Founded Aug 2023 · AI lab · Private (no SEC filings)

Cognition Financials

Funding rounds, the valuation arc from a $21M Founders-Fund-led seed in March 2024 to a reported $25B follow-on in talks as of April 2026, the July 2025 Windsurf acquisition deal terms, the Devin / Windsurf ARR figures Cognition has actually disclosed, current Devin self-serve pricing, and the named enterprise customers — every claim cited to a primary source rather than to investor-deck rumors. Cognition is privately held, US-headquartered in San Francisco, and does not file with SEC EDGAR (no 10-K, no 10-Q, and as of April 2026 no Form D under "Cognition Labs" / "Cognition AI" either).

Sibling page: Cognition Leadership — the three IOI-gold-medalist co-founders and the post-Windsurf-acquisition executive cohort. Roster row: Cognition on /orgs/.

Disclosed funding raised

~$596M+

Across $21M seed + $175M Series A + Series B undisclosed amount + $400M+ Series C.

Last announced post-money

$10.2B

Series C at the September 8, 2025 close. Series D talks reportedly ongoing at ~$25B as of April 2026.

Latest disclosed Devin ARR

$73M

As of June 2025, pre-Windsurf-acquisition. Up from $1M in September 2024 per Scott Wu's blog post.

Funding rounds disclosed

4 closed · 1 reported

Seed, Series A, B, C closed and confirmable; Series D in reported talks.

Private company — what's on this page is what Cognition has actually disclosed. Cognition has not filed a 10-K, 10-Q, 8-K, S-1, or even a publicly searchable Form D under any "Cognition Labs" / "Cognition AI" / "Cognition Inc" name as of April 2026. The financial picture below is reconstructed from the company's own blog (Scott Wu's September 8, 2025 funding announcement is the most load-bearing source), the March 12, 2024 Devin launch announcement, the July 14, 2025 Windsurf acquisition announcement, the April 14, 2026 self-serve pricing announcement, and contemporaneous reporting on the rounds that the company has not formally announced (The Information, Bloomberg, TechCrunch, VentureBeat). Where reporter coverage is the only source for a number, the row is labeled Reported and links to the underlying coverage. Where Cognition itself confirmed a number, the row is labeled Confirmed and links to the primary source. Revenue is intentionally not surfaced as a primary counter — Cognition has disclosed two ARR snapshots ($1M Sept 2024 → $73M June 2025 for Devin standalone, and $82M for Windsurf at the deal close) but has not disclosed full-company revenue, run-rate, or recognized GAAP revenue.

Funding rounds

Newest round first. Each row's Confirmed / Reported / In talks pill reflects whether the dollar figures come from a primary source (Cognition's own blog) or from contemporaneous reporting. Click a row to expand the round's prose detail and source links.

Series D — talks Reported Apr 2026 ~$25B reported pre-money valuation; round not closed Lead TBD In talks

As of April 2026 Cognition is reportedly in talks for a follow-on round at approximately $25 billion pre-money valuation, terms not yet closed. Cognition has not formally announced the round; this row is included for completeness and is explicitly labeled In talks. Once Cognition issues a blog post confirming the close, this row's framing will move to Confirmed and the dollar amount and lead investor will be added.

Source: contemporaneous reporting (linked from the Cognition row on /orgs/ as latest_funding).

Series C Sep 8, 2025 $400M+ at $10.2B post-money Founders Fund Confirmed

On September 8, 2025 Cognition announced via its own blog that it had raised over $400 million at a $10.2 billion post-money valuation, led by Founders Fund. The round closed within roughly two months of the July 2025 Windsurf acquisition (see Windsurf acquisition below).

Existing investors doubling down: Lux Capital, 8VC (the two who jointly led the prior Series B), Neo, Elad Gil, Definition Capital, and Swish VC.

New investors: Bain Capital Ventures, Hanabi Capital, and D1 Capital.

Primary source: Scott Wu, "Funding, growth, and the next frontier of AI coding agents," cognition.ai blog, September 8, 2025.

Series B Mar 2025 ~$4B reported post-money; amount undisclosed Lux + 8VC Reported

In March 2025 Cognition reportedly closed a Series B at approximately a $4 billion post-money valuation, jointly led by Lux Capital and 8VC. Cognition did not publish a blog post announcing this round; the round leadership is later confirmed by Scott Wu's September 2025 funding-round post which describes Lux Capital and 8VC as the investors "who jointly led our previous round." The dollar amount and exact valuation come from contemporaneous reporting; Cognition has not formally disclosed specific Series B terms.

Sources: Cognition's September 8, 2025 post (confirms Lux + 8VC as previous-round leads) plus contemporaneous reporting (TechCrunch, The Information) for the dollar amount and valuation.

Series A Apr 2024 ~$175M reported at ~$2B post-money Founders Fund Reported

In April 2024, weeks after the public Devin launch, Cognition reportedly closed a roughly $175 million Series A at approximately a $2 billion post-money valuation, led by Founders Fund. Cognition did not publish a separate blog post announcing this round; the dollar amount and valuation come from contemporaneous reporting.

Naming note. Cognition's March 12, 2024 Devin launch post describes a "$21 million Series A led by Founders Fund" alongside the announcement — this page surfaces that earlier round as the seed below. The $175M round was a separate, larger raise that closed shortly after the launch and is what most subsequent reporting refers to as Cognition's Series A. The two rounds are distinct.

Sources: contemporaneous reporting (The Information, Bloomberg, Forbes) for the dollar amount and valuation. Cognition has not formally announced specific Series A terms in a company blog post.

Seed Mar 12, 2024 $21M; valuation undisclosed Founders Fund Confirmed

On March 12, 2024, alongside the public launch of Devin, Cognition disclosed that it had raised a $21 million round led by Founders Fund. The post describes the round as a "Series A," but subsequent reporting and the company's later round-naming have re-classified this round as the seed once the larger ~$175M round closed within weeks. This page uses the later naming convention to keep the funding-round arc internally consistent (seed → A → B → C → reported D talks).

Named participating investors and angels (per Cognition's launch post): Patrick Collison, John Collison, Elad Gil, Sarah Guo, Chris Re, Eric Glyman, Karim Atiyeh, Erik Bernhardsson, Tony Xu, Fred Ehrsam, "and so many more" (the post does not enumerate every angel).

Primary source: "Introducing Devin, the first AI software engineer," cognition.ai blog, March 12, 2024.

Valuation arc

Post-money valuation per round on a logarithmic scale (the company-confirmed Series C is at $10.2 billion; the reported Series A and B sit at ~$2 billion and ~$4 billion respectively; the reported Series D talks at ~$25 billion are shown ghosted because the round has not closed). The seed round's valuation was not disclosed; that point is omitted from the chart. Confirmed rounds are drawn solid; reported rounds are drawn dashed; the in-talks Series D is drawn ghosted.

Filled point: company-confirmed valuation (blog post)

Hollow point: reporter-coverage-only valuation

Ghosted, dashed: round in talks, not closed

ARR trajectory — what Cognition has actually disclosed

Cognition has disclosed three product-level ARR snapshots and one combined-growth statement. Devin alone went from $1M ARR in September 2024 to $73M ARR in June 2025. Windsurf carried $82M ARR with enterprise ARR doubling quarter-over-quarter at the July 2025 deal close. Combined enterprise ARR was up over 30% in the seven weeks following the Windsurf acquisition. Cognition has not disclosed full-company ARR, recognized GAAP revenue, gross margin, or net revenue retention.

Devin ARR

Sep 2024 → Jun 2025

$1M → $73M

Per Scott Wu, Sep 8, 2025 blog post.

Windsurf ARR at acquisition

As of Jul 14, 2025

$82M

Enterprise ARR doubling QoQ at deal close. Per Cognition's acquisition blog.

Combined enterprise ARR growth

Seven weeks post-Windsurf-close

Up >30%

Per Scott Wu, Sep 8, 2025 blog post.

Cognition has also disclosed that pre-deal customer overlap between Cognition and Windsurf was less than 5%, and that total net burn across the company's entire history was under $20 million as of the September 2025 Series C close.

The Windsurf acquisition — financial side

Cognition signed the definitive agreement to acquire Windsurf on July 14, 2025. The acquisition is the most-misunderstood corporate event in AI coding through 2025; the leadership-side mechanics are covered in detail on the sibling Cognition Leadership page. The financial side, summarized:

What Cognition acquired

The Windsurf IDE, with full access to the latest Claude models
Windsurf's IP, including its trademark and brand
$82M of ARR, with enterprise ARR doubling quarter-over-quarter at the deal close
A user base of 350+ enterprise customers and hundreds of thousands of daily active users
The remaining Windsurf team (~200 people) led by interim CEO Jeff Wang and interim President Graham Moreno

Employee participation terms

Per Scott Wu's all-hands note attached to the acquisition announcement: 100% of Windsurf employees participate financially in the deal; 100% have vesting cliffs waived for prior service; 100% receive fully accelerated vesting for prior service. Every new Cognition employee from the deal is treated the same as existing Cognition employees on a go-forward basis.

What Cognition did not acquire (the parallel Google deal)

Approximately one week before the Cognition agreement, Google executed a roughly $2.4 billion "reverse-acquihire" taking Windsurf CEO Varun Mohan, co-founder Douglas Chen, and approximately 40 senior R&D staff focused on agentic coding to Google DeepMind under a non-exclusive technology license. This is a separate transaction from Cognition's acquisition of the remaining Windsurf entity; neither company acquired the other portion. Cognition's blog post does not discuss the Google portion (those people did not become Cognition employees); the leadership-side mechanics are covered on the sibling leadership page.

The Cognition portion's deal value is not separately disclosed in the company's blog post; the Google portion's $2.4 billion figure comes from contemporaneous reporting (TechCrunch, VentureBeat, The Information).

Primary source: Scott Wu, "Cognition's acquisition of Windsurf," cognition.ai blog, July 14, 2025 · Cognition's September 8, 2025 follow-up for the post-deal combined ARR growth.

Investor roster

Cognition's investor base, organized by the round each investor first appeared in. Investors that participated in subsequent rounds are listed once at first appearance; the September 2025 funding-round post specifies which existing investors "doubled down" in the Series C, and that detail is captured in the Series C row.

Seed (March 2024) — lead

Founders Fund

Seed angels (named in the launch post)

Patrick Collison, John Collison, Elad Gil, Sarah Guo, Chris Re, Eric Glyman, Karim Atiyeh, Erik Bernhardsson, Tony Xu, Fred Ehrsam.

Series A (April 2024) — lead

Founders Fund (re-led)

Series B (March 2025) — co-leads

Lux Capital · 8VC

Series C (September 2025) — lead

Founders Fund (re-led)

Series C participants — existing investors doubling down

Lux Capital, 8VC, Neo, Elad Gil, Definition Capital, Swish VC.

Series C participants — new investors

Bain Capital Ventures, Hanabi Capital, D1 Capital.

Primary sources: Cognition's March 12, 2024 launch post (seed lead + named angels) · Cognition's September 8, 2025 funding-round post (confirms Lux + 8VC as Series B co-leads, Founders Fund as Series C lead, and the existing-vs-new investor split for Series C). Series A lead investor identification draws on contemporaneous reporting.

Devin self-serve pricing

Devin's self-serve pricing was reorganized on April 14, 2026. The previous Core (no-minimum, pay-as-you-go) and Team ($500/month) plans were retired and replaced with the five-tier ladder below. Enterprise pricing remains custom. Pricing changes; this snapshot will be re-verified by the recurring refresh task.

Tier	Price	For
Free	Free	Getting started, with limited access to Devin and selected features.
Pro	$20/month	Individual users who want ongoing paid usage. Includes a usage quota.
Max	$200/month	Heavier individual usage. Larger included quota.
Teams	$80/month minimum	Usage-based, with collaboration, centralized billing, and admin controls. Replaces the old $500/month Team plan with a lower entry point.
Enterprise	Custom	Larger organizations with custom requirements. Continues to use ACUs for billing.

Cognition is also charging for Ask Devin, DeepWiki, and Devin Review going forward (those products were free or in preview prior to the April 14, 2026 announcement). For self-serve customers, included usage counts against quota; usage beyond quota is priced and billed in dollars rather than ACUs. Enterprise billing continues to use ACUs.
Primary source: "New self-serve plans for Devin," cognition.ai blog, April 14, 2026.

Named enterprise customers

Customers Cognition has chosen to surface in blog posts, case studies, or funding-round announcements. Cognition has not disclosed customer concentration, named or revenue-weighted customer lists, or per-customer ARR; the list below is what's been publicly attached to the company name in primary sources.

Surfaced in the September 8, 2025 funding-round post

Goldman Sachs · Citi · Dell · Cisco · Ramp · Palantir · Nubank · Mercado Libre.

Additionally surfaced in the January 28, 2026 London-office post

Santander · BNY · HG Capital · The Access Group · "and others" across EMEA financial services.

Sources: September 8, 2025 funding post · January 28, 2026 London-office post. Cognition has run other named-customer case-study posts (e.g. Mercedes-Benz, Infosys, Cognizant, Eight Sleep); the recurring refresh task picks up new case studies as they're posted.

Headcount

Cognition has not disclosed full-company headcount in any blog post or filing. The company's careers page describes the founding team as holding 10 IOI gold medals collectively but does not state headcount. The July 2025 Windsurf acquisition added roughly 200 employees per contemporaneous reporting (the remaining Windsurf team after Google's parallel acqui-hire of approximately 40 senior R&D staff including Varun Mohan and Douglas Chen).

Cognition has opened international offices in London (announced January 28, 2026), Japan (announced April 9, 2026, led by Takumi Masai), and Singapore as the APAC headquarters (announced April 30, 2026, led by Richard Spence as VP & GM, APAC), implying continued team expansion through 2026 without specific count disclosure.

Sources: London office post · Japan launch post · Singapore APAC HQ post.

Read these primary sources

# Cognition's own blog (the load-bearing source for this page)

cognition.ai/blog/introducing-devin # 2024-03-12 launch + $21M Founders Fund "Series A"

cognition.ai/blog/devin-generally-available # 2024-12-10 Devin GA

cognition.ai/blog/windsurf # 2025-07-14 Windsurf acquisition + employee terms

cognition.ai/blog/funding-growth-and-the-next-frontier-of-ai-coding-agents # 2025-09-08 Series C + ARR figures

cognition.ai/blog/new-self-serve-plans-for-devin # 2026-04-14 self-serve pricing reorganization

cognition.ai/blog/cognition-london # 2026-01-28 London office + EMEA customer roster

cognition.ai/blog/launching-in-japan # 2026-04-09 Japan launch

cognition.ai/blog/singapore # 2026-04-30 Singapore APAC HQ

cognition.ai/careers # 10 IOI gold medals framing

# Sibling Mungomash page

/orgs/cognition/leadership/ # founders + executives + Windsurf-side leadership cohort

# Reporter coverage cited above (linked, not republished)

techcrunch.com/2025/07/14/...windsurf... # Cognition acquires Windsurf

venturebeat.com/.../remaining-windsurf-team-and-tech-acquired-by-cognition # deal mechanics

Methodology & data sources

Primary-vs-reported source discipline. Every value-bearing claim on this page is labeled Confirmed (sourced to Cognition's own blog post or the careers page) or Reported (sourced only to contemporaneous reporting from The Information, Bloomberg, TechCrunch, VentureBeat, or similar). The In talks label is reserved for rounds and figures that have not closed and are reported as in-progress only. The methodology footer's first job is to keep this distinction visible to visitors, since reporter coverage of fast-moving private companies frequently surfaces dollar amounts and valuations the company itself has not formally confirmed.

No SEC EDGAR filings. Cognition has not filed a 10-K, 10-Q, 8-K, S-1, or even a publicly searchable Form D under any "Cognition Labs" / "Cognition AI" / "Cognition Inc" name as of April 2026. SEC EDGAR full-text search at efts.sec.gov for these names yields only unrelated filers (Cognition Therapeutics, Cognition Technologies, Deep Cognition, etc.). If Cognition begins filing — whether a Form D for any private placement, an S-1 in advance of an IPO, or a registration of any kind — the recurring refresh task picks up the change and the page's primary-source roster expands accordingly.

No revenue counter. Cognition has disclosed three product-level ARR snapshots ($1M Devin September 2024, $73M Devin June 2025, $82M Windsurf at acquisition) plus one combined growth statement (combined enterprise ARR up over 30% in seven weeks post-Windsurf-close). Cognition has not disclosed full-company revenue, recognized GAAP revenue, gross margin, net revenue retention, or per-customer ARR. The page deliberately omits a single "revenue" headline counter to avoid implying primary-source data that does not exist; the disclosed snapshots are surfaced in the ARR trajectory section instead.

Naming-convention note for the funding rounds. Cognition's March 12, 2024 launch post calls the $21M round a "Series A," but subsequent reporting and the company's own later round-naming have re-classified that round as the seed once the larger ~$175M round closed within weeks. This page surfaces the rounds with the later (subsequent-reporting-aligned) naming convention — seed → A → B → C → reported D talks — and the Seed row's prose explicitly notes the naming change so visitors who land on the page from the March 2024 blog post are not confused.

Pricing-snapshot-not-frozen. The Devin self-serve pricing tiers shown above reflect the April 14, 2026 announcement. Pricing changes; the recurring refresh task re-fetches the canonical pricing announcement (or the live cognition.ai/devin / cognition.ai/pricing page when one ships) on every cycle and updates the table. Visitors who need today's exact pricing should click through to the company's pricing page from the Devin product surface; the table here is a snapshot.

What's intentionally not here. Computed valuation deltas / round-over-round multiples (the page surfaces the rounds and lets visitors do the math). Secondary-market estimates (tender offers and secondary trades produce valuation marks that often differ from the last primary round; surfacing them as official valuation marks would be misleading). Stock-pick framing or M&A speculation. Compensation specifics (Glassdoor / Levels.fyi data is not primary-source). Investor-deck leaks asserted as fact. Speculation about which Magnificent-Seven customer Cognition is most exposed to. Editorial framing about whether Cognition is over- or under-valued.

Refresh cadence. Hand-curated values are re-verified monthly against the load-bearing primary sources (cognition.ai/blog, the careers page, the EDGAR full-text search for "Cognition Labs" / "Cognition AI", and the most-recent TechCrunch / Bloomberg / The Information coverage). Cognition is a fast-moving private company without an SEC filing cadence as a forcing function; monthly is the pace that catches new funding rounds, headcount disclosures, customer announcements, and pricing-tier changes within roughly four weeks of disclosure.

Cross-references. Cognition Leadership for the founders, current executive officers, and the Windsurf-side leadership cohort. Cognition's row on the Orgs index for the company profile.

Last updated: 2026-05-02. Hand-curated source-tag anchor: cognition.ai/blog/funding-growth-and-the-next-frontier-of-ai-coding-agents (the most load-bearing source).