OpenRouter more than doubles valuation to $1.3B in a year

OpenRouter, the unified gateway and API for Large Language Models founded in 2023, has raised a hefty $113 million Series B led by CapitalG, the growth venture fund of Google parent company Alphabet. While the startup didn’t disclose its new valuation, The New York Times reports that it landed at about $1.3 billion post-money.

This is a hefty increase from the estimated $547 million post-money valuation it hit a year ago, per Pitchbook, after raising $40 million in Series A funding in June 2025. That round was led by Andreessen Horowitz and Menlo Ventures, with participation from Sequoia.

What a difference a year makes. Since then, AI work has shifted from training to inference to, now, agents. And OpenRouter’s AI gateway has soared in popularity in response. The gateway helps enterprises and other AI users select different models for different jobs to control costs or increase reasoning and accuracy for the task at hand.

OpenRouter provides access to over 400 models, including Anthropic, Google, OpenAI, xAI, and DeepSeek, it says. It claims 8 million global users and 100 trillion tokens processed per month, or about 25 trillion per week. That’s a 5X increase from the 5 trillion tokens it was processing per week just six months ago.

OpenRouter’s success means that the AI model is increasingly becoming an invisible, swappable engine for AI tasks. Rather than a future where startups or enterprises standardize on a model of choice — perhaps creating a single all-powerful model maker in the process — the growth of OpenRouter indicates something else.

Companies have no plans to get locked into a model vendor as they did with their various SaaS providers. The multi-model future is already here.