Someone noted they pass through 100 billion annually if I remember correctly, but they also take a 5.5% cut, so Stripe secures them as a “customer” while getting their money back over time. It also to me feels like an adjacent business aligned with sort of what Stripe already does to begin with, being someone elses middle man.

I've been using OpenRouter since relatively early (I build evvl.ai - an eval platform on top of it) and think that they're selling at a good time.

An underpinning of their model is that API calls / inference are similar across providers allowing for commodity tokenization cost comparisons, but the providers are beginning to shift to non commodity features that don't easily shift.

For instance, calling Gemini with "search grounding" isn't something that OpenRouter can do (they sub their own web search in), last I checked they weren't doing real time voice models, etc.

I think it has to be more than just a 'proxy' what Stripe bought.

Stripe and every other big company could build this without any issues.

It either is just a really stupid business decision or it is about the name. The only model proxy i know is OpenRouter despite plenty of other model proxies existing.

It's a very straightforward business model and they started just in time to become popular as there are hundreds of alternatives out there.

I also congratulate the founders for pulling this off.

> Turns out even a proxy can be worth $8bn with the right business model behind it.

People said a similar thing for Cursor simply being a VSCode wrapper for when it crossed unicorn status.

Given the costs of the providers I doubt that sharing the revenue is a win for them.

They are fighting to be the one and only