Cognition, the startup behind AI coding agent Devin, is reportedly already in discussions to raise a new funding round that would value the company at $40 billion, just three months after closing a $1 billion raise at a $26 billion valuation.

According to sources cited by Bloomberg, the new round could deliver at least a $40 billion valuation, contingent on Cognition reaching a $1 billion annualised revenue run rate. When it announced its last raise in May, Cognition had reached $492 million in annualised revenue, with enterprise usage of Devin growing 50% month-on-month for the previous six months.

The company's clients include Mercedes-Benz, NASA, and Goldman Sachs. Devin is marketed not as a replacement for human programmers but as an agent that takes on long-tail grunt work such as moving software between platforms and bringing legacy code up to date. Cognition did not respond to Bloomberg's request for comment.