Cognition, the startup behind AI coding agent Devin, announced on its official blog on September 25 that its annualized revenue run rate has surpassed $1 billion. Bloomberg reported the same figure the same day.
The blog post is short, and the information in it clusters around three points: the company was founded in January 2024; Devin has been generally available for under two years; and its customers include engineering teams at GE Aerospace, Rivian, Czech grocery-delivery company Rohlik, and AI search startup Exa. The post doesn't break down how much of the revenue comes from Devin versus Windsurf, which Cognition acquired in July 2025, nor does it disclose a total customer count.
“The world needs far more software than it can build.”
That's the opening line of the blog post. The next line follows: “Every company is now a software company.”
The revenue curve
Connecting this to milestones this site has reported before:
- September 2024: Devin's annualized revenue was about $1 million;
- June 2025: $73 million;
- May 2026: $492 million, when the company raised over $1 billion at a roughly $26 billion valuation;
- September 8, 2026: the company closed a Series E of more than $2 billion at a $48 billion valuation, led by Andreessen Horowitz and Accel with participation from Founders Fund, General Catalyst, and Avenir; annualized revenue was near $900 million at the time;
- September 25, 2026: $1 billion.
From May to September, the number doubled in four months. Counting from June 2025, it's up roughly 13x in fifteen months.
Worth explaining the run-rate math here: it extrapolates a single month or quarter of revenue into a full year, which is different from actually booking $1 billion within one calendar year. Cognition hasn't said which period the $1 billion figure was annualized from.
A rough multiple on valuation
Using the September Series E's $48 billion valuation against $1 billion in annualized revenue, the multiple works out to roughly 48x. The May round, at a $26 billion valuation against $492 million in annualized revenue, was roughly 53x.
Revenue is growing faster than valuation, so the multiple is actually shrinking. For a company in a high-growth phase, that suggests investors aren't willing to pay a rising premium — the new valuation is basically tracking revenue.
Zooming out further: when Cognition was in talks for a $25 billion valuation this past April, the market's question was whether an “autonomous delivery” style coding agent like Devin could become a real business. Five months later, the question has shifted: with Cursor, GitHub Copilot, Claude Code, and Codex all competing for the same enterprise budgets in AI coding, how long can the growth rate hold up now that annualized revenue has passed $1 billion?
TechCrunch's take on the September round was that investors don't think AI coding will be winner-take-all. Cognition's approach pairs a bottom-up push — Devin pulling in developer subscriptions — with top-down enterprise sales through the Windsurf team. How much each line contributes isn't visible from outside, and Cognition hasn't offered more detail on its latest financials.
Sources: Cognition's official blog, Bloomberg, CocoLoop, TechCrunch; annualized revenue at each milestone and valuations from both funding rounds verified against company disclosures and funding reports.