Cognition Is Fielding Offers at $70 Billion to $80 Billion, Weeks After Raising at $48 Billion

Cognition, the AI coding startup behind the Devin agent, has received investor offers valuing it at $70 billion to $80 billion and is seriously considering raising again before the end of the year, Business Insider reported on October 29, citing people familiar with the matter.

The jump is striking because of its timing. Cognition announced a round at a $48 billion valuation only weeks ago in September. The new offers imply a 46 to 67 percent markup in roughly a month, on a company whose revenue has not been publicly disclosed.

The talks are early and the target could still change, the report said. Cognition declined to comment on the figures.

Founded in 2023 by Scott Wu, Steven Hao and Walden Yan, Cognition sells Devin as an agent that takes a task description and works a codebase on its own. Its investor list already includes a16z, Accel, Founders Fund, Khosla Ventures, Elad Gil and Pear VC.

The comparison investors are reaching for is Cursor. SpaceX acquired the AI coding company for $60 billion a few months ago, which gives the category a public anchor price — and makes a $75 billion mark for Cognition look, to some buyers, less like a bubble than like a discount to the leader.

The company has also been in a public dispute with rival Factory AI, which accused Cognition employees of posing as job applicants to gather product information. Cognition and a former Factory adviser denied that confidential information was sought or shared.

What it means: coding agents are the one AI category where buyers can measure output directly — merged pull requests, closed tickets, seats renewed — and that measurability is why capital is concentrating in two or three names instead of spreading across dozens. The risk is that the valuation is now being set by the next round rather than by the product, and a $48 billion to $80 billion step in a single quarter leaves little room for a missed renewal cycle.