It's unlikely that a competitor with only a $1bn market cap building a similar product to you will be the reason you are or aren't successful unless they're OTHER product makes their new, more similar to yours offering more valuable by extension.
Unless you're certain that their product will be much better than yours no matter what and they've gotten it exactly right, just learn from them and keep going. However I should reiterate: if you think their product is perfect or close, don't keep going. I've seen people do this and there's no point - you've lost the passion for the project at that point because you'll just stare at their product and wish your product could be like that. You won't think critically and differentiate, you'll just try to catch up.
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It's unlikely that a competitor with only a $1bn market cap building a similar product to you will be the reason you are or aren't successful unless they're OTHER product makes their new, more similar to yours offering more valuable by extension.
Unless you're certain that their product will be much better than yours no matter what and they've gotten it exactly right, just learn from them and keep going. However I should reiterate: if you think their product is perfect or close, don't keep going. I've seen people do this and there's no point - you've lost the passion for the project at that point because you'll just stare at their product and wish your product could be like that. You won't think critically and differentiate, you'll just try to catch up.