AI Coding Agent Devin Maker Cognition in Talks to Raise at $40B Valuation

TechCrunch · United States · Aug 12, 2026

Cognition, the AI startup behind coding agent Devin, is reportedly in early talks to raise a new funding round at a $40 billion valuation — up from its $26 billion valuation just three months ago when it closed a $1 billion round. The new round is tied to Cognition hitting a $1 billion annualized revenue run rate, up from $492 million ARR in May. Devin is positioned as an automation tool for developer grunt-work such as legacy modernization and platform migrations, with enterprise customers including Mercedes-Benz, NASA, and Goldman Sachs. For staffing firms serving the tech sector, continued enterprise adoption of AI coding agents signals ongoing pressure on demand for junior and mid-level software development roles.