Stripe is acquiring model routing platform OpenRouter for $7 billion, a deal that appears closed 90 days after OpenRouter's $1.3 billion Series B funding round.

  • OpenRouter reports $140 million in annualized revenue and approximately $100 million in annualized gross profit, with costs of about $40 million.
  • The company facilitates AI model usage at a rate of 250 trillion tokens per month, up from 50 trillion tokens in February.
  • The acquisition represents a 50x multiple on revenue and highlights the growing value of the model aggregation layer.

The deal signals significant strategic shifts in AI infrastructure, particularly regarding the profitability and future of model routing APIs.