AI coding lab Cognition has raised more than $1 billion at a post-money valuation of $26 billion. Lux Capital, General Catalyst, and 8VC co-led the round, with Ribbit Capital, Atreides, and Layer Global joining as new investors. The company's valuation has surged 1.5x in eight months — a sign of investor confidence in standalone AI agents even as foundation-model giants exert their dominance.
Devin, Cognition's AI programmer, has autonomously written 89% of its code, and annual revenue is nearly $500 million. Commercialization and enterprise penetration are...