Cognition at $25B and the autonomous-coder thesis — what $492M ARR with 50% MoM enterprise growth actually proves
Cognition's $1B raise at a $25B pre-money valuation on May 28, with $492M annualized revenue run-rate and 50% month-over-month enterprise usage growth, is the most explicit market validation of the autonomous-engineer thesis to date. Devin's positioning at the autonomous end of t…