OpenRouter’s value doubled to $1.3 billion in one year

Popular AI gateway company OpenRouter, founded in 2023, has raised a massive $113 million Series B round led by CapitalG, the growth venture fund of Google parent Alphabet. While the startup did not disclose its new valuation, the New York Times reported that it reached about $1.3 billion after the money.

That’s a significant increase from the $547 million post-money valuation it achieved a year ago, according to 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, the work of AI has shifted from training, to inference, to now agents. OpenRouter’s AI gateway has soared in popularity in response. The portal helps organizations and other AI users choose different models for different functions to control costs or increase logic and accuracy of the task at hand.

OpenRouter provides access to more than 400 models, including Anthropic, Google, OpenAI, xAI, and DeepSeek. It claims 8 million global users and processes 100 trillion codes per month, or about 25 trillion per week. This is a 5x increase from the 5 trillion tokens it processed weekly just six months ago.

The success of OpenRouter means that the AI ​​model is increasingly becoming an invisible and interchangeable 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 — OpenRouter’s growth points to something else. Companies have no plans to engage with a typical vendor as they have done with different SaaS providers. The future of multi-models is already here.