OpenRouter Raises $113M Series B as Token Volume Surges

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OpenRouter has announced a $113 million Series B, dated May 28, 2026, led by CapitalG, the independent growth fund of Alphabet. The round drew participation from NVentures (the venture arm of NVIDIA), ServiceNow Ventures, MongoDB Ventures, Snowflake Ventures, Databricks Ventures, AMP PBC, and Pace Capital, along with existing investors Andreessen Horowitz and Menlo Ventures.

The funding lifted OpenRouter’s valuation to roughly $1.3 billion, more than double the $547 million it commanded a year earlier following a Series A backed by Andreessen Horowitz and Sequoia.

Usage has climbed sharply. Over the past six months, weekly volume on OpenRouter grew from 5 trillion to 25 trillion tokens. The company is on pace to process more than a quadrillion tokens this year and to serve more than 8 million developers building across over 400 models.

OpenRouter plans to use the new capital to expand its routing, governance, and optimization capabilities as enterprises increasingly move AI into production. The company describes itself as an AI model exchange, letting developers and enterprises access, route, and optimize across hundreds of AI models through a single API, sitting between agents, applications, and the model ecosystem.