I've personally never heard of any company doubling a developer's salary like that. Have you?

Double, no. But I had a company that gave me a 30-40$ increase one year because it was obvious I was performing at that level.

Then a couple years later they were giving me basically no raise. When I told them I thought I was worth more, they asked me if I could "wait a year".

I got a new job and a huge raise compared to the last one. (Again, 30-40%.)

So while it's possible, it's not always even reliable at the same company that has done it in the past.

It's certainly rare, but my employer is aggressive about keeping compensation appropriate. Top performing new hires can see their comp double in 2-3 years.