Cognition reportedly raising $1B at a $47B valuation

AI coding startup Cognition is reportedly close to raising roughly $1 billion at a valuation of about $47 billion, according to Bloomberg.
That would represent a sharp increase from its reported $26 billion valuation just three months ago. Investor interest reportedly approached $10 billion, meaning the final financing could exceed the current target.
Cognition, the developer of Devin, has also seen annualized revenue rise above $900 million from approximately $492 million in late May.
Investor interest reportedly accelerated after SpaceX completed its $60 billion acquisition of rival Cursor in August, reinforcing the intense competition around AI coding platforms.