I’m just not sure they have a moat or a long term play? I put $20 in and tried a few models. Then I went right to the model provider to put in $1000 and avoid the middleman tax. Now imagine a big corp spending millions on AI. That’s a lot of middleman tax.
The value of openrouter isn't as a middleman for users of claude, gemini or chatgpt, it's for those looking to find a model that fills the use case at a lower price than the top 3.
Except the latency is significant and not suitable for clients with advanced agent features. The experience between using a frontier model via first party API and the best open weight models via OpenRouter is night and day. Can't get any real work done with it.
The top model / prices are changing all the time though. Lately I've been auditioning 4-5 models before a big ingest and I wouldn't be able to do that easily without OR.