Cognition AI is reportedly planning a funding round that could more than double its valuation. The artificial intelligence (AI) coding startup is in discussion with investors about the round, which may lift its valuation to at least $40 billion, Bloomberg News reported late Tuesday (Aug. 11), citing sources familiar with the matter. This comes less than three months after Cognition raised $1 billion at a $26 billion valuation, the sources added. Cognition makes an AI agent Devin that helps automate engineering work, and counts Citi, Mercedes-Benz, Goldman Sachs, and both the U.S. Army and Navy among its customers. SpaceX earlier this year agreed to acquire AI coding startup Cursor, with that $60 billion deal expected to become final as soon as this week.