Cognition in talks to raise $1B+ at $40B+ valuation, roughly 40x annualized revenue

Cognition is discussing a new funding round exceeding $1B at a valuation above $40B, roughly three months after closing at $26B. The company's annualized revenue run rate is approaching $1B, putting the prospective valuation at approximately 40x revenue. In May, Cognition reported a $492M annualized run rate alongside 50% month-over-month enterprise usage growth for Devin over six months. Reaching $1B would represent approximately 103% growth from that May figure.