Stripe buys OpenRouter and Anthropic turns a profit

The gist

• SpaceX closed a $60B all-stock takeover of Cursor, with Rory O'Driscoll pegging that at roughly 15 times current revenue or under 10 times the $6B Cursor is tracking toward by year end, versus SpaceX's own roughly 40 times revenue.
• Stripe bought LLM routing layer OpenRouter, led by Alex Atallah, for around $7B, four months after OpenRouter was valued at $1.3B.
• Rory O'Driscoll calls OpenRouter "a niche product today" that could become 20% to 30% of Stripe's revenue, giving it a one-in-three chance of becoming a real AI routing business.
• Anthropic turned its first profit on $11.5B of Q2 revenue, with gross margins moving from negative in earlier years to roughly 30% last year and an expected 40% by year end.
• Silver Lake is circling Workday at $43B, while Higgsfield and Lovable raised at $5.5B and $13.3B on roughly the same revenue.
• Jason Lemkin's math for AI reaching $200B in US revenue assumes $200,000 in fully loaded wages plus $100,000 of AI tokens per person and teams 30% to 40% smaller, against a core market of roughly 5 million software-adjacent US workers earning about $600B a year.

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