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Hm. Would be interesting to see the finance spreadsheets for this. Typically the B-round guys are looking for something approaching a 10x return. Can anyone justify OpenRouter being worth $1.1Bn? That seems really high for a “management”/man-in-the-middle play. But sure, AI and all. But I’m old enough to remember when every dot-com was a billion dollar valuation, too.

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Well yeah if they route most of the worlds tokens easily. What if we get to a point where the 5% is paid by the supplier and they take over more of the infra /routing side that they do. Lots of ways it could be a 10B company.

But is that likely, particularly as the market matures? That seems unlikely to me. We had some of the same sorts of management middleman tools and organizations ideas 15 years or so ago in the cloud computing world and all that pretty much went away.

The play is the same as it always was, I assume: your data is the long term product.

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