Cognition’s $48B bet says AI coding still has room for rivals
The AI coding race is getting more expensive, not more settled: Cognition raised $2 billion at a $48 billion valuation, just four months after its last round at $26 billion. Its annualized run-rate revenue jumped from $492 million to $900 million, but the company may burn as much as $800 million this year on compute. The valuation rewards growth while putting model ownership and infrastructure costs under a harsher spotlight.