The company behind Devin is now worth $48 billion

Cognition, the company behind AI software engineering agent Devin, has raised more than $2 billion at a $48 billion valuation.

The Series E round comes only four months after Cognition raised funding at a $26 billion valuation.

That means the company's valuation has nearly doubled in a single funding cycle.

The round was led by Andreessen Horowitz and Accel alongside existing investors Founders Fund, General Catalyst and Avenir.

Devin's revenue is growing almost as quickly as its valuation

Cognition says its annualized run-rate revenue has increased from $492 million in May to nearly $900 million.

Run-rate revenue is not the same thing as audited annual revenue. It generally extrapolates recent revenue performance over a full year.

Still, the number provides a useful indication of how quickly businesses are adopting AI coding products.

Cognition launched Devin as an autonomous software engineering agent capable of planning tasks, writing code, testing changes and working through larger engineering jobs.

The company has since expanded its ambitions around AI-assisted software development.

AI coding is becoming one of the industry's biggest markets

Cognition is competing in an increasingly crowded category.

OpenAI Codex, Anthropic's Claude coding tools, Cursor and several other products are all competing for developers and engineering budgets.

The size of Cognition's latest round suggests investors do not currently view AI coding as a winner-take-all market.

Instead, they appear to be betting that software development itself is large enough to support several enormous AI companies.

Cognition was founded in 2024.

Two years later, investors are valuing it at $48 billion.

That may say as much about expectations for the future of software engineering as it does about Devin itself.