Cognition doubles to $48B in four months on coding AI

Cognition raised $2B at a $48B valuation, up from $26B four months earlier. The round was led by a16z, with Accel, Founders Fund, General Catalyst and Avenir joining, per TechCrunch.

The valuation jump tracks revenue growth of roughly 83% in four months. Cognition's annualized run-rate went from $492M in May to about $900M, a pace that decides whether the $48B price holds or gets revised down at the next round.

That growth pushes Cognition's revenue multiple past where Cursor sat last spring. Cursor raised at a $2B run-rate before SpaceX bought it for $60B.

Cognition is also spending to get there. TechCrunch reports roughly $800M in annual cash burn, funding a leased Nvidia cluster and an in-house model built on open-source foundations. The goal is less dependence on OpenAI and Anthropic for the models powering its coding tools.