Stripe Eyes $10 Billion Deal for AI Model Marketplace OpenRouter

Stripe is in talks to buy OpenRouter, an artificial intelligence (AI) startup that could sell for roughly $10 billion, according to The Wall Street Journal. The move would mark a significant step outside payments for a company that processes transactions for much of the internet. It also lands while Stripe pursues a far larger target: a bid for PayPal that would value the payments giant at about $53 billion.

The Journal reported Thursday (July 23) that a transaction could be announced soon, though the talks could still collapse or another buyer could step in. The exact price under discussion could not be learned. Several other large technology companies had also been weighing deals for OpenRouter. The startup was valued at $1.3 billion in May, according to PitchBook, meaning a sale near $10 billion would represent a steep markup in a matter of months. Its backers include Menlo Ventures and CapitalG, the growth fund of Google parent Alphabet.

OpenRouter sells software that lets customers reach AI models from OpenAI and Anthropic, along with open weight alternatives anyone can download and run. The Journal described the company’s position this way: “OpenRouter is part of an emerging crop of startups that have found a lucrative niche between AI developers and the companies that want to use them.” The platform lists hundreds of large language models and lets developers compare and switch between them.

The strategic logic follows Stripe’s recent expansion into AI infrastructure and stablecoin payments. Many companies now want access to a range of AI models to control spending and reduce dependence on any single provider. Stripe and OpenRouter already work together, with OpenRouter using Stripe to collect payments from its customers. Stripe’s valuation reached $159 billion earlier this year.

On the PayPal front, people familiar with the matter told the Journal that the $53 billion offer was seen as too low, and Stripe and its partner Advent International are considering their next move.

PYMNTS has followed Stripe’s expansion beyond payment processing closely this year. PYMNTS reported that Stripe and Advent International submitted a joint offer of $60.50 a share for PayPal, backed by roughly $50 billion in committed bank financing, with the two bidders set to hold equal stakes. PYMNTS later reported that PayPal’s board considered the bid inadequate, and that directors were weighing financing capability, regulatory review and how long approval might take. The two companies together process about $3.7 trillion a year.