Cognition is in talks at $40B three months after raising at $26B.

Bloomberg reports the new valuation is predicated on hitting $1B annualized, up from a $492M run rate in May, with usage growing 50% month-over-month and Mercedes-Benz, NASA and Goldman Sachs as enterprise customers. Scott Wu positions Devin at "long-tail grunt-work that many programmers dislike," legacy modernization and platform migrations rather than greenfield. That positioning is more defensible than the original Devin pitch and probably why the number works.