Cognition AI is close to completing a new funding round, according to people familiar with the effort. The round would value the AI coding startup at roughly $47 billion. Cognition is raising about $1 billion. The final amount could be larger because demand exceeded the target. Investors offered close to $10 billion in interest, one person said. Talks continue and terms may still change. The sources asked not to be named because the details are private. Cognition builds software agents that write code. The reporting comes from Bloomberg.

• ~$1 billion round
• ~$47 billion valuation
• ~$10 billion in investor interest