Dispatch
Cognition in talks at $40B three months after a $26B round — pegged to hitting $1B annualized revenue
Bloomberg reports Cognition is already negotiating a new round at a $40 billion valuation, roughly three months after raising $1 billion at $26 billion pre-money in May 2026. The company was at a $492 million annualized run rate in May; the new valuation is reportedly predicated on reaching $1 billion annualized, with usage growing 50% month-over-month and enterprise customers including Mercedes-Benz, NASA, and Goldman Sachs. CEO Scott Wu positions Devin at 'long-tail grunt-work that many programmers dislike' — legacy modernization and platform migrations rather than greenfield coding.
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