Cognition, the startup behind the AI coding agent Devin, has hit roughly $900 million in annualized revenue. That's based on the company now pulling in about $75 million per month — more than triple where it started the year.
Growth is still accelerating. When Cognition raised money in May, it disclosed $492 million in annualized revenue at a $26 billion valuation. Three months later, that figure is up another 83%.
But Cognition also burns money with abandon. The Information reports the company could consume around $800 million in cash this year, with roughly $200 million going out the door in the second quarter alone. Much of that goes to compute: Cognition leases large-scale Nvidia server fleets, running Devin while also training its own models, at a cost of hundreds of millions of dollars per year.
Right now, Cognition's enterprise business carries gross margins near 50%. Excluding investment in training its own models, the company is close to breaking even. Management expects annualized revenue to top $1.5 billion by the end of this year, then reach $4 billion to $5 billion next year.