Cognition raised over $2B at a $48B valuation only months after raising over $1B at a $26B valuation.

Its reported run-rate revenue rose from $492M to almost $900M over the same period, roughly matching the speed of the valuation increase.

This new raise puts Cognition's valuation at roughly 53X its current annualized revenue pace.

thats really an enormous premium on continued growth.

for cotext, among recent AI raises, comparable valuation/revenue multiples are roughly: Wonderful 71x, Lovable 27x, Mistral 24x, Clipto 17x, Socure 14x, Blacksmith 11x, and Higgsfield 8x.

Cognition is therefore at the very high end (53X)