Cognition AI Secures $2 Billion Series E Funding with $48 Billion Valuation
Cognition AI secured $2 billion in its latest funding round, achieving a $48 billion valuation. The company's annualized run-rate revenue nearly doubled from May to September 2026, growing from $492 million to almost $900 million. Despite the large valuation increase, the price-to-revenue multiple remained stable at around 53 times in both rounds. Cognition AI has attracted major enterprise clients such as Nvidia, GE Aerospace, Citi, Mercedes-Benz, Goldman Sachs, and Dell. Its autonomous coding agent Devin is being used to automate complex tasks across industries. However, revenue figures are subject to caveats due to the nature of run-rate calculations and lack of regulatory oversight. Nvidia's dual role as both an investor in Cognition AI’s Series E round and a customer using its technology raises questions about potential conflicts of interest. The company is also facing high operational costs, including significant expenses for server infrastructure.
