OpenRouter raises $113M as model routing becomes core AI infrastructure

OpenRouter's May 26 round is one of the clearest signals that enterprises do not want to lock every workload to one model provider. The AI model exchange raised $113M in a Series B led by CapitalG, with NVentures, ServiceNow Ventures, MongoDB Ventures, Snowflake Ventures, Databricks Ventures, Andreessen Horowitz, Menlo Ventures, and others participating. The company says weekly volume has reached 25T tokens, or about 100T tokens per month, a 5x jump from six months earlier. It gives developers access to 400+ models from providers including Anthropic, Google, OpenAI, xAI, and DeepSeek, and says it now serves more than 8M global users. TechCrunch reports the new valuation is roughly $1.3B post-money, up from an estimated $547M after its 2025 Series A. The watch item is whether model gateways become the enterprise control plane for cost, reliability, policy, and model choice.

Key details: OpenRouter, $113M Series B, CapitalG, $1.3B reported post-money valuation, 25T tokens per week, 100T tokens per month, 400+ models, 8M+ users.

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