AI coding startup Cognition raises $1B at $25B pre-money valuation

Cognition raised $1 billion at a $25 billion pre-money valuation, with annualized revenue run rate reaching $492 million, and the company says its valuation more than doubled in eight months.

Why it matters: HKR-H/K/R all pass: the story has a sharp valuation hook, concrete revenue and round data, and strong resonance around AI coding economics and developer displacement.