OpenRouter doubles valuation to $1.3B with $113M Series B

OpenRouter, the AI gateway startup founded in 2023, has raised a $113 million Series B led by CapitalG, the growth venture fund of Alphabet. While the company did not disclose the valuation, The New York Times reports it landed at approximately $1.3 billion post-money, more than doubling the $547 million post-money valuation it achieved a year ago after its $40 million Series A led by Andreessen Horowitz and Menlo Ventures. The massive valuation leap reflects the explosive growth of OpenRouter’s platform, which helps enterprises and developers select the optimal AI model for each task—balancing cost, reasoning, and accuracy across more than 400 models from providers including Anthropic, Google, OpenAI, xAI, and DeepSeek.

OpenRouter now boasts 8 million global users and processes 100 trillion tokens per month (about 25 trillion weekly), a staggering 5x increase from the 5 trillion tokens per week it handled just six months ago. This growth underscores a fundamental shift in the AI landscape: rather than standardizing on a single model vendor (as companies did with SaaS), organizations are embracing a multi-model future where AI models act as invisible, swappable engines. OpenRouter’s success signals that enterprises are prioritizing flexibility and cost control over lock-in, and the platform’s rapid scaling positions it as a critical infrastructure layer for the agent-driven AI era.