Cognition raised $2 billion at a $48 billion valuation. The startup makes Devin, a coding assistant. Andreessen Horowitz, Accel, Founders Fund, General Catalyst and Avenir led the round. Cognition says its annualised run-rate revenue nearly doubled since May. It did not explain how that figure is calculated. Cognition now carries a higher revenue multiple than Cursor did in the spring. Cursor sold to SpaceX for $60 billion in April, largely because it lacked computing capacity. Cognition leases an Nvidia server cluster and is training its own model on open-source foundations. That could reduce its reliance on OpenAI and Anthropic models. The burn and revenue projections come from The Information.

• $2B raised at $48B valuation
• $26B valuation four months earlier
• run-rate revenue $492M to $900M
• cash burn up to $800M this year