Cognition (Devin) in Funding Talks at $25B

Cognition AI, maker of autonomous coding agent Devin, entered early talks to raise hundreds of millions at a $25B valuation — more than doubling its $10.2B September valuation. Devin's ARR surged from $1M (Sep 2024) to $73M (Jun 2025). Founded late 2023 by Scott Wu, Steven Hao, and Walden Yan. Previous investors include Founders Fund, Lux Capital, 8VC, Elad Gil.

Cursor at $60B, Cognition at $25B, Claude Code growing — the AI coding agent market is now larger than most SaaS verticals. For revenue operators: the speed at which products get built just changed, which compresses the window between "idea" and "competitor has it too."

• "Cursor $60B. Devin $25B. The AI coding market is bigger than most SaaS categories now."
• "Devin went from $1M to $73M ARR in 9 months. That's not hypergrowth — that's a new category being born."