Cognition, the startup behind the Devin AI coding software, is on track to generate $1 billion in annualized revenue based on its performance this month, Bloomberg reported Friday, citing a person familiar with the matter.
The figure has roughly doubled from $492 million in May. Cognition said earlier this month that its run-rate revenue had reached almost $900 million as demand for Devin increased.
Cognition launched Devin in 2024 and expanded its products through the acquisition of coding platform Windsurf in July 2025. Before the acquisition, Devin's annual recurring revenue increased from $1 million in September 2024 to $73 million in June 2025, according to Cognition. The company's customers include Nvidia, Citigroup and Mercedes-Benz.
Demand for AI coding products has grown as companies use them to speed up software development and reduce routine work for engineers. The market includes Anthropic's Claude Code, Microsoft's GitHub Copilot, Replit and Cursor.
Cognition is one of the best-funded AI startups. It raised more than $2 billion earlier this month at a $48 billion valuation. Andreessen Horowitz and Accel led the round, joined by existing investors Founders Fund, General Catalyst and Avenir.
The valuation was up from $26 billion in May, when Cognition raised more than $1 billion. Cognition was valued at $10.2 billion after a $400 million round in September 2025. Its valuation has therefore increased almost fivefold in about a year.
Investor interest in AI coding companies has risen as businesses use the technology to automate more software development work. Elon Musk's SpaceX completed its $60 billion acquisition of Cursor in August.
SpaceX had also previously approached Cognition about a possible acquisition, though no deal was reached.