Cognition, the company behind the autonomous software engineer Devin, is reported to be in the final stages of a funding round of roughly 1 billion USD (about 153 billion yen). The valuation under discussion is around 47 billion USD (about 7.2 trillion yen), close to double the 26 billion USD (about 4 trillion yen) it was assigned in May, roughly four months ago. Investor interest is said to have reached nearly 10 billion USD (about 1.53 trillion yen), so the final size of the round could grow further.

※1 USD = 153 JPY (as of September 8, 2026)

A valuation set to roughly double in four months

The report is dated September 2 and is based on accounts from several people familiar with the matter. Cognition itself has declined to comment, and the size, valuation and terms could all still shift as negotiations continue. This is not a closed deal.

Even so, the sequence of numbers stands out. Cognition acquired Windsurf, which builds an AI-native development environment, in 2025, and shortly afterward raised 500 million USD (about 77 billion yen) at a 9.8 billion USD (about 1.5 trillion yen) valuation. The following month it added 400 million USD (about 61 billion yen) in a round led by Founders Fund, lifting the valuation to 10.2 billion USD (about 1.56 trillion yen). In May 2026 it raised 1 billion USD in a Series D led by Lux Capital, General Catalyst and 8VC at a 26 billion USD valuation. In a little over a year, the company has moved from the 10 billion USD range to the 47 billion USD range.

Revenue is climbing on a similar curve

The pace of the valuation increases invites suspicion of overheating, but revenue has been moving at a comparable angle. Annualized recurring revenue is reported to have grown from 492 million USD (about 75 billion yen) in May to more than 900 million USD (about 138 billion yen), close to a doubling in about four months.

Cognition was founded in late 2023 by three people with competitive programming backgrounds, led by Scott Wu, who won three gold medals at the International Olympiad in Informatics before dropping out of Harvard University. Devin, first demonstrated in March 2024, is designed as an agent that takes instructions and then plans, writes, tests and deploys code largely on its own. The product began with individual developers in mind, but deployments have since spread into financial services, automotive and enterprise IT. The pitch now is less a coding assistant than a worker you hand legacy migration and maintenance work to.

Devin writes 89 percent of Cognition's own code

At the time of the May round, Cognition disclosed that Devin was writing 89 percent of the company's own code, up from 13 percent in December 2025. The ratio flipped in under six months.

The example the company points to is a legacy system migration at Mercedes-Benz. Work it had internally estimated at 8 months was completed in 8 days once Devin was brought in. Figures like this depend heavily on the specific system, so they do not generalize cleanly. Still, aiming an autonomous agent at migration work, where effort rarely translates into visible results, is an easy case to make to enterprise buyers.

One large independent player just left the field

The reorganization of the competitive landscape is cited as one reason investor appetite picked up so quickly. Cursor, Cognition's closest rival in AI coding, was acquired along with its parent Anysphere by SpaceX for 60 billion USD (about 9.2 trillion yen), a deal that closed on August 14, 2026. Cursor now sits inside SpaceX's AI division.

SpaceX is also said to have approached Cognition about an acquisition and to have been turned down. As a result, for investors who want exposure to AI-native software development, Cognition is close to the only large independent option left. The view is that this scarcity is what pushed interest in the round toward 10 billion USD.

The no-code side of the market is growing as well. Sweden's Lovable raised 400 million USD at a 13.3 billion USD (about 2 trillion yen) valuation in August, aiming at building applications through plain language. Replit raised 400 million USD at a 9 billion USD (about 1.4 trillion yen) valuation in March. Selling autonomous agents to developers and letting non-developers build software are different markets.

Summary

Cognition is reported to be raising roughly 1 billion USD at a 47 billion USD valuation, close to double the 26 billion USD it commanded in May, about four months earlier. Annualized revenue has grown from 492 million USD to more than 900 million USD. With Cursor now inside SpaceX, the pool of large independent players has shrunk, making it easier for capital to concentrate in one company. The round is not closed, however, and both the amount and the terms could still move. Devin has shown it can write code; whether Cognition can build a business underneath a 47 billion USD price tag is something only the coming numbers will settle.