OpenRouter Raises $120M at $1.3B Valuation Led by Google's CapitalG — Revenue 5x'd to $50M ARR Since October

Inc.·high signal

OpenRouter, the AI model routing platform offering 400+ LLMs through a single OpenAI-compatible API, is closing a $120M round led by CapitalG (Google's growth fund) at a $1.3B valuation. The company's annualized revenue surged from ~$10M in October to over $50M, driven by enterprise customers using the API to compare quality, price, and speed across competing models. Previously raised $40M at $500M valuation in June 2025 — tripling valuation in under a year.