NEW YORK (TheStreet) -- Pinterest doesn't feel the need to set an IPO date, the content sharing service's Co-Founder and CEO Ben Silbermann told CNBC's Julia Boorstin on Monday afternoon's "Power Lunch."

"Your valuation is about $11 billion as of your last fundraising round. When are you planning to go public, and do you think you'll be able to go at a higher valuation than $11 billion?" Boorstin asked. 

"Right now we don't have any immediate plans to go public. We're really just focused on building a sustainable business," he answered. "We've been really fortunate in how we're well capitalized and we're generating revenue. I feel like if we focus on building a good business, hopefully the rest will take care of itself."

"What's your outlook? Do you think that's the path, or do you think you'll eventually sell?" she asked. 

"I think we really want to have an independent company, but I don't know. I don't have any better insight than anyone else about what markets are going to look like," he answered. 

Pinterest's sole revenue stream is currently coming from advertising, Boorstin noted. But brands have so many options for where to spend their ad dollars, why should they choose Pinterest? she asked. 

Pinterest users are looking for new ideas for recipes, clothing and home decor so the users have an open mind, he said. Plus, advertisers promoting their products fit in naturally on the site since users are actively looking for new ideas, he explained.

"Who do you consider your biggest competition, and what are you doing to stay ahead of them?" Boorstin asked.

In a sense, competing for people's time is the company's biggest competition as users have so many entertaining options available on their phones, he said. "So the way that we compete is we try to get really good at giving you specific ideas you can actually do in your regular life," he explained.