global, Founders Fund, Bain Capital Ventures, Elad Gil, and Omri Casspi also on the cap table.
How does it work?
Cognition pitches Devin as an end-to-end software engineer rather than an autocomplete: it reads tickets, plans the work, edits the repo, runs tests, and lands the PR. Alongside the round the company says 89% of code committed by its own engineers now comes from Devin, that Devin recently cut an 8-month Mercedes-Benz legacy modernization project to 8 days, and that Itaú is using it to auto-fix 70% of incoming security vulnerabilities. The post also references a new SWE-1.6 in-house coding model running up to ~950 tokens/sec.
Why does it matter?
Cognition is the second AI coding company to hit a 10-figure raise in 2026 (Cursor's $1B in May was the first), and the $26B price tag puts Devin on the same playing field as the Big Lab coding offerings — Claude Code, OpenAI's Codex, and Google's Jules. The customer list — Citi, Mercedes-Benz, Goldman Sachs, Elevance, Dell, Santander, US Army, US Navy — is the strongest signal yet that autonomous coding agents have moved past pilot into multi-year enterprise deployment.
Who is it for?
engineering leaders evaluating coding-agent vendors, AI infra investors, founders building agent products
Try it
https://devin.ai