OpenRouter's staggering token chart is the AI bubble debate in a single image
OpenRouter weekly token consumption surged 25,000% since January 2025, but reasoning-model 'thinking' tokens inflate the metric beyond real adoption.
OpenRouter data shows weekly token consumption grew from 0.5 trillion to 126.2 trillion tokens since January 2025, a rise of over 25,000%. The Decoder argues the surge reflects inflated token metrics from reasoning models' 'thinking' tokens and unoptimized agentic workloads rather than proportional growth in usage or business value. OpenAI's GPT 5.6 Luna dominates token consumption while Astra leads revenue, and Chinese models Kimi, GLM, and DeepSeek saw monthly spending grow tenfold in 2026 from a small base.