17 days
Form D to WSJ report
2026-07-06 → 2026-07-23
$117,000,001
OpenRouter offering, latest Form D
$113,470,700 sold
0
PMDI markets on this event
11 Stripe-IPO markets exist, unrelated
Status, stated plainly
This is reported as talks in progress, not a completed transaction. A deal could close on different terms, stall, or not happen. This page is a dated snapshot of what is disclosed as of July 27, 2026 — it will read differently, or be superseded, as facts change.

Press Reporting

Tier 1 — Press

What is being reported, not independently confirmed against a primary filing here.

WSJ (2026-07-23, via multiple outlets): Stripe is in talks to acquire OpenRouter, potentially valuing it near $10 billion — up from a $1.3 billion valuation set in a funding round in May 2026.
Yahoo Finance / WSJ, Axios, PYMNTS — 2026-07-23/24
Stripe already has an operational relationship with OpenRouter: OpenRouter uses Stripe to process its own customer transactions.
press reporting, 2026-07

PMDI Market Data

Tier 2 — Native

What this platform's own data shows, including its own gaps.

No active market exists on this platform tracking a Stripe/OpenRouter acquisition.
markets table, is_active=TRUE, 2026-07-27
11 active "When will Stripe IPO?" Kalshi contracts exist (an unrelated question), spanning Aug 2026 – Jun 2027, ~$34,000 combined volume.
markets table, domain=NULL — classifier gap
Price-tick history for those 11 contracts stops on 2026-06-01 — almost two months before the WSJ report. This is a live ingestion gap on this platform, not a finding about the market.
price_ticks, checked 2026-07-27

SEC Filings — Direct

Tier 3 — Filing

Neither company is a reporting issuer (no 10-K/10-Q). Both have filed Form D private-placement notices, which disclose real offering terms even for exempt private companies.

OpenRouter, Inc. (CIK 0002073423) filed a Form D on 2026-07-06: $117,000,001 total offering, $113,470,700 sold, first sale dated 2026-03-26. A related person named is Anjney Midha, a general partner at Andreessen Horowitz focused on AI investments.
Form D, accession 0002073423-26-000001
OpenRouter's prior Form D (2025-08-25): $47,606,863 offering, $29,606,894 sold, first sale 2025-05-27.
Form D, accession 0002073423-25-000001
Stripe, Inc. (CIK 0001691342) has filed 13 Form Ds from 2016 through 2024; the most recent (2024-04-12) discloses $694,159,778, fully sold, first sale 2024-04-08. Related persons named include John Collison, Patrick Collison, and Mark Carney.
Form D, most recent accession, 2024-04-12
Stripe has filed no Form D since April 2024 — nothing in its own SEC-adjacent filing history discloses a new capital raise tied to this reported transaction.
checked 2026-07-27
Separate secondary-market vehicles carrying their own CIKs (e.g. "STRIPE INC STOCK MAY 2024, A SERIES OF CGF2021 LLC") confirm active indirect trading in Stripe shares but disclose no narrative content.
EDGAR CIK lookup

Public Counterparty Disclosure

Tier 4 — Indirect

What other SEC-reporting companies have disclosed about OpenRouter, found via full-text search.

Cerebras Systems Inc. (CBRS), which IPO'd in 2026, names OpenRouter directly in its own S-1-track filings as one of several "partner cloud" distribution channels, alongside AWS Marketplace, Microsoft Marketplace, IBM watsonx Model Gateway, Vercel AI Gateway, and Hugging Face. No dollar figure is attached to the relationship.
DRS filed 2025-12-22; 424B4 priced 2026-05-14
Genius Group Ltd (GNS) names OpenRouter in a 6-K filed 2026-06-05; the specific passage was not located in the primary document on this pass.
6-K, 2026-06-05 — unresolved

Why the 17 Days

Form D is a routine notice — filed after a private placement has already begun, disclosing that it happened, not announcing it in advance. It carries no requirement to be read by anyone outside the issuer's counsel and investors, and in practice almost no one reads the roughly 100–200 filed on any given business day. OpenRouter's disclosed capital raise, dated 17 days ahead of unrelated press coverage of acquisition talks, is one instance of a general pattern this page does not generalize from a single case: routine disclosures sometimes precede the story that makes them relevant. The scanner described below exists to find the next one before the story does, not to claim this one proves anything on its own.

Now Monitored Daily

This finding produced a standing job, not just this one page. Every SEC business day, PMDI now pulls EDGAR's daily filing index in full, isolates every newly filed Form D (not amendments), reads each one's disclosed offering amount and related persons, and flags any that cross a real-dollar threshold or name a person on a configurable watchlist. Every day's scan is logged, including days with nothing to flag, so a quiet day is itself auditable rather than silent.

Source: SEC EDGAR daily filing index (published each business day, lists every filing by form type) plus each flagged filing's primary_doc.xml.
Threshold: total offering amount at or above a configurable floor, set below both of OpenRouter's disclosed rounds and above the large majority of same-day filings from small real-estate LLCs and SPVs.
Related-person watchlist: a configurable list of names, checked against every filing regardless of offering size.
Every flagged filing is recorded with its offering amount, amount sold, first-sale date, industry group, and related persons — the same fields used above for OpenRouter and Stripe.

Gaps, Stated Plainly

Form D discloses offering amounts, not valuation, ownership percentages, or deal terms — the press-reported "~$10B" and "$1.3B" figures above are sourced to reporting, not to a primary filing on this page. The Genius Group 6-K mention was not resolved. No inference is offered here about deal probability, timing, or terms; that determination is left to the reader.

Live Intelligence
Live Form D filing-flag results and related-person watchlist hits visible to subscribers