Cognition’s AI agent Devin is expected to hit $1 billion in annual revenue by September
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Accelerated growth
Devin, an AI agent developed by US startup Cognition to write software, is on track to close September with annualized revenue of $1 billion. The forecast, released by Bloomberg, represents double the sales rate recorded around four months ago. Internal company data showed $900 million in September and $492 million in May.
Billion-dollar valuation
On September 8, Cognition completed a funding round of over $2 billion, which raised its market value to $48 billion—almost double the $26 billion recorded three months earlier. Andreessen Horowitz and Accel led the investment, with participation from Nvidia.
Customers and portfolio
- Nvidia — used in chip projects
- GE Aerospace
- Citi
- Goldman Sachs
- Mercedes-Benz
The company also owns Windsurf, a code editor acquired in July 2025 after OpenAI abandoned a purchase attempt.
Competitive landscape
The AI-based programming market has other major players. Anthropic offers Claude Code, and OpenAI maintains Codex. Additionally, Cursor—which was acquired by SpaceX for $60 billion in August, according to Bloomberg—also competes in the segment. SpaceX had approached Cognition about a possible acquisition, but CEO Scott Wu denied negotiations on August 20.
Cost and infrastructure challenges
To sustain its operations, Cognition rents a cluster of Nvidia servers that costs hundreds of millions of dollars annually. According to The Information, cash burn could reach $800 million in 2026. A lack of computing capacity was a key factor in the sale of Cursor, and it remains unclear whether Cognition will face the same bottleneck.
