Cursor, the AI coding assistant developer, is focusing on feature development rather than pursuing an IPO, according to CEO Michael Truell. The company, valued at up to $29.3 billion, has reached $1 billion in annualized revenue. Truell emphasized the use of both external and proprietary LLM models, likening competitors' offerings to 'concept cars.' Cursor has adopted a usage-based pricing model and is enhancing enterprise cost management tools, while also working on complex tasks such as bug fixing and expanding team-oriented features.