Bottom line: On February 19, 2025, TechCrunch reported that AI-coding company Codeium was in talks to raise new money at a $2.85 billion valuation, with returning investor Kleiner Perkins reportedly leading. The amount of funding, transaction terms and whether the round closed were not confirmed. The report described a fundraising process—not a completed financing.
What was actually reported
TechCrunch said two people familiar with the deal told it that Codeium was discussing a financing at an “almost $3 billion” valuation. The report described the transaction as including fresh capital and identified Kleiner Perkins, an existing investor, as the reported lead. Neither Codeium nor Kleiner Perkins commented, and the amount being raised was not disclosed.
That distinction matters. A valuation discussed during negotiations can change or disappear before documents are signed. There was no public announcement in the cited report confirming a close, the security issued, the ownership sold or whether the figure was pre-money or post-money. The report is best read as a signal of investor interest, not proof that Codeium raised money at $2.85 billion. TechCrunch’s February 19, 2025 report is the source for these claims.
How large was the implied valuation jump?
Codeium’s prior publicly reported financing was a $150 million Series C announced in August 2024 at a $1.25 billion post-money valuation. TechCrunch also reported a January 2024 Series B valuation of about $500 million. If the February 2025 figure had become a completed round, the progression would have looked like this:
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| Period | Event or valuation mark | What is established |
|---|---|---|
| January 2024 | Approximately $500 million | Reported Series B valuation |
| August 2024 | $150 million Series C at $1.25 billion post-money | Publicly reported financing |
| February 2025 | $2.85 billion | Reported fundraising talks; not confirmed as closed |
The reported $2.85 billion mark is about 2.28 times the $1.25 billion Series C post-money valuation:
$2.85 billion ÷ $1.25 billion = 2.28×
Because the February transaction was unconfirmed, 2.28× is a comparison of reported valuation points, not a verified investor return or a finalized step-up.
What Codeium built
Founded in 2021 by Varun Mohan and Douglas Chen, Codeium began as an AI coding assistant offering autocomplete, chat-based code generation and inline suggestions. Its pitch increasingly targeted companies as well as individual developers.
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Agentic features do not remove the developer’s responsibility. Multi-file edits can introduce incorrect assumptions, hallucinated APIs, unsafe dependency changes, incomplete tests or regressions. Human review, testing, security checks and code ownership remain necessary, especially in production systems.
Why investors might have accepted an aggressive price
TechCrunch attributed approximately $40 million in annualized recurring revenue (ARR) to Codeium at the time. ARR is a run-rate measure, not recognized revenue, cash collected, profit or free cash flow. Assuming both reported figures were accurate, the implied valuation multiple was:
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$2.85 billion ÷ $40 million = 71.25× ARR
That was substantially higher than the roughly 25× revenue multiple TechCrunch cited for Anysphere, the company behind Cursor, using figures available in February 2025. A 71× ARR calculation does not establish that Codeium was profitable or that the valuation was justified; it shows how much future performance investors would have needed to underwrite.
Possible drivers include:
- Rapid expansion of AI-assisted software development budgets.
- A shift from autocomplete toward higher-value, agentic workflows.
- Enterprise distribution and willingness to pay for administration, security and support.
- Strategic value to larger AI platforms seeking developer relationships.
- Scarcity of fast-growing AI application companies with meaningful recurring revenue.
- Competition among venture firms to secure positions in a category expected to become core developer infrastructure.
Those are analytical explanations, not statements from Codeium or its investors about the deal’s rationale.
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Codeium competed with Cursor, Microsoft’s GitHub Copilot, Poolside, Magic and other coding-assistant providers. Its reported differentiation was an enterprise emphasis. The company told TechCrunch that more than 1,000 enterprise customers were using its free tier, including Anduril, Zillow and Dell. That is a company-provided adoption figure and does not equal 1,000 paying contracts or independently audited usage.
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| Product | Typical strength | Questions a buyer should verify |
|---|---|---|
| Codeium/Windsurf (historical branding) | AI-first editor and broader agentic workflows, with an enterprise sales focus | Which features, models, usage limits and data controls applied to the specific plan? |
| Cursor | AI-native editor with agent and cloud-agent features | Current model access, repository context, team controls and private-deployment terms |
| GitHub Copilot | Integration with GitHub, pull requests and multiple mainstream IDEs | Organization policies, model availability, retention and workflow fit |
For any of these tools, compare editor experience, model choice, repository context, autonomy, testing and pull-request support, identity management, auditability, deployment options, privacy and training-data terms. A benchmark result may not predict productivity on a particular codebase, and autonomous usage can make costs less predictable than a simple per-seat price suggests.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened after the February report?
April 2025: the Windsurf name
By April 2025, TechCrunch described the company formerly known as Codeium as Windsurf. It separately reported that OpenAI was in talks to acquire Windsurf for about $3 billion. Those were acquisition discussions, not evidence that the February financing closed or that the two events had identical terms. See TechCrunch’s April 16, 2025 report.
Current official destination
As of August 18, 2026, windsurf.com redirects to Devin. Current commercial plans are presented through Devin/Cognition branding rather than a standalone Codeium service. The redirect establishes the product destination; it does not, by itself, prove every detail of the company’s ownership history.
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What the story means for investors and buyers
For investors
- Treat $2.85 billion as a reported negotiating valuation, not a verified mark.
- Ask for the financing amount, share class, liquidation preferences, dilution and whether the figure is pre-money or post-money.
- Separate ARR from recognized revenue, gross margin, retention, cash burn and free cash flow.
- Test whether “enterprise customers” are paying customers, free-tier users, pilots or large deployments.
For software teams
- Evaluate review and testing workload, not only typing speed.
- Confirm how source code, prompts and telemetry are retained, shared with model providers and used for training.
- Check single sign-on, audit logs, role controls, VPC or private deployment, incident response and contractual intellectual-property protections.
- Model usage-based charges under autonomous workloads; headline subscriptions may not capture total cost.
Current alternatives and listed prices
Prices change, so the following figures are the plans listed on the linked official pages when checked on August 18, 2026:
| Service | Listed plans | Positioning |
|---|---|---|
| Devin (current Windsurf destination) | Free; Pro $20/month; Max $200/month; Teams $80/month plus $40/month per full developer seat; Enterprise custom | Delegated cloud or desktop agents and enterprise deployment |
| Cursor | Hobby free; Individual Pro $20/month; Teams $40/user/month; Enterprise custom | AI-first editor and agent workflows |
| GitHub Copilot | Free; Pro $10/user/month; Pro+ $39/user/month; Max $100/user/month | GitHub, pull-request and mainstream-IDE integration |
See Devin pricing, Cursor pricing and GitHub Copilot plans. Devin’s enterprise page lists VPC deployment, SOC 2 Type 2, audit logs, identity-provider integration and dedicated support as vendor offerings; buyers should verify the exact contractual scope.
Quick Recap
What readers should not conclude
- There is no confirmation in the February report that Codeium completed a $2.85 billion financing.
- The funding amount and detailed terms were not disclosed.
- A 71× ARR calculation is based on reported figures and does not demonstrate profitability.
- The later Windsurf/OpenAI acquisition report was a separate, also-reported transaction story.
- A current redirect to Devin does not retroactively validate the earlier financing valuation.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
