Cognition targets $1B at a $47B valuation

Cognition, maker of Devin, is reportedly targeting roughly a $1 billion funding round at a $47 billion valuation, up from $26 billion three months ago, while investors have shown nearly $10 billion of interest. Bloomberg’s report on the proposed round says terms remain in flux and annualized revenue has passed $900 million, up from $492 million in late May. The headline is a capital-market signal, not proof of agent margins or reliability; teams evaluating Devin should keep measuring cost per accepted change against the economics of coding-agent capacity.