The Story of a Cap Table: OpenRouter

Stripe agreed Wednesday to acquire OpenRouter, a model routing platform co-founded by Alex Atallah in 2023, in a deal that values the company at a multibillion-dollar figure. The acquisition follows a 2025 investment by Andreessen Horowitz general partner Anjney Midha, who had backed the startup. Sources close to multiple firms with stakes in OpenRouter provided details on the deal and cap table, all requesting anonymity.

OpenRouter’s founder Alex Atallah and AI investor Anjney Midha became fast friends over 13 years ago at Stanford, but it took more than a decade for them to partner up professionally — and the results have proven spectacular. Stripe announced Wednesday its agreement https://stripe.com/newsroom/news/stripe-agrees-to-acquire-openrouter to purchase the model routing platform, co-founded by Atallah in 2023. Midha had backed the team in 2025 while he was a general partner at Andreessen Horowitz. It’s the type of rapid-fire founding-to-multibillion-dollar-exit story the AI boom has supercharged in Silicon Valley. We got the details on the deal and OpenRouter’s cap table from sources close to multiple firms with stakes in the company, all of whom requested anonymity to discuss sensitive financial information. A few key numbers: