AI coding startup Cognition reportedly already in talks to raise at $40B valuation

This new round could deliver at least a $40 billion valuation based on achieving a $1 billion annualized revenue run rate, according to sources cited by Bloomberg.

Three months ago, when it announced its last raise, Cognition’s Scott Wu confirmed to TechCrunch that it had achieved a $492 million annualized revenue run rate and that enterprises were growing their usage of Devin by 50% month-over-month for the past six months.

Wu, a famed wunderkind programmer himself, also told TechCrunch that Devin is not being sold as a human replacement. The agent is often tasked with doing long-tail grunt-work that many programmers dislike such as bringing old software up to date or moving applications off one platform and onto another. This could account for much of its growing popularity among enterprises that have adopted it. The company says its customers include Mercedes-Benz, NASA, and Goldman Sachs.

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