San Francisco-based Cognition AI, which develops the AI coding agent Devin, is in talks to raise about US$1 billion at a roughly US$47 billion valuation, according to people familiar with the matter.

Strong demand could push the round above US$1 billion, the people said, with investors indicating nearly US$10 billion of interest while terms were still being negotiated.

Cognition is generating more than US$900 million in annualized revenue, up from US$492 million in late May, the people added.

Cognition was valued at US$26 billion just three months ago after raising US$1 billion, the people said.

🔗 Source: Bloomberg

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