OpenRouter announced a $113 million Series B on May 26, 2026, led by CapitalG, Alphabet’s independent growth fund. The raise, less than a year after a combined seed and Series A, is the latest indication that investors see multi-model AI routing as an infrastructure layer worth backing.
Menlo Ventures, an existing investor, wrote on its blog that the round valued OpenRouter at “about $1.3 billion.” The New York Times, citing a person familiar with the matter, reported a similar figure. The valuation represents a sharp increase from the roughly $547 million post-money estimate after the company’s June 2025 funding, according to PitchBook data cited by TechCrunch—though OpenRouter has never itself disclosed a valuation. Menlo’s blog post also suggested the round may have closed as early as February, well before the public announcement. The round came in just under the $120 million figure that reports in April said the company was targeting at a $1.3 billion valuation.
Founded in 2023, OpenRouter provides a unified API that lets developers send prompts to more than 400 models from providers including Anthropic, DeepSeek, Google, Meta, and OpenAI. The company said it now serves more than 8 million users, a tally that spans developers and end-users of applications built on its platform. Weekly token volumes have increased fivefold in six months to 25 trillion, which Menlo Ventures said translates to an annual run-rate exceeding one quadrillion tokens. A Deloitte study cited in the release noted that 67% of enterprises now consume more than one billion tokens per month, indicating that heavy AI workload adoption is spreading beyond the largest tech firms.
Joining CapitalG in the Series B were repeat backers Andreessen Horowitz, Sequoia, and Kleiner Perkins, along with several corporate venture arms: NVentures (Nvidia), ServiceNow Ventures, MongoDB Ventures, Snowflake Ventures, and Databricks Ventures. The presence of large software and database platform investors hints at potential synergies between model routing and enterprise tooling, though OpenRouter stopped short of announcing formal commercial agreements. CapitalG’s role as Alphabet’s independent growth fund, rather than a direct Google investment, may help OpenRouter maintain a perception of neutrality among the model providers it aggregates.
OpenRouter’s prior disclosed funding, a $40 million round announced in June 2025, was led by Andreessen Horowitz and Menlo Ventures, with Sequoia also participating. An SEC filing from August 2025 shows that the total offering in that earlier round was $47.6 million, with 30 investors. The company has not disclosed revenue, and an outside estimate of an annualized run-rate near $50 million, from research firm Sacra, remains unconfirmed.
All of the company’s token and user metrics are self-reported. OpenRouter does not break out how many of its 8 million users are paying customers, nor what share of traffic comes from enterprises versus individual developers. Gross margins after paying model providers are not disclosed, and it is unclear whether the company’s relationships with major model providers are formal commercial partnerships or simply access through public APIs. Neither the company nor its investors have clarified whether the $1.3 billion valuation is pre-money or post-money.
Even so, the financing confirms that a group of leading venture and strategic investors is betting that the model-agnostic routing layer will become a critical junction as enterprise AI spending moves from trials to production. The test for OpenRouter will be whether it can turn its rapid token growth into durable unit economics, rather than simply aggregating demand from a fragmented model landscape. The company did not specify how it will deploy the new capital.