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Cognition ARR: ~$900M After a 13x Year.

Cognition, the company behind Devin and the Windsurf acquisition, grew its run rate roughly 13x in twelve months — from under $70M in late 2025 to nearly $900M by September 2026, when it raised $2B at a $48B valuation. Every publicly reported revenue, funding and valuation number is collected below, each traced back to a source.

~$900M

Reported ARR, September 2026

~$75M

Implied monthly recurring revenue

13x

Run-rate growth in 12 months

$48B

Valuation, Series E Sep 2026

The Cognition Revenue Curve.

Reported annualized run rate in USD millions, late 2025 to September 2026. Nearly all of the curve is the last twelve months — a 13x ramp that took the company from under $70M to nearly $900M.

Sources: TechCrunch, Reuters, Bloomberg, SiliconANGLE.

Devin launch → $100M ARR

~18 months

Mar 2024 → 2025

$100M → $500M ARR

~12 months

2025 → May 2026

$492M → $900M ARR

~4 months

May 2026 → Sep 2026

12-month growth

~13x

TechCrunch, Sep 2026

Every Reported ARR Milestone.

November 2023
$0M ARR
Founded by Scott Wu and team; applies reasoning models to long-horizon software engineering. — Company
March 2024
$1M ARR
Devin, billed as the first AI software engineer, launches and goes viral. — Company
July 2025
$50M ARR
Cognition acquires Windsurf's IDE business after OpenAI's failed bid, adding an enterprise distribution channel. — TechCrunch
September 2025
$70M ARR
Raises $400M at a $10.2B valuation; the run rate is still under $100M. — TechCrunch
May 2026
$492M ARR
Raises $1B at a $26B post-money valuation with run-rate revenue at $492M. — TechCrunch
September 8, 2026
$900M ARR
Raises $2B at $48B — nearly double the May valuation — with run-rate revenue at roughly $900M, a 13x increase in twelve months. The company remains loss-making, with compute the main cost. — TechCrunch / Reuters

Cognition by the Numbers.

Latest reported ARR

~$900M

TechCrunch, Sep 2026

Implied MRR

~$75M / month

Derived from ARR

Valuation

$48B

Series E, Sep 2026

Series E

$2B raised

TechCrunch, Sep 2026

Prior round

$1B at $26B post

May 2026

Acquisition

Windsurf IDE business, Jul 2025

TechCrunch

Profitability

Loss-making; compute-driven

TechCrunch, Sep 2026

Founded

Nov 2023, San Francisco

Company

CEO

Scott Wu

Company

How Devin Seats and Agent Usage Bill Together.

Cognition monetizes Devin and the Windsurf IDE through seat subscriptions and usage-based agent billing. Devin's autonomous, long-running tasks consume large amounts of model compute, so heavy users pay beyond their base plan — which is also why the company stays loss-making: its own compute bill is the primary cost driver.

The Windsurf acquisition added a conventional per-seat IDE business and enterprise distribution. Investors in the September 2026 round cited this combination — autonomous agents plus an incumbent-style developer footprint — as the reason AI coding is not being treated as a winner-take-all market against Cursor, GitHub Copilot and Claude Code.

Revenue Mix

Devin subscriptionsSeat plans for autonomous engineering agents, with usage beyond the base quota.
Usage-based agent billingLong-running tasks billed by compute consumption.
Windsurf IDE seatsPer-seat editor revenue and enterprise distribution from the July 2025 acquisition.

FAQ

Cognition Revenue, Answered.

What Is Cognition's ARR in 2026?

Cognition's run-rate revenue reached roughly $900 million by September 2026, up from $492 million in May 2026 and under $70 million a year earlier — about 13x growth in twelve months. That implies around $75 million of monthly recurring revenue.

What Is Cognition's Valuation?

A $2 billion Series E in September 2026 valued Cognition at $48 billion, nearly double the $26 billion post-money valuation from its $1 billion raise just four months earlier, in May 2026.

Is Cognition Profitable?

No. Despite the revenue ramp, reporting around the September 2026 round describes the company as still operating at a loss, with model compute for Devin's autonomous tasks the primary cost driver.

How Did the Windsurf Acquisition Change Cognition's Business?

In July 2025, after OpenAI's bid for Windsurf collapsed, Cognition bought Windsurf's IDE business. That added a per-seat editor with an enterprise customer base on top of Devin, giving Cognition both an agent product and an incumbent-style distribution channel.

How Does Devin's Pricing Work?

Devin is sold on seat subscriptions with usage-based billing beyond the included quota, since autonomous tasks consume variable amounts of compute. The Windsurf side is conventional per-seat editor pricing. Enterprise agreements layer seat administration and security requirements on top.

Building an AI Agent? Get Paid Like Cognition.

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