Dynamic Beating AI Newsletter: Cognition behind AI Programming Agent Devin has achieved an annual revenue of approximately $9 billion. Calculated based on the current monthly revenue of about $75 million, this marks a growth of over 3 times compared to the beginning of the year. The company is also undergoing a new round of financing, with a potential valuation of around $45 billion.

The growth rate is still accelerating. During the financing in May this year, Cognition disclosed an annual revenue of $4.92 billion and a valuation of $26 billion. In just three months, the annual revenue has increased by about 83%.

However, Cognition is also burning a significant amount of cash. According to The Information, the company may have spent approximately $800 million in cash this year, with about $200 million burned in just the second quarter. A large portion of this money is spent on computing power. Cognition has leased a large number of NVIDIA servers to run Devin, train its models, and this server setup alone costs hundreds of millions of dollars annually.

Currently, Cognition's enterprise business gross margin is close to 50%. Excluding the investment in training proprietary models, the company is close to breaking even. The management expects that by the end of this year, the annual revenue will exceed $15 billion, reaching $40 billion to $50 billion next year.