Stripe is exploring a potential acquisition of OpenRouter that could value the artificial intelligence routing platform at nearly $10 billion.

A deal, if completed, would mark one of Stripe’s biggest moves beyond payments and deepen its push into AI infrastructure as companies race to build the next layer of the artificial intelligence ecosystem, The Wall Street Journal reported.

The potential valuation would represent a significant jump from OpenRouter’s roughly $1.3 billion valuation following a May funding round. However, discussions remain ongoing and could change or fall apart before any agreement is reached, sources familiar with the matter stated. 

Founded in 2023, OpenRouter operates as an AI model-routing platform that allows developers and businesses to access, compare and switch between a wide range of artificial intelligence models, including both proprietary and open-source systems. The platform has gained traction as companies look for more flexibility in managing AI costs and reducing dependence on a single model provider.

The company’s growth reflects a broader shift in the AI infrastructure market, where enterprises are seeking tools that can optimize access to multiple models rather than committing to one provider. Several major technology companies have shown interest in OpenRouter as competition intensifies for key AI infrastructure assets.

Stripe already has a commercial relationship with OpenRouter, with the startup using Stripe’s payment infrastructure to process customer transactions. Stripe was valued at $159 billion earlier this year following a secondary share sale.

The potential OpenRouter acquisition comes as Stripe continues to explore expansion opportunities outside its core payments business. 

The company has also reportedly pursued other major transactions, including a partnership with Advent International on an unsolicited bid for PayPal Holdings Inc. The proposal, valued at about $53 billion, was rejected as too low, according to reports.

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