Payments company Stripe is in talks to acquire OpenRouter for around $10 billion, Wall Street Journal reported Thursday.

Why it matters: It says a lot about Stripe's ambitions as it seeks to represent the "GDP of the internet."

Driving the news: OpenRouter allows companies to switch between different AI models, a high-demand product at a time when companies are looking to control spending.

• It's not considered a fintech or payments company — but it is building a network, which is key for payments companies.
• OpenRouter also has the potential to represent AI spending, given its role as a gateway to multiple AI models.

Between the lines: In some ways, it's revenue model is similar to a payments firm. It charges a percentage fee for on top of the underlying model's cost. CEO Alex Atallah has notably compared his company to Stripe in the past.

• Ramp, the expense management company last valued at $44 billion, is also developing a routing product, as token costs become one of the biggest concerns for companies.
• Increasingly, tokens are becoming the new currency.

What they're saying: "As tokens become increasingly fungible with money, streaming payments in real time is an important part of Stripe's economic infrastructure for AI," a Stripe announcement earlier this year read.

State of play: OpenRouter has a wealth of suitors, from what we hear and from media reports.

• It was valued at $1.3 billion earlier this year, which could make a deal a rapid boon for investors include CapitalG and Menlo Ventures.

The bottom line: If token usage becomes much more spread out, these companies in the middle could be the ultimate (and less volatile) winners.

• Cursor launched a routing product, too, earlier this week. Databricks also has such capabilities.

Anduril has returned to market for a new round that could value the defense tech firm at around $100 billion, Reuters reports.

Why it's the BFD: The company raised $5 billion at $61 billion valuation earlier this year.

• Thrive Capital and Andreessen Horowitz led that round.

💭 Colin Demarest's thought bubble: Anduril has raised time and again — all while executives tiptoe around questions about a potential public offering.

• This news is also hot on the heels of the U.S. Air Force selecting it, among others, for the robo-wingman project known as Collaborative Combat Aircraft.

WATCH: Anduril's Palmer Luckey talks AI, nukes and Iran on "The Axios Show"

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• Corgi, an SF-based insurtech for underwriting AI risk, is raising at a $4b valuation. axios.link/4fS1Ksd

• BusinessNext, an Indian banking software and AI company, raised $40m from ServiceNow Ventures at a $700m valuation. axios.link/3Ryp3hn

• Paper, an SF-based design platform for agentic AI, raised $34m in Series A funding led by Accel and Iconiq, with participation from Designer Fund, Michael Grinich, and Anton Osika. axios.link/4fkze2q

• Abstract, an SF-based security operations startup, raised $25m. Cheyenne Ventures and AVP led, joined by Olive Hill Ventures Crosslink Capital and Rally Ventures. axios.link/4fvBceT

🌎 Moa Technology, a U.K.-based sustainable weed management startup, raised £22.2m in Series C funding. Oxford Science Enterprises and Supernova Invest led, joined by Agri Investment Fund, GrainInnovate, Infinity Investment Partners, and Magdalen College Oxford. axios.link/4fB5Qnq

• Ropedia, a Singapore-based robotics data infrastructure startup, raised $22m from undisclosed venture investors. axios.link/44MGv4Q

• Elio, a San Mateo, Calif.-based company building AI sensors, raised $21m led by Innovation Endeavors and Xora, and joined by Scribble VC, UpWest and Resolute Ventures. axios.link/4wTcNai

🚑 TidalSense, a Cambridge, U.K.-based provider of a respiratory diagnostics solution, raised $19m. Investors included Cross-Border Impact Ventures, BGF, Airstream Capital, and Foresight Group. axios.link/4wfsxVa

⚡️ Oris, an Italian developer of laser-based wireless power transmission systems for orbit and defense applications, raised €4.5m in pre-seed funding. Earlybird Venture Capital and Pitchdrive led, joined by Galaxia, Vento, and Piemonte Next Fund. axios.link/4wfBr4Z

• imagi, a lesson creation and edtech platform, raised a $4.5m in seed funding led by Brighteye Ventures and Day One Capital led, joined by FemInvest and We Are Human, and founders of Kahoot. imagilabs.com

• Coverwatch, an SF-based risk evaluation company for the commercial insurance industry, raised $4.5m in pre-seed funding led by CoFound and Restive with participation from KFund, and liquid2 ventures. coverwatch.com

• Advent hired Morgan Stanley to sell its stake in Tigre, a Brazilian manufacturer of pipe and hydraulic systems. axios.link/4vN3iIY

• Bain and LY are considering a fresh joint offer for Kakaku.com, a Japanese online marketplace. axios.link/4hoTGAs

• Bregal Sagemount will take a majority stake in ATOZ Services, a Luxembourg-based fund services platform. ICG will retain a minority stake. atoz-services.lu

• Coalesce Capital invested in Workstreet, an SF-based compliance and cybersecurity solution for regulated industries. workstreet.com.

• GA Group, backed by Oaktree Capital Management, has acquired Trampe Settles, a Dallas-based forensic accounting and litigation practice focused on family law. gagroup.com

• Harbinger Sports Partners Fund, led by Mark Cuban, is buying a minority stake in MLB's Athletics. axios.link/4huMByg

• Hg invested in Street Group, a Manchester, U.K.-based provider of vertical software for the residential property market. It values the company over €233.8m.(£200m). PXN Group backed Street Group. axios.link/4hdDVMT

⚡️MN8 Energy, backed by Ridgewood Infrastructure, agreed to acquire Greenbacker Renewable Energy, a New York-based renewable-power producer, for up to $375m. axios.link/4fTaSwE

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• SEMCAP Beauty & Wellness made a minority investment in MERIT, a U.S.0based based cosmetics brand. axios.link/4wkhGcB

• Siris will exercise its option to maintain ownership EQ Retirement Solutions, EQ Customer Resolutions and Lenvi, a U.K. pension and from Equiniti, a U.K. stock transfer and ownership advisory. Siris agreed to sell Equiniti to Bullish (NYSE: BLSH) for $4.2b . axios.link/4woBbkq

• Tayeh Capital Group invested in Council Advisors, a C-suite advisory firm. counciladvisors.com

• Tinicum invested in GracoRoberts, an Arlington, Texas-based specialty chemicals distributor. axios.link/44LXi8g

• Vesterra Capital Partners acquired of PHFM, a Columbus, Ohio-based provider of facilities maintenance services to commercial customers, from Powerhouse Services, a Lincolnshire Management portfolio company. axios.link/4gP0KpP

• SoftBank Group is weighing an acquisition of Gravis Robotics, a European robotics startup backed by Armada Investments and IQ Capital Partners. axios.link/4h04Z21

• IBM Corp. (NYSE: IBM) is acquiring HRL Laboratories, a quantum computing research lab jointly owned by Boeing Co. and General Motors. axios.link/3Tmknfa

• Japan's participation in a $40b U.S. nuclear power project has hit roadblocks over concerns that Japanese lenders may have to assume liability for any meltdown on American soil. axios.link/4x5G69T

• Prologis is nearing a £14b ($18.7b) acquisition of Segro, a London REIT, after three previous unsuccessful bids. axios.link/4gUDXJo

🚑 Scancell announced a reverse merger with Neuphoria Therapeutics, was testing Alzheimer's disease medicines. It plans to list Nasdaq under the symbol "SCLT". axios.link/4wUEpMg

• The Vita Coco Company (NASDAQ: COCO) acquired Copra Coconuts, a supplier of sustainably-sourced Thai coconut water and meat. axios.link/45hunZN

• WSP Global made a second unsolicited bid for Arcadis, a Dutch consulting and engineering firm, valuing it at €4.7b ($5.4b). axios.link/4yVFSUD

• Nth Cycle, a critical minerals refiner, abandoned efforts to raise $50m in Series C funding months before announcing its Wednesday SPAC merger, per Axios Pro. It is merging with Kensington Capital Acquisition Corp. VI at an enterprise value of $585m. axios.link/4yVClpl

🚑 Manipal Health Enterprises, an Indian hospital network, is seeking to raise as much as 92.7 billion rupees ($960m) in an IPO in the country. Temasek backs the firm. axios.link/4pDeqXm

• IVP is raising $1.8b for its 19th flagship fund, per Newcomer. axios.link/4pH9Mrs

• Tikehau Capital closed its sixth European Direct Lending strategy at €5.2b. axios.link/4fkF57U

• Jump Capital added Eliza Chamberlain as a senior associate. She was previously in enterprise sales at Palo Alto Networks. jumpcap.com