Steve Martocci

Devin's numbers just came out. And they're wild. $1 million in ARR in September 2024. $445 million run rate today. Usage doubling every eight weeks. Cursor held the all-time SaaS record at $1M to $100M in 12 months. Devin crossed that line in roughly 10. Cursor reached $100M through 360,000 individual developers at $276 ACV. Devin reached it through the US Army, Goldman Sachs, Mercedes-Benz, Citi, Dell, Cisco, and Palantir. The United States military pays production rates for an autonomous coding agent. Cognition is now raising at $25 billion. That's 56x run rate. Cursor cleared $9.9B at a similar multiple last May, and the multiple held because the curve hadn't bent. The unusual part isn't the price. The unusual part is that the doubling is still happening at $445M. The buried number is the burn. Cognition has spent under $20 million cumulatively since founding two years ago. Most Series B companies spend that in a single year. Devin's $445 million was built on Series A money. Then the Windsurf paragraph. Google paid $2.4 billion in licensing fees in July to pull Windsurf's founders out the door. The remaining company sold to Cognition inside 72 hours for a fraction of that. Combined enterprise ARR rose more than 30% in seven weeks post-close. Less than 5% customer overlap pre-acquisition. Google paid two and a half billion dollars to hand Cognition the IDE distribution layer. In March 2024, independent testers said Devin completed 3 of 20 tasks. The internet called it a fake demo. Two years later, that product codes for the US Army.

U.S. loyalty rates by make, February 2026 1. Tesla — 61.1% 2. Subaru — 60.5% 3. Toyota — 59.9% 4. Ferrari — 59.7% 5. Honda — 58.2% 6. Ford — 57.8% 7. Lucid — 57.9% 8. Chevrolet — 56.7% 9. Nissan — 55.7% 10. Mercedes-Benz — 54.7% 11. BMW — 52.9% 12. Kia — 52.9% 13. Hyundai — 51.7% 14. Lexus — 50.4% 15. Mazda — 48.3% 16. GMC — 47.8% 17. Porsche — 46.7% 18. Rolls-Royce — 46.2% 19. Lincoln — 45.9% 20. Volvo — 44.5% 21. Acura — 44.2% 22. Land Rover — 43.9% 23. Lamborghini — 43.6% 24. Jeep — 43.5% 25. Volkswagen — 43.2% 26. Cadillac — 41.2% 27. Aston Martin — 40.8% 28. Audi — 38.0% 29. Ram — 38.8% 30. Buick — 36.0% 31. Genesis — 36.1% 32. Mitsubishi — 34.3% 33. Polestar — 34.9% 34. Infiniti — 31.5% 35. Bentley — 30.0% 36. Rivian — 28.6% 37. McLaren — 25.0% 38. INEOS — 24.7% 39. Chrysler — 21.4% 40. Alfa Romeo — 20.2% 41. VinFast — 20.5% 42. Lotus — 16.3% 43. Jaguar — 15.8% 44. Dodge — 15.5% 45. Maserati — 11.7% 46. Fiat — 3.3% 47. Mini — 0.0% 48. Smart — 0.0% 49. Fisker — 0.0%