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- OpenRouter
OpenRouter Acquisition, Valuation, Funding & Investors
OpenRouter was acquired by Stripe for $7B in August 2026, a 50.0x multiple on $140M of revenue.
OpenRouter revenue at acquisition
$140M
Last twelve months · Aug 2026
OpenRouter revenue multiple at acquisition
50.0x
EV/Revenue · Aug 2026
Cumulative funding OpenRouter raised
$153M
across 2 funding rounds
About OpenRouter
OpenRouter is a platform routing AI applications to over 180 large language models from providers like Anthropic and OpenAI. It features a unified API, global edge infrastructure for low-latency inference, real-time billing, and privacy tools including private chats.
Founded
2023
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Usage-based, Subscription
Revenue
$100M (Jun 2025)
Valuation
$1.3B (May 2026)
OpenRouter Acquisition
OpenRouter was acquired by Stripe for $7B on 16 August 2026.
The acquisition price implies a 50.0x revenue multiple on $140M of revenue.
Before the acquisition OpenRouter had raised $153M across 2 funding rounds.
Stripe finalized an agreement to acquire OpenRouter for more than $7 billion in August 2026. The transaction follows OpenRouter’s May 2026 Series B funding round, when the company raised $113 million at a $1.3 billion valuation, implying a large premium to the last financing valuation. The purchase was structured as a cash-and-stock deal, though the final structure and exact purchase price remain subject to change. OpenRouter is an AI gateway and model-routing company that helps developers and businesses switch between multiple artificial intelligence models through a single integration. The company had generated roughly $50 million in annualized revenue as of March 2026, later cited at about $140 million annualized by late July 2026, with gross margins around 71.5%. The acquisition reflects Stripe’s push to expand into AI infrastructure and capture demand from customers seeking lower-cost and more flexible model access.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 16 Aug 2026 | Strategic M&A | $7B | 50.0x |
OpenRouter Valuation
OpenRouter is currently valued at $1.3B, based on its Series B in May 2026.
The $113M round was led by CapitalG, with participation from Menlo Ventures, ServiceNow Ventures, NVentures, Snowflake Ventures, Andreessen Horowitz and 2 other investors.
OpenRouter's valuation has grown 2.6x from $500M at its Series A in June 2025 to $1.3B in May 2026, across 2 priced rounds.
OpenRouter valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2026 | Series B | $1.3B | - |
| Jun 2025 | Series A | $500M | 5.0x |
OpenRouter Revenue
OpenRouter's latest recorded revenue is $100M, as of its Series A in June 2025. At a $500M valuation, that implies a 5.0x revenue multiple.
OpenRouter revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2025 | $100M | $500M | 5.0x | Series A |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
OpenRouter Funding History
OpenRouter has raised a total of $153M across 2 funding rounds.
OpenRouter's first fundraising round was a $40M Series A in June 2025. The most recent completed round was a $113M Series B in May 2026.
OpenRouter funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2026 | Series B | CapitalG (lead); Menlo Ventures; ServiceNow Ventures; NVentures; Snowflake Ventures; Andreessen Horowitz; Databricks Ventures; MongoDB Ventures | $113M | $1.3B | OpenRouter raised a **$113 million Series B** led by CapitalG, with participation from **Andreessen Horowitz** as an existing investor alongside Menlo Ventures and several strategic backers. The company’s post-money valuation was reported at about **$1.3 billion**, up from an estimated $547 million after its June 2025 Series A, implying a strong valuation step-up in roughly one year. The financing reflects rapid scale in OpenRouter’s AI infrastructure business, with weekly usage reported at **25 trillion tokens** and usage growth of **5x over six months**. Strategic investors in the round included NVentures, ServiceNow Ventures, MongoDB Ventures, Snowflake Ventures, and Databricks Ventures, indicating strong ecosystem interest in model-routing infrastructure and enterprise AI deployment. No cash/stock/earn-out structure was disclosed, and no revenue or EBITDA figures were provided in the available results. OpenRouter was founded in 2023 and operates as an AI model exchange / routing layer that lets users access multiple AI models through a single interface. The company framed the round as supporting continued growth in the multi-model AI market, alongside expansion in infrastructure scale and developer usage. |
| Jun 2025 | Series A | Andreessen Horowitz (lead); Menlo Ventures (lead); Sequoia Capital; Transpose Platform Management | $40M | $500M | OpenRouter is an AI infrastructure startup providing a unified API and marketplace for routing requests to hundreds of large language models (LLMs) from providers like OpenAI, Anthropic, and Meta. It automatically selects the optimal model based on criteria such as cost, speed, performance, accuracy, and privacy, while offering features like failover, unified billing via credits, real-time accounting, and enterprise-grade support including high uptime and IT guarantees. The platform serves over one million developers and a diverse client base from startups to multinationals, handling mission-critical traffic with global edge infrastructure. On June 25, 2025, OpenRouter announced a combined $40 million Seed and Series A funding round led by Andreessen Horowitz and Menlo Ventures, with participation from Sequoia Capital and prominent industry angels. The capital will accelerate product development, introduce new model types, expand to over 400 supported algorithms, and enhance enterprise features. This follows a $12.5 million seed in February led by Andreessen Horowitz and a $28 million Series A in April led by Menlo Ventures. Traction is strong: annual run-rate inference spend grew from $10 million in October 2024 to over $100 million by May 2025, with May customer spend at $8 million (10x growth from October). OpenRouter processes 8.4 trillion tokens monthly and takes a 5% cut of inference costs. The round values OpenRouter at approximately $500 million post-money, per WSJ sources cited across reports (one outlier reports $5B). Investors highlight its hyper-growth, execution, and role as the emerging standard for multi-model AI inference, amid exploding model diversity and projected $25 billion AI inference market in 2025. |
Who has invested in OpenRouter?
10 investors have backed OpenRouter across its funding rounds, including Andreessen Horowitz, Menlo Ventures, Sequoia Capital, CapitalG, Transpose Platform Management and NVentures.
Lead investors include CapitalG, Andreessen Horowitz and Menlo Ventures.
OpenRouter Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2025 | ||
| 2 | Lead | Jun 2025 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | May 2026 | ||
| 1 | Participant | May 2026 | ||
| 1 | Lead | May 2026 | ||
| 1 | Participant | Jun 2025 | ||
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Start Free TrialOpenRouter Competitors
OpenRouter competitors include listed companies like C3.ai and Nebius Group, and private ones like Baseten, Lovable, Nscale and Databricks.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $600M | - | $13B | 21.7x | ||
| Publicly listed | $250M | ($484M) | $1.7B | 4.5x | ||
| Private | $500M | - | $13B | 26.6x | ||
| Private | $33M | - | $15B | 442.4x | ||
| Publicly listed | $530M | $512M | $59B | 24.2x | ||
| Private | $7B | - | $190B | 27.1x |
OpenRouter Public Comps
OpenRouter is no longer listed, but its public comps include UiPath, Computacenter, Applied Digital, Oracle Corp Japan, SenseTime Group, GDS Holdings, Nextdc, Presight AI, GitLab and Wangsu.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.6B | $70M | 3.7x | 3.5x | 85.8x | 13.7x | |||
| $12B | $440M | 0.6x | 0.4x | 16.5x | 12.0x | |||
| $611M | ($85M) | 21.3x | 20.1x | (154.0x) | 78.1x | |||
| $1.8B | $589M | 3.9x | 3.9x | 12.1x | 12.2x | |||
| $748M | ($70M) | 6.9x | 5.8x | (73.5x) | 113.7x | |||
| $1.7B | $882M | 6.8x | 6.3x | 13.1x | 13.6x | |||
| $353M | $138M | 21.9x | 19.2x | 56.0x | 38.3x | |||
| $825M | $214M | 6.3x | 5.4x | 24.4x | 20.8x | |||
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Common questions about OpenRouter
| When was OpenRouter founded? | OpenRouter was founded in 2023. |
| Where is OpenRouter headquartered? | OpenRouter is headquartered in New York City, NY, United States. |
| Is OpenRouter publicly listed? | No, OpenRouter was acquired by Stripe in August 2026. |
| Who acquired OpenRouter? | OpenRouter was acquired by Stripe in August 2026. |
| How much was OpenRouter acquired for? | OpenRouter was acquired for $7B in August 2026, a 50.0x revenue multiple. |
| What is OpenRouter's valuation? | OpenRouter was last valued at $1.3B in its Series B in May 2026. |
| How much funding has OpenRouter raised? | OpenRouter has raised $153M across 2 funding rounds. |
| What was OpenRouter's last funding round? | OpenRouter's last funding round was a $113M Series B in May 2026, led by CapitalG. |
| Who are OpenRouter's investors? | OpenRouter's investors include Menlo Ventures, Andreessen Horowitz, ServiceNow Ventures, NVentures, Snowflake Ventures, Databricks Ventures, CapitalG, Sequoia Capital, Transpose Platform Management and MongoDB Ventures. |
| What is OpenRouter's revenue? | OpenRouter's latest recorded revenue is $100M (June 2025). |
| What is OpenRouter's revenue multiple? | OpenRouter's latest valuation implies a 5.0x revenue multiple ($500M valuation on $100M of revenue). |
| Which companies are comparable to OpenRouter? | Companies comparable to OpenRouter include Baseten, C3.ai, Lovable, Nscale, Nebius Group and Databricks. |
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