AI programming unicorn Cognition raised nearly $1 billion in a new funding round, boosting its valuation to $47 billion.

The valuation race in the AI programming field is accelerating. In just three months, Cognition AI Inc.'s valuation jumped from $26 billion to approximately $47 billion, reflecting the market's fervent pursuit of AI engineering tools.

According to Bloomberg, sources familiar with the matter revealed that Cognition is close to completing a new funding round of approximately $1 billion, with the final size potentially exceeding that figure. This round attracted nearly $10 billion in investor interest, with demand far exceeding supply. The sources indicated that negotiations are still ongoing and details are subject to change.

The explosive growth in revenue is the core driver behind this significant valuation increase. Sources familiar with the matter say that Cognition's annualized revenue has now exceeded $900 million, compared to just $492 million at the end of May this year, nearly doubling in just a few months.

Valuation nearly doubled in three months, with rapid revenue growth providing fundamental support.

Cognition's rapid valuation expansion has attracted market attention. Just three months ago, after completing a $1 billion funding round, the company's valuation was set at $26 billion. If this new round of funding is successfully completed, the valuation will jump directly to approximately $47 billion, an increase of nearly 81%.

Bloomberg first reported in early August that Cognition was in financing negotiations for a valuation of at least $40 billion. Less than a month later, the final valuation expectation was further revised upward.

Cognition's most popular product is Devin, an AI engineering agent that can autonomously complete programming tasks and is widely loved by developers.

The rapid increase in revenue data provides a fundamental basis for the high valuation. According to sources, Cognition's annualized revenue has now exceeded $900 million, nearly doubling from the $492 million annualized revenue disclosed by the company at the end of May this year, demonstrating the strong momentum of its commercialization process.

Competitive landscape fuels investment enthusiasm

Major deals by competitors have also spurred investor interest in Cognition. As previously reported by Bloomberg, SpaceX announced its $60 billion acquisition of Cognition's competitor, Cursor, a deal that was completed in August of this year.

This acquisition provides an important valuation benchmark for the AI programming tools sector and has prompted investors to re-evaluate Cognition's market position and potential value, thereby driving the demand for this round of financing to far exceed expectations.

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