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 the $26B post-money Series D closed May 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 May 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

~$1.6B+

Across $21M seed + $175M Series A + Series B undisclosed amount + $400M+ Series C + $1B+ Series D.

Last announced post-money

$26B

Series D post-money at the May 27, 2026 close ($25B pre-money). More than double the $10.2B Series C mark from September 2025.

Latest disclosed ARR (run-rate)

$492M

Company-wide annualized revenue run-rate as of May 2026, per the Series D announcement. Devin standalone was $73M in June 2025.

Funding rounds disclosed

5 closed

Seed, Series A, B, C, and the May 2026 Series D all closed; Series D confirmed via Cognition's announcement.

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 May 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 product-level ARR snapshots ($1M Sept 2024 → $73M June 2025 for Devin standalone, $82M for Windsurf at the deal close) and, with the May 2026 Series D, a $492M company-wide annualized revenue run-rate — but still no recognized GAAP revenue, gross margin, or net revenue retention.

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 $1B+ at $26B post-money ($25B pre-money) Confirmed

On May 27, 2026 Cognition announced it had raised more than $1 billion at a $25 billion pre-money / $26 billion post-money valuation, co-led by Lux Capital and General Catalyst, with existing investors Founders Fund and 8VC participating and new investors Ribbit Capital, Atreides, and Layer Global joining. The valuation more than doubled from the $10.2 billion post-money mark set roughly eight months earlier at the September 2025 Series C. Alongside the round, Cognition disclosed it had reached $492 million in annualized revenue run-rate, with enterprise Devin usage growing ~50% month-over-month for six months (see ARR trajectory).

Cognition announced the round publicly on May 27, 2026; figures per the company's announcement as covered by TechCrunch and Bloomberg.

Series C $400M+ at $10.2B post-money 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 ~$4B reported post-money; amount undisclosed 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 ~$175M reported at ~$2B post-money 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 $21M; valuation undisclosed 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 and the May 2026 Series D at $26 billion; the reported Series A and B sit at ~$2 billion and ~$4 billion respectively). 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.

$1B $2B $5B $10B $25B $50B ~$2B Series A ~$4B Series B $10.2B Series C $26B Series D Apr 2024 Mar 2025 Sep 2025 May 2026 Post-money valuation (log)
Filled point: company-confirmed valuation (blog post)
Hollow point: reporter-coverage-only valuation

ARR trajectory — what Cognition has actually disclosed

Cognition has disclosed several product-level ARR snapshots, one combined-growth statement, and — with the May 2026 Series D — its first company-wide annualized run-rate. 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. As of the May 2026 Series D, Cognition disclosed a $492M company-wide annualized revenue run-rate, with enterprise Devin usage growing ~50% month-over-month for six months. Cognition has still not disclosed 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.

Company-wide ARR (run-rate)

As of May 2026

$492M

Annualized revenue run-rate disclosed at the Series D announcement; enterprise Devin usage up ~50% MoM for six months.

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.

Series D (May 2026) — co-leads

Lux Capital · General Catalyst

Series D participants

Existing: Founders Fund, 8VC. New: Ribbit Capital, Atreides, Layer Global.

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 and the Series D investor roster draw on contemporaneous reporting of Cognition's announcement (TechCrunch, May 27, 2026).

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.

Strategic-partnership posts (full-suite enterprise rollouts)

Infosys (January 7, 2026), Cognizant (January 28, 2026), and Mercedes-Benz (April 27, 2026 — deploying Devin and Windsurf across global engineering teams from the US, Europe, and Asia; Cognition disclosed that in an initial four-week pilot Devin analyzed over 200,000 lines of COBOL code and cut the modernization timeline from an estimated eight months to eight days).

Surfaced in the April 30, 2026 Singapore APAC-HQ post

OCBC — per Cognition's blog, OCBC's engineers have seen up to 30% improvement in code and test-case generation, with the first-pass rate for OCBC's system integration test rising from below 50% to over 80% after deploying the Cognition platform.

Surfaced in the May 11, 2026 HIL/SIL workflows post

RV Tech — deploying Devin on automotive hardware-in-the-loop / software-in-the-loop validation pipelines. Cognition reports a 10x increase in test generation (from 1–2/day manually to 10–15 tests/day with AI support) and parallel-agent triage of 52 tickets in under 15 minutes; one separate deployment reclaimed 2K–4K engineering hours per month across ~4,000 tickets ($1.7M–$3.5M annualized savings). Post carries an attributed quote from Wassym Bensaid, RV Tech's co-CEO & CTO.

Surfaced in the May 18, 2026 Auto-Triage post

Modal — using Devin Automations to triage incidents for Modal's inference team, monitoring the team's channel and investigating issues across the codebase and observability stack without per-incident prompting. Post carries an attributed quote from Hari Subbaraj, Member of Technical Staff at Modal.

Surfaced in the May 27, 2026 Series D announcement

NASA — named alongside existing customers Mercedes-Benz, Goldman Sachs, and Santander as enterprises using Devin in production, per Cognition's Series D announcement (May 27, 2026).

Sources: September 8, 2025 funding post · January 28, 2026 London-office post · January 7, 2026 Infosys partnership post · January 28, 2026 Cognizant partnership post · April 27, 2026 Mercedes-Benz partnership post · April 30, 2026 Singapore APAC-HQ post · May 11, 2026 HIL/SIL workflows post · May 18, 2026 Auto-Triage post. Cognition has run additional case-study posts (e.g. 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 is private and does not file with SEC EDGAR (no DEF 14A, no 10-K, no 10-Q, no S-1, no Form D under any "Cognition Labs" / "Cognition AI" / "Cognition Inc" entity name as of May 2026). The links below are the closest publicly-available primary-source equivalents — the company's own blog (Scott Wu's funding-round announcements are the load-bearing surface), the careers page for the founding-team framing, and contemporaneous reporting on the July 2025 Windsurf transaction.

Cognition's own blog — funding rounds, product launches, and customer case studies

The canonical company-side source. Scott Wu's September 8, 2025 funding-round post is the single most load-bearing primary source for this page; the March 12, 2024 Devin launch post is the secondary anchor. The blog ships new posts every few weeks; the recurring refresh task walks every post since the prior cycle.

# Funding-round and corporate-event anchors
https://cognition.ai/blog/introducing-devin                                # 2024-03-12 launch + $21M Founders Fund "Series A"
https://cognition.ai/blog/devin-generally-available                        # 2024-12-10 Devin GA
https://cognition.ai/blog/windsurf                                         # 2025-07-14 Windsurf acquisition + employee terms
https://cognition.ai/blog/funding-growth-and-the-next-frontier-of-ai-coding-agents  # 2025-09-08 Series C + ARR figures
https://cognition.ai/blog/new-self-serve-plans-for-devin                   # 2026-04-14 self-serve pricing reorganization

# International-office and product expansion
https://cognition.ai/blog/cognition-london                                 # 2026-01-28 London office + EMEA customer roster
https://cognition.ai/blog/launching-in-japan                               # 2026-04-09 Japan launch
https://cognition.ai/blog/singapore                                        # 2026-04-30 Singapore APAC HQ

# Customer case studies and product updates
https://cognition.ai/blog/how-to-automate-failure-triages-and-10x-test...  # 2026-05-11 RV Tech + Mercedes HIL/SIL deployment writeup
https://cognition.ai/blog/android-emulator                                 # 2026-05-13 Android emulator support (product update)
https://cognition.ai/blog/auto-triage                                      # 2026-05-18 Auto-Triage launch + Modal customer mention
https://cognition.ai/blog/devin-is-getting-a-windows-pc                    # 2026-05-21 Devin on Windows VMs (product update)

# Founding-team framing
https://cognition.ai/careers                                               # 10 IOI gold medals framing

Windsurf acquisition — contemporaneous reporting on the parallel Google reverse-acquihire

Cognition's own blog covers what Cognition acquired (the IDE, IP, $82M ARR, remaining ~200 employees) but does NOT discuss the parallel Google deal that took Varun Mohan, Douglas Chen, and ~40 senior R&D staff to Google DeepMind under a non-exclusive license. For the Google portion's ~$2.4B figure and deal mechanics, the load-bearing sources are TechCrunch and VentureBeat's contemporaneous reporting.

# July 14, 2025 — deal day coverage
https://techcrunch.com/2025/07/14/...windsurf...                           # Cognition acquires the remaining Windsurf entity
https://venturebeat.com/.../remaining-windsurf-team-and-tech-acquired-by-cognition  # Cognition-side deal mechanics

Sibling Mungomash page

The leadership-side mechanics of the Windsurf deal (Jeff Wang and Graham Moreno joining Cognition; Mohan / Chen / R&D-staff cohort going to Google), the founder cohort, the executive officer roster, and the Cognition board live on the sibling leadership page. Cross-link bidirectionally with this page's Windsurf acquisition section.

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

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 May 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.

Revenue and ARR. Cognition disclosed product-level ARR snapshots ($1M Devin September 2024, $73M Devin June 2025, $82M Windsurf at acquisition) and one combined growth statement (combined enterprise ARR up over 30% in seven weeks post-Windsurf-close), and at the May 2026 Series D disclosed a $492M company-wide annualized revenue run-rate — the first company-wide figure it has attached a number to. Cognition has still not disclosed recognized GAAP revenue, gross margin, net revenue retention, or per-customer ARR, so the headline ARR counter reflects the disclosed annualized run-rate rather than recognized revenue. The disclosed snapshots and the run-rate are surfaced in the ARR trajectory section; a standalone GAAP-revenue counter is out of scope until Cognition discloses recognized revenue (e.g. in an S-1 or equivalent registration).

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 → D — 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: 2026-05-29. Hand-curated source-tag anchor: cognition.ai/blog/funding-growth-and-the-next-frontier-of-ai-coding-agents (the most load-bearing source).

Last refreshed 2026-06-03 by Titan — closed revenue-disclosure follow-up.