-63%

est. 2Y upside i

DevOps & InfraSeries D+

Makers of Devin, the first AI software engineer. We are an applied AI lab building end-to-end software agents. We’re building collaborative AI teammates that enable engineers to focus on more interesting problems and empower engineering teams to strive for more ambitious goals.

Rank

#3792

Sector

Developer Tools

Est. Liquidity

~3Y

Data Quality

Data: Medium

Cognition offers strong product and customer traction, but the $5B secondary entry valuation and $2.5B preference stack create a poor risk/reward for new hires.

Last updated: July 3, 2026

Bull (10%)+10%

If IPO window opens and category leadership sustains, exit multiple could hold at 10x on ~$575M ARR, yielding common equity of $3.25B for a 9.9% return net of dilution.

Base (40%)-36%

Multiple converges to public comp range (~8x) on ~$575M ARR, common receives $2.1B after preference, down 36% from entry common value after dilution.

Bear (50%)-100%

Multiple compresses to 5x or lower due to Big Tech competition and regulatory headwinds; exit value barely above preferred stack, resulting in total loss of common equity.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Funding Intensity

50%

Total preferred funding of $2.5B equals 50% of entry valuation, meaning common equity is only $2.5B and first $2.5B of exit proceeds go to preferred.

Dilution Risk

high

With $1B raise at $26B and capital intensity, likely need more capital within 2 years, diluting common by ~20%.

Secondary Liquidity

limited

Employees were allowed to sell shares at $5B valuation in April 2026, providing some liquidity but at a steep discount to round price.

Customer Engineering — 14 roles

Sales — 13 roles

General & Administrative — 10 roles

Marketing — 5 roles

Research & Development — 4 roles

International — 1 role

View all 47 open roles at Cognition →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Cognition's data — designed to show you've done your homework.

  • 1

    “How do you sustain growth against Microsoft and Google bundling similar AI coding agents into their platforms?”

  • 2

    “With gross margin at 80% but high capital intensity, what's the path to FCF breakeven?”

  • 3

    “Given the $5B secondary mark vs $26B round, how do you assess employee equity value and retention?”

Community

Valuation Sentiment

Our model estimates -63% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.