The AI ReceiptsHow much does Cognition make? Devin's maker went from $37M to $1B a year in 16 months
By Cydel Giraudel · Data checked Oct 25, 2026 · How we verify
Cognition, the maker of the AI coding agent Devin, passed $1 billion a year in revenue on Sep 25, 2026, by its own count (Cognition). Four months earlier it was $492M; a year and a half earlier, about $37M. Reported, not verified
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Unlike most of our site, nothing on this page is processor-verified. These are Cognition's own announcements and press reports, each linked with its date. We did not estimate any revenue number; multiples are our own math on reported figures and are labelled as such. For businesses whose payment data we can check, see the verified AI revenue leaderboard.
How much revenue does Cognition make?
Its run rate (recent monthly revenue times 12) has climbed like this:
| When | Reported figure | Source |
|---|---|---|
| May 2025 | About $37M annualized revenue | Bloomberg (via Yahoo Finance), May 27, 2026 |
| Sep 2025 | Raised $400M at a $10.2B valuation | TechCrunch, May 27, 2026 |
| May 2026 | $492M run rate; enterprise usage up more than 10x since January; raised $1B+ at $26B | Cognition, May 27, 2026 |
| Early Sep 2026 | Almost $900M run rate; raised $2B+ at $48B | Cognition, Sep 8, 2026 |
| Sep 25, 2026 | "Today, Cognition crossed $1B in annualized revenue run rate" | Cognition, Sep 25, 2026 |
| End of 2026 (forecast) | $4B–$5B annualized expected | The Information, via TechCrunch, Sep 8, 2026 |
Our math on reported figures: about 27x from May 2025 to Sep 2026, and about 2x from May to September 2026. Cognition hasn't said how it calculates its run rate (TechCrunch); the usual method is one month's revenue times 12. It has not published yearly revenue or profit.
How much does Devin make on its own?
There's no Devin-only number. Cognition bought what was left of the AI code editor Windsurf in 2025 (TechCrunch), and its revenue figures cover both. Bloomberg reported in September that growth came from enterprise use of Devin (via Yahoo Finance).
Who pays for Devin?
Mostly big companies. Cognition names engineering teams at NVIDIA, GE Aerospace, Citi, Mercedes-Benz and Modal (Sep 8, 2026), and earlier Goldman Sachs, NASA and Santander (TechCrunch, May 2026). It said enterprise usage grew more than 10x between January and May 2026 (Cognition). The company also says 89% of the code its own engineers commit is written by Devin (self-reported).
How much is Cognition worth?
$48B after raising more than $2B in September 2026, led by Andreessen Horowitz and Accel (Cognition). That's up from $26B in May 2026 and $10.2B in September 2025. On Oct 23, 2026, Robinhood Ventures said it had put in about $10M (Fortune). Our math: $48B is about 48x its $1B run rate.
Will Cognition hit $5 billion this year?
The Information reported it's expected to reach $4B to $5B annualized by the end of 2026 (via TechCrunch). That would mean another 4x–5x in about three months, so treat it as a forecast, not a result. We'll update this page when Cognition shares a newer dated figure.
How does Cognition compare with Cursor, Lovable and Replit?
All reported, not verified: Cursor was reported at over $4B a year in June 2026 (Forbes); Lovable at over $600M a year (Sep 2026); Replit's last disclosed figure is about $240M a year (CEO, Oct 2025). Cognition sits between Cursor and Lovable, and unlike them sells mainly to large engineering teams rather than individual builders.
How much does Devin cost?
From devin.ai/pricing, read Oct 25, 2026: Free; Pro $20 a month; Max $200 a month; Teams $80 a month plus $40 per full developer seat (up to 200 users); Enterprise is custom. Usage above the included quota is billed at API prices.
What does Cognition's growth mean if you want to automate your business with AI?
Devin sells finished work, not a chat window: Cognition's newer features start tasks on their own from events in Slack, GitHub or Linear (Sep 2026). In our read, small AI businesses that sell an agent doing a defined job show the same pattern. These have verified revenue in our data:
| Business | Revenue |
|---|---|
| Apiframe One API for AI image, video and music models, sold to developers. | $34,543 MRR TrustMRR, Oct 22 2026 |
| ChatDash White-label platform for agencies selling AI voice agents to their clients. | $19,483 MRR TrustMRR, Oct 22 2026 |
| traxy.ai Finds buyers already engaging in your market through social listening, on autopilot. | $54,403 MRR TrustMRR, Oct 22 2026 |
| WaLead AI AI agents + Spanish B2B data for LinkedIn prospecting. | $23,695 MRR TrustMRR, Oct 22 2026 |
More: how to automate your business with AI, how to build a business with AI and AI SaaS ideas with real revenue.
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Other big AI companies (reported figures): how much OpenAI makes, Anthropic, Cursor, Replit, Lovable and Podium. All of them side by side: how much do AI companies make?
Compare every AI company we cover: how much do AI companies make? (verified and reported revenue, side by side).
FAQ
How much does Cognition make?
Cognition, the company behind the AI coding agent Devin, said it crossed $1 billion in annualized revenue run rate on Sep 25, 2026. That was up from almost $900 million in early September and $492 million in May 2026 (Cognition's own blog posts). It is reported, not verified: Cognition is private.
How much does Devin make?
Cognition doesn't split out Devin from Windsurf, the coding editor it bought in 2025, so there is no Devin-only figure. Together they passed a $1 billion annualized run rate in September 2026, per Cognition.
How fast did Cognition grow?
From about $37 million a year in May 2025 (Bloomberg) to $1 billion a year by Sep 25, 2026 (Cognition): roughly 27x in about 16 months, and about 2x in the four months after May 2026 (our math on reported figures). TechCrunch reported enterprise usage of Devin grew about 50% a month for six months before May 2026.
What is Cognition worth?
$48 billion after raising more than $2 billion in September 2026 (Cognition, Sep 8, 2026), up from $26 billion in May and $10.2 billion in September 2025. Robinhood Ventures said on Oct 23, 2026 it had invested about $10 million (Fortune).
Will Cognition reach $5 billion in 2026?
The Information reported Cognition is expected to reach $4 billion to $5 billion in annualized revenue by the end of 2026 (via TechCrunch, Sep 8, 2026). That is a forecast, not a result. Its last confirmed figure is $1 billion (Sep 25, 2026).
How much does Devin cost?
From devin.ai/pricing, read Oct 25, 2026: Free, Pro at $20 a month, Max at $200 a month, and Teams at $80 a month plus $40 a month per full developer seat (up to 200 users). Enterprise is custom. Extra usage is billed at API prices.
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