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A coding-agent startup is raising at $40B, and the number that explains it isn't the valuation

This story is from 2026-08-23. It is preserved in the archive; the latest stories are on the live feed.

Cognition, the company behind the Devin coding agent, is reportedly in talks to raise at a $40 billion valuation. That's less than three months after it raised at $26 billion. In a normal August — historically the deadest month in venture — that would be the whole story. This August it's just the b…

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  1. 2026-08-23 23:15 · DEV Community — AI
    A coding-agent startup is raising at $40B, and the number that explains it isn't the valuation

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