Cognition Raises $1B Series D at $26B Valuation — Now Largest Independent Agent Lab at $492M ARR

Summary

Cognition AI closed a $1 billion Series D at a $26 billion post-money valuation on May 28, co-led by Lux Capital, General Catalyst, and 8VC. The valuation marks a 2.5x step-up from the $10B Series C in September 2025. The company now runs at a $492 million annualized revenue run-rate, has grown enterprise usage more than 10x year-to-date, and is publicly guiding to over $1 billion ARR by year-end. Latent Space positions Cognition as "the largest remaining independent agent lab" — a framing that