Of all the no moats they are the example of no moat. Its seconds switch to another router if even that is tolerated. And lets not even talk, the lack of compliance in an enterprise environment, and as they defer to providers on that...
But the acquisition makes a LOT of SENSE, if you realize that as the same VCs sit on Stripe, Anthropic, OpenAI and most important OpenRouter. Said VCs have a lot of interest in recovering their money...by pushing one of their companies to buy another one of their own, before LLMs providers financial pressures cut OpenRouter legs.
Is this stuff even legal? I will wait for Patrick Boyle video...