Latent.Space: Inference Layer Mints Decacorns — Fireworks at $15B, Baseten at $11B, OpenRouter Raises $113M

Summary

Five days after Latent.Space mapped a wave of AI infrastructure unicorns (Exa, Modal, TurboPuffer), three more inference-layer vendors crossed or approached the $10B "decacorn" line in the same week. Fireworks is in talks for a round that would value the company at ~$15B — a 3.75x markup in seven months. Baseten is raising at ~$11B, a 2.2x markup in three months. OpenRouter announced a $113M Series B led by Capital GVC; the round was driven by token volume growing from 5T to 25T per week over si