AI application provider Cognition has seen its valuation nearly double to $48 billion following a massive new funding round exceeding $2 billion, the company announced Tuesday. The company, which develops the Devin coding assistant, now generates approximately $900 million in annualized revenue, translating to roughly $75 million per month.

The Series E round was co-led by Andreessen Horowitz (a16z) and Accel, with existing backers Founders Fund, General Catalyst, and Avenir all participating. Benchmark, Bessemer, Kleiner Perkins, Greylock, Lightspeed Venture Partners, and Altimeter also joined the funding, demonstrating sustained investor confidence despite intensifying competition from AI heavyweights like Anthropic and OpenAI.

The fresh capital underscores the continued momentum of AI code agent startups, even as the competitive landscape grows more crowded. Cognition, which was founded less than three years ago, has seen its annualized revenue surge from $492 million in May to the current $900 million mark, reflecting rapid commercial adoption of its AI-powered development tools.

However, this breakneck growth comes at a significant cost. The company expects cash burn of around $800 million this year, driven primarily by heavy spending on research and development alongside the substantial computing infrastructure required to operate AI products, including dedicated server capacity. Cognition counts Nvidia, GE Aerospace, Citi, BNY Mellon, Santander, and Mercedes-Benz among its key clients.