Glenn Kaonang · · 6 min readThe business case for AI’s middle layer
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Stripe wants in on the AI race, but it’s not looking to build a model. That’s why the payments giant is acquiring OpenRouter. The platform lets developers use hundreds of AI models from different companies on one centralized system.
The business logic makes sense: Even if developers switch between one model and another, Stripe can make money by connecting them to the most popular ones via its API.
What’s harder to explain is the deal’s reported price: more than US$7 billion.
OpenRouter was reportedly generating only around US$140 million in annualized revenue before the acquisition. Anthropic, in comparison, has reportedly reached a US$65 billion revenue run rate.
It seems Stripe is paying for what OpenRouter could become: a toll booth on a much larger AI highway.
Image credit: Made by Ulla/Tech in Asia with the help of AI
Asian telcos are testing a consumer version of the same idea, as our top story this week shows.
Telecom firms like Globe and Telkomsel are partnering with AI companies to bundle access to AI services into their mobile plans. Circles Life, meanwhile, has built a subscription package combining several models.
These companies don’t need to build their own ChatGPT because they possess something AI companies want: millions of customers and a way to charge them.
These partnerships can help telcos retain customers and make their mobile plans more attractive. What’s not clear is whether AI can become a meaningful new source of revenue for them.
Our second top story shows why a flexible approach is necessary. It examines why Big Tech’s AI products often don’t fit what small businesses need.
Rather than access to frontier models, most SMEs need help choosing an affordable system, connecting it to tools such as WhatsApp, and turning unpredictable usage costs into a manageable bill.
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