---
title: "Cognition revenue and valuation"
description: "Cognition's ARR is estimated at $860M–$1.31B, last reported at $1B. Valued at $48B after raising $3.9B. Funding rounds and competitors."
url: https://www.tryspecter.com/revenue-valuation/cognition.md
canonical_url: https://www.tryspecter.com/revenue-valuation/cognition
publisher: Specter
last_updated: 2026-11-01
---

# Cognition revenue and valuation

Specter estimates Cognition's annual revenue at $860M to $1.31B and its valuation at $40.5B to $57.4B. The company last reported $1B ARR in September 2026 and was priced at $48B in September 2026.

Cognition enables engineering teams with Devin, the autonomous AI software engineer.

- Estimated revenue: $860M to $1.31B (October 2026)
- Estimated valuation: $40.5B to $57.4B (October 2026)
- Last reported ARR: $1B (September 2026)
- Total funding: $3.9B
- Founded: 2023
- Headquarters: San Francisco, United States
- Employees: 640
- Sector: AI dev tools
- Specter Rank: #34,947

## Cognition revenue

Cognition grew from $85M ARR in July 2025 to $1B in September 2026. Specter's model puts current ARR between $860M and $1.31B, anchored to five reported figures.

| Reported figure | Date | Source |
| --- | --- | --- |
| $1B ARR | September 2026 | [Cognition crossed $1B in annualized revenue run rate.](https://x.com/joshjnunez/status/2103509631607709697) (x.com) |
| $500M ARR | July 2026 | [Wow — Cognition's ARR is already $500 million?](https://x.com/MaxForAI/status/2077114808772804926) (x.com) |
| $492M ARR | May 2026 | [AI coding startup Cognition raises $1B at $25B pre-money valuation](https://techcrunch.com/2026/05/27/ai-coding-startup-cognition-raises-1b-at-25b-pre-money-valuation/) (techcrunch.com) |
| $155M ARR | September 2025 | [Big news today as Cog raises $400M at $10.2B post, with details:](https://x.com/alexkaplan0/status/1965092507253178419) (x.com) |
| $85M ARR | July 2025 | [Huge win for Cognition: $85M ARR business with sticky enterprises, elite Windsurf talent, $100M cash, paid less than 15% equity at $4B valu…](https://x.com/uninsightful/status/1944826270681907466) (x.com) |

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $1.06B | $860M | $1.31B |
| September 2026 | $1B | $830M | $1.2B |
| August 2026 | $710M | $580M | $870M |
| July 2026 | $500M | $420M | $600M |
| June 2026 | $500M | $400M | $610M |
| May 2026 | $490M | $410M | $590M |
| April 2026 | $430M | $260M | $690M |
| March 2026 | $370M | $230M | $590M |
| February 2026 | $320M | $210M | $480M |
| January 2026 | $280M | $189M | $400M |
| December 2025 | $240M | $179M | $320M |
| November 2025 | $210M | $159M | $270M |
| October 2025 | $179M | $142M | $230M |
| September 2025 | $155M | $129M | $186M |
| August 2025 | $115M | $93M | $142M |
| July 2025 | $85M | $71M | $102M |
| June 2025 | $19M | $7.7M | $30M |
| May 2025 | $18M | $7.6M | $29M |
| April 2025 | $17M | $6.6M | $27M |
| March 2025 | $29M | $2.4M | $57M |
| February 2025 | $13M | $1.3M | $25M |
| January 2025 | $13M | $1.3M | $25M |
| December 2024 | $12M | $1.2M | $23M |
| November 2024 | $10M | $1.2M | $19M |
| October 2024 | $8.8M | $1.1M | $16M |
| September 2024 | $9.1M | $1M | $17M |
| August 2024 | $15M | $2.2M | $28M |
| July 2024 | $12M | $1.9M | $23M |
| June 2024 | $10M | $4.9M | $15M |

## Cognition valuation

Cognition's valuation rose from $350M at its Series A in March 2024 to $48B at its Series E in September 2026. Specter's live estimate sits between $40.5B and $57.4B.

| Month | Specter estimate | Low | High |
| --- | --- | --- | --- |
| October 2026 | $48.2B | $40.5B | $57.4B |
| September 2026 | $48B | $39.9B | $57.7B |
| August 2026 | $25B | $20.8B | $30.1B |
| July 2026 | $25.5B | $21.1B | $30.8B |
| June 2026 | $26B | $21.6B | $31.3B |
| May 2026 | $26B | $21.6B | $31.3B |
| April 2026 | $19B | $15.5B | $23.4B |
| March 2026 | $13.9B | $11.5B | $16.9B |
| February 2026 | $10.2B | $8.48B | $12.3B |
| January 2026 | $10.2B | $8.48B | $12.3B |
| December 2025 | $10.2B | $8.04B | $12.9B |
| November 2025 | $10.2B | $8.31B | $12.5B |
| October 2025 | $10.2B | $8.34B | $12.5B |
| September 2025 | $10.2B | $8.48B | $12.3B |
| August 2025 | $9.8B | $8.15B | $11.8B |
| July 2025 | $4B | $3.33B | $4.81B |
| June 2025 | $4B | $3.16B | $5.06B |
| May 2025 | $4B | $3.23B | $4.95B |
| April 2025 | $4B | $3.28B | $4.87B |
| March 2025 | $4B | $3.33B | $4.81B |
| February 2025 | $3.76B | $2.82B | $5.01B |
| January 2025 | $3.53B | $2.66B | $4.67B |
| December 2024 | $3.31B | $2.52B | $4.36B |
| November 2024 | $3.11B | $2.45B | $3.94B |
| October 2024 | $2.92B | $2.31B | $3.68B |
| September 2024 | $2.74B | $2.14B | $3.51B |
| August 2024 | $2.57B | $2.11B | $3.14B |
| July 2024 | $2.42B | $1.96B | $2.98B |
| June 2024 | $2.27B | $1.9B | $2.71B |

| Reported valuation | Month | Source |
| --- | --- | --- |
| $48B | September 2026 | Funding round |
| $25B | August 2026 | [techcrunch.com](https://techcrunch.com/2026/08/19/cognition-ceo-denies-report-that-spacex-tried-to-acquire-the-startup/) |
| $26B | June 2026 | [x.com](https://x.com/Gofralo/status/2065759449608843619) |
| $26B | May 2026 | Funding round |
| $10.2B | February 2026 | [forbes.com.tr](https://www.forbes.com.tr/teknoloji/cognition-yeni-yapay-zeka-milyarderini-yaratti) |
| $10.2B | January 2026 | [forbes.com](https://www.forbes.com/sites/richardnieva/2026/01/31/vibe-coding-startup-cognition-mints-another-ai-billionaire/) |
| $10.2B | September 2025 | Funding round |
| $9.8B | August 2025 | [linkedin.com](https://www.linkedin.com/posts/mukundrv_ai-genai-openai-activity-7362910362058334210-OAFv) |
| $4B | July 2025 | [x.com](https://x.com/uninsightful/status/1944826270681907466) |
| $4B | March 2025 | Funding round |
| $2B | April 2024 | Funding round |
| $350M | March 2024 | Funding round |

## Cognition funding rounds

| Date | Round | Raised | Post-money | Lead investors |
| --- | --- | --- | --- | --- |
| 8 Sep 2026 | Series E | $2B | $48B | General Catalyst, Founders Fund, Andreessen Horowitz, Avenir, Accel |
| 27 May 2026 | Series D | $1B | $26B | General Catalyst, Lux Capital, 8VC |
| 8 Sep 2025 | Series C | $400M | $10.2B | Founders Fund |
| 18 Mar 2025 | Series B | $300M | $4B | 8VC, Lux Capital |
| 24 Apr 2024 | Series A | $175M | $2B | Founders Fund |
| 12 Mar 2024 | Series A | $21M | $350M | Founders Fund |

## Cognition vs competitors

The AI coding market competes between integrated assistant tools and autonomous engineering agents.

| Company | Estimated revenue | Estimated valuation |
| --- | --- | --- |
| Cognition | $860M–$1.31B | $40.5B–$57.4B |
| Cursor (cursor.com) | $2.15B–$3.95B | $23.3B–$38.6B |
| Windsurf (windsurf.com) | $46M–$103M | $2.23B–$3.39B |
| Augment (augmentcode.com) | $8M–$17M | $860M–$1.63B |
| Codegen, Inc. (codegen.com) | $300K–$1.9M | $27M–$77M |

## Questions

### What is Cognition's revenue?

Specter estimates Cognition's annual recurring revenue at $860M to $1.31B as of October 2026. Cognition last reported $1B ARR in September 2026, up from $85M in July 2025.

### What is Cognition's valuation?

Cognition's latest post-money valuation is $48B, from a September 2026 Series E. Specter's live estimate is $40.5B to $57.4B.

### What is Cognition's revenue multiple?

Cognition is valued at about 48× ARR, based on its $48B September 2026 valuation and $1B last reported ARR. That works out to roughly $1.56M of ARR per employee.

### How much funding has Cognition raised?

$3.9B across six rounds, from a $21M Series A in March 2024 to a $2B Series E in September 2026.

### Who invested in Cognition?

56 investors, including Accel, Andreessen Horowitz, Avenir, Founders Fund, General Catalyst and Lux Capital.

### Who are Cognition's competitors?

Cursor, Windsurf, Augment and Codegen, Inc. Specter ranks 30 competitors for Cognition.

## About this data

Specter models revenue and valuation monthly and anchors each estimate to reported figures and priced rounds. Method: https://www.tryspecter.com/revenue-valuation

Cite as: Specter. "Cognition revenue and valuation." tryspecter.com/revenue-valuation/cognition. Updated November 2026.