Devin has an annualized revenue of $900 million, while Cognition may burn $800 million this year.

Beating AI Express News reports that Cognition, the company behind AI coding agent Devin, has reached an annualized revenue of approximately $900 million. Calculated at its current monthly revenue of around $75 million, this represents a more than threefold increase from the start of this year. The firm is also in a new round of financing, with a potential valuation of roughly $45 billion, and its growth pace is accelerating. In May this year, when Cognition secured its previous financing, it disclosed an annualized revenue of just $492 million and a $26 billion valuation. In only three months, its annualized revenue has climbed by about 83%. However, Cognition is burning cash heavily. The Information states that the company is projected to consume roughly $800 million in cash this year, with $200 million of that burned in the second quarter alone. A major portion of this spending goes toward computing power: Cognition leases a large fleet of NVIDIA servers, used both to operate Devin and train its own models, with the server setup costing hundreds of millions of dollars annually. Currently, Cognition’s enterprise business has a gross profit margin of nearly 50%. Excluding spending on training its in-house models, the company is nearly cash flow neutral. Management forecasts that annualized revenue will exceed $1.5 billion by the end of this year, and reach $4 billion to $5 billion next year.