OpenRouter LLM token volume accelerated 71% MoM and expanded 30x YoY in September 2026, driven by surging open-source developer activity, according to J.P. Morgan. Open-weight model volumes surged 83% MoM and 101x YoY, far outpacing closed-weight volume growth of 39% MoM and 10x YoY. The rapid shift highlights accelerating enterprise migration toward cost-effective open-source architectures. Closed-weight models saw their share of platform volume slip to 27% in September, down from 33% in August and 29% in July. While average catalog pricing rose 4% MoM due to new image models, total spend growth reached 28% MoM. A key operational constraint is that OpenRouter skews toward developer and agentic-coding traffic, excluding direct first-party hyperscaler API endpoints. #AIChips# #Tencent# Report date: 2026-09-29 · JPM