Cognition’s valuation doubled in 15 weeks. So did its revenue, and the multiple barely moved.

Cognition closed a Series E round exceeding $2 billion, lifting its valuation to $48 billion and its run-rate revenue to nearly $900 million, about 53 times revenue. New investors include Andreessen Horowitz and Accel; existing backers such as Founders Fund, General Catalyst, Avenir, T. Rowe Price, DST, Bain Capital Ventures and NVIDIA also participated. Its Devin product suite serves GE Aerospace, Citi, Mercedes-Benz, Modal, the U.S. Army and Navy, and now generates roughly 90% of Cognition’s code commits.