Cognition
ConvictionContext
Usage-based + subscription SaaS: Agent Compute Units (ACUs) and per-seat plans for Devin, plus Windsurf IDE subscriptions; bottoms-up developer adoption feeding enterprise land-and-expand.
Revenue
~$492M annualized ARR run-rateMay 2026, company-disclosedRev growth
~13x YoYfrom ~$37M ARR May 2025); enterprise Devin usage reported +50% MoM for six monthsGross margin
not disclosedstructurally pressured by third-party frontier-model inference cost; partly mitigated by own SWE model on CerebrasOp margin
not disclosedassumed deeply negative; growth-stage, heavy R&D + inference spendCapex intensity
not disclosedasset-light; compute is opex via inference partners, not owned data centersValuation
~$26B post-moneySeries E, ~$25B pre-money, May 2026); up from $10.2B post (Series D, Sep 2025Valuation trail
Series E13.0× since Mar 2024
3 marks · Mar 2024–May 2026
private — no public price
Priced round
Post-money marks from priced primary rounds. Valuation more than doubled ($10.2B to ~$26B) in ~8 months across Series D to E, reflecting the ~13x ARR ramp and the July 2025 Windsurf acquisition. Series A at ~$2B is widely reported; Series D and E marks are the verified anchors.
The read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence