AI programming assistant Cursor announced a new round of financing worth $2.3 billion today, with its valuation rising from $9.9 billion six months ago to $29.3 billion, nearly doubling. Accel and Coatue, the initial investor, jointly led this round, while strategic shareholders NVIDIA and Google also joined in. Thrive Capital, which had previously led the first two rounds, continued to invest in this round.

Michael Truell, co-founder and CEO of Cursor, revealed to The Wall Street Journal that the funds from this round will be mainly used for the self-developed model Composer, released in October. Currently, the platform still relies on external models such as Google, OpenAI, and Anthropic. The company plans for Composer to take on core reasoning tasks by 2026, reducing dependence on external computing power and APIs.

Market observers point out that as OpenAI and Anthropic have both upgraded their coding assistants, competition in the AI development tools sector is intensifying. Cursor said that user numbers and paid teams continue to show double-digit month-over-month growth. The next step will be to expand sales of the enterprise version and global deployment scale, to prepare cash and computing power for direct competition with similar products from major cloud vendors.