Cognition just closed a $1B funding round. CEO Scott Wu's thesis: there are ~30-35M software engineers globally, and the goal is to 10x their productivity—because the amount of software that needs to be built is way more than 10x what exists today.

Revenue trajectory is wild: $37M → ~$500M in one year. That's 13.5x growth YoY.

This isn't just about autocomplete or copilots anymore. They're betting on AI agents that can handle full dev workflows—planning, coding, debugging, deploying. If they pull it off, the bottleneck shifts from "can we write the code?" to "what should we build?"

The math checks out: if you multiply engineer productivity by 10x and still can't meet demand, you're either in a massive growth market or redefining what "software" even means. Probably both.