Cognition, the company behind the AI coding assistant Devin, is already in early talks with investors about a fresh funding round that could see its valuation soar once again. This comes hot on the heels of a massive $1 billion raise in May, which pegged the company at $26 billion. According to sources familiar with the matter cited by Bloomberg, the new round could push the valuation to at least $40 billion, contingent on hitting a $1 billion annualized revenue run rate.

Devin is frequently deployed for the kind of tedious, long-tail work that many programmers tend to avoid—tasks like modernizing legacy software or migrating applications from one platform to another. That niche appears to be a major driver behind its growing traction among enterprise clients. The company counts Mercedes-Benz, NASA, and Goldman Sachs among its customers.