OpenRouter raises $113M Series A, more than doubles valuation to $1.3B within a year

AI gateway OpenRouter has raised $113 million in a Series B round led by CapitalG, more than doubling its valuation to $1.3 billion in a year. The company, which helps 8 million users avoid AI model vendor lock-in by providing access to over 400 models, has seen its token processing volume grow 5x in six months to 100 trillion tokens per month, signaling strong adoption of multi-model AI infrastructure.

OpenRouter Series B funding round

• ▪OpenRouter raised $113 million in a Series B funding round led by CapitalG, the growth venture fund of Alphabet
• ▪In June 2025, OpenRouter raised $40 million in a Series A round led by Andreessen Horowitz and Menlo Ventures, with participation from Sequoia
• ▪The new funding round values OpenRouter at approximately $1.3 billion post-money
• ▪OpenRouter's valuation more than doubled from an estimated $547 million post-money valuation a year ago

AI gateway market growth drivers

• ▪OpenRouter's AI gateway helps users select different models for specific tasks to control costs or improve reasoning and accuracy
• ▪The growth of OpenRouter indicates a trend toward a "multi-model future" where companies avoid lock-in with a single AI model vendor
• ▪The AI industry's focus has shifted from training and inference to agents, increasing the popularity of AI gateways

OpenRouter platform usage metrics

• ▪The OpenRouter platform claims to have 8 million global users
• ▪Founded in 2023, OpenRouter provides access to over 400 models from providers like Anthropic, Google, OpenAI, xAI, and DeepSeek

Token processing volume growth

• ▪The company's weekly token processing volume has increased 5x from 5 trillion tokens just six months ago
• ▪OpenRouter processes 100 trillion tokens per month, which is equivalent to about 25 trillion per week