OpenRouter raises $113 million Series B, reaching $1.3 billion valuation after processing 100 trillion tokens per month

OpenRouter, an AI gateway founded in 2023, raised $113 million in Series B funding led by CapitalG (the growth venture fund of Alphabet). The round valued the company at approximately $1.3 billion post-money, up from an estimated $547 million post-money valuation after its $40 million Series A in June 2025.

The platform provides access to over 400 models from providers including Anthropic, Google, OpenAI, xAI, and DeepSeek. It currently serves 8 million global users and processes 100 trillion tokens per month (about 25 trillion per week)—a 5× increase from 5 trillion tokens per week six months prior.

OpenRouter's growth reflects a shift in AI work from training to inference to agents. The gateway allows enterprises to select different models for different tasks to control costs or increase reasoning and accuracy, indicating that companies are avoiding lock-in to a single model vendor.