Cognition Series E: Over $2 Billion at a $48 Billion Valuation

Nearly double the valuation in a season

Cognition, the maker of the Devin coding agent, said on September 8, 2026 that it had raised over $2 billion at a $48 billion valuation. Andreessen Horowitz and Accel led the round as new investors, alongside existing backers Founders Fund, General Catalyst and Avenir. Cognition said its run-rate revenue had grown from $492 million to almost $900 million since its previous round in May, which valued it at $26 billion. [1][2]

TechCrunch listed all five firms as leads; Cognition's own post names only Andreessen Horowitz and Accel. TechCrunch also noted that Andreessen Horowitz had backed Cursor, which later agreed to sell to SpaceX, and that Cognition now commanded a higher revenue multiple than Cursor had in its spring funding talks. [1][2]

An independent coding company with its own models

Atlas interpretation: With Cursor now part of SpaceX, the round is a large bet that a coding-agent company can stay independent of the labs whose models it has relied on. The money arrives as Cognition moves more of Devin onto models it trains itself on open-weight bases, including SWE-2 two days later, which TechCrunch frames as a way to cut its dependence on OpenAI and Anthropic. [2][3]