Cognition raises $1B at $25B valuation for AI coder Devin

cognition raised over $1b in a round led by lux capital and general catalyst, pushing its valuation to $25b pre-money. investors include existing backers founders fund and 8vc, alongside new participants ribbit capital and atreides. the company reports $492m in annualized revenue run-rate, citing enterprise customers like mercedes-benz and nasa. this funding signals investor confidence in standalone ai coding startups despite competition from foundation model providers like anthropic and openai.