Revenue is surging at Cognition and several other AI application providers, previously unreported data show, offering some reassurance to investors and hardware suppliers that startups can thrive despite competition from Anthropic and OpenAI.

Cognition, which makes the Devin coding assistant, is generating around $900 million in annualized revenue, or $75 million per month, according to a person with knowledge of the figure. That’s up more than three times since the start of the year. The company, which boasts big customers including BNY, Santander and Mercedes, is currently raising funds in a round that could value it at around $45 billion.