AI coding startup Cognition weighs new round at $70–80 billion valuation, report says

AI coding startup Cognition, the maker of the Devin coding agent, has received investor offers valuing it at $70 billion to $80 billion, Business Insider reported on Oct 28, citing people familiar with the matter. The San Francisco company is seriously considering raising a new round before the end of 2026, according to the report.

The talks are at an early stage, and Business Insider said the valuation targets could still change. Cognition has not announced a new round.

The September round

Cognition announced on Sept 8 that it had raised more than $2 billion in a Series E round at a $48 billion valuation. Andreessen Horowitz and Accel led the round, alongside existing investors Founders Fund, General Catalyst and Avenir.

Cognition said at the time that its annualized revenue run rate, a recent period's revenue projected over a full year, had grown to almost $900 million from $492 million in May. A company description in an Oct 23 Robinhood release says Cognition has since crossed $1 billion in annualized revenue run rate.

Cognition names Nvidia, GE Aerospace, Citi and Mercedes-Benz among the companies whose engineering teams use Devin.

The competition

Fortune lists OpenAI's Codex, Anthropic's Claude Code and GitHub Copilot among the products competing with Devin for developers. Business Insider noted that SpaceX bought rival AI coding company Cursor for $60 billion a few months before its report.

Who is exposed

Robinhood Ventures Fund I, a closed-end fund listed on the New York Stock Exchange, said on Oct 23 that it had closed investments in Cognition worth about $10 million. Fortune reported that the fund bought in during the September Series E round at the $48 billion valuation.

The fund holds a concentrated portfolio of mostly private companies, including Databricks, Revolut and ElevenLabs, according to Fortune. Its investment adviser, Robinhood Ventures, is a wholly owned subsidiary of Robinhood Markets, which also holds interests in the fund.

What comes next

According to Business Insider, Cognition is weighing a round before Dec 31, 2026. The report did not name a lead investor or a target amount.