Previously, the company had just completed a $1 billion funding round in May at a $26 billion valuation. According to sources, the valuation target for the new funding round is based on achieving an annualized revenue run rate of $1 billion. Cognition's AI coding agent Devin has already reached an annualized revenue run rate of $492 million, and enterprise customer usage has grown by 50% month-over-month in the past six months. Its clients include Mercedes-Benz, NASA, and Goldman Sachs.