Devin maker Cognition raises $1B at $26B as AI agent month continues

Cognition Closes $1 Billion Round at $26 Billion Valuation

@cognition, the company behind autonomous AI software engineer @DevinAI, has closed a $1 billion funding round at a $26 billion valuation, led by Lux Capital, General Catalyst, and 8VC. The raise is a significant step up from the company's prior $10.2 billion valuation, which was set as recently as September 2025 following a $400 million round led by Founders Fund.

According to Bloomberg, the company's run-rate revenue has reached $492 million, with enterprise usage up more than 10x year to date. The customer list includes Citi, Goldman Sachs, Mercedes-Benz, Dell, Santander, the US Army, and the US Navy. Internally, Devin now writes 89% of pull requests at Cognition itself, up sharply from 13% last December, a figure that illustrates how thoroughly the product has been adopted in production environments.

Cognition's own growth data shows Devin's annualized recurring revenue surged from $1 million in September 2024 to $73 million by June 2025. The company acquired Windsurf, an agentic IDE, in July 2025, which more than doubled ARR. Devin's latest model, SWE-1.6, is now the most-used model inside Windsurf.

Onchain AI Agent Infrastructure Gains Momentum

The Cognition raise lands in a month that has seen a concentrated burst of activity in onchain AI agent infrastructure. Nexus Labs went live on May 20. BNB Chain shipped the BNBAgent SDK on May 22, the first live implementation of ERC-8183, giving developers a modular framework for building AI agents with onchain identity, autonomous payments, and persistent memory on $BNB's network. Days later, Coinbase launched Base MCP, a tool that connects user accounts with AI agents to execute onchain operations directly from a chat interface, with support for protocols including Uniswap, Morpho, and Virtuals.

The timing reinforces a broader thesis. The $26 billion price tag investors have assigned to Cognition signals that demand for autonomous AI software agents is real and scaling fast. The onchain rails being built across BNB Chain, Base, and elsewhere are designed to serve that same demand, extending it into decentralized environments where agents can transact and operate without centralised intermediaries.

SiliconAngle noted in April that Cognition has been tapping into "increased demand for companies that understand how to use artificial intelligence in software development," a market that has only intensified since.

Sources
Bloomberg: AI Coding Startup Cognition Raises $1 Billion at $26 Billion Value
BNB Chain: BNBAgent SDK, the First Live ERC-8183 Implementation for Onchain AI Agents
Crypto Economy: Base Unveils MCP Tool Linking AI Agents Directly to Onchain Actions