AI coding company Cognition raises $1 billion at a $25 billion valuation, with ARR nearing $500 million

AI coding startup Cognition said it raised over $1 billion at a $25 billion pre-money valuation.

The company said annualized recurring revenue has reached $492 million, driven by growing usage of its autonomous coding tool Devin.

The round underscores surging investor appetite for AI coding companies and the sector’s rapid commercialization.

Cognition counts customers such as Mercedes-Benz, NASA, Goldman Sachs and Santander, as competition intensifies in the space.