Stripe Acquires OpenRouter to Capture AI Expense Layer

Stripe has confirmed the acquisition of OpenRouter, a model marketplace and gateway that processes over 10 trillion tokens daily across 400+ AI models. While Stripe did not disclose the purchase price, TechCrunch reports that sources told the New York Times the deal is valued at $7.5 billion, a significant increase over OpenRouter's $1.3 billion valuation recorded in May. According to the NYT, investors will receive $6 billion, while the founders will receive $1.5 billion.

Though a leaked letter from Stripe founders Patrick and John Collison jokingly attributed the deal to the "singularity," as reported by TechCrunch, the move represents a strategic shift toward expense management. Franco Granda, a research analyst at PitchBook, told TechCrunch that the acquisition is a deliberate attempt by Stripe to position itself in the middle of AI-era capital flows. By acquiring a developer-focused gateway, Stripe gains insight into AI usage and leverage over hyperscalers, neoclouds, and frontier labs.

This puts Stripe in competition with other firms entering the token expense management space, including Databricks, which developed its own AI gateway, as well as Rippling and Ramp, both of which recently launched AI expense management tools.

OpenRouter, which serves over 10 million developers and companies, stated in a blog post that it will continue to operate independently with its product, roadmap, and mission unchanged. Stripe reportedly outbid other interested parties, including Databricks, to secure the startup. The deal is expected to close in the coming weeks.