Cognition hits $48B valuation, signaling investors believe AI coding is far from a winner-take-all market

Cognition raised $2 billion at a $48 billion valuation, doubling its previous $26 billion cap and reporting annualized revenue growth from $492 million to $900 million. The company, which leases an Nvidia server cluster costing hundreds of millions annually, aims for $4-5 billion in revenue by 2026 while training its own open-source model to reduce reliance on third-party AI providers. Major enterprise customers include Mercedes-Benz, NASA, Goldman Sachs and Citi.