GMV
Gross Merchandise Value measures total transaction value flowing through a platform · relevant for AI marketplaces (model routers, MCP registries, agent marketplaces).
Text reviewed October 5, 2026
Gross Merchandise Value measures total transaction value flowing through a platform · relevant for AI marketplaces (model routers, MCP registries, agent marketplaces).
Basic
GMV is the total dollar value of goods/services transacted on a platform before fees. OpenRouter's GMV is the total dollar value of LLM tokens routed, not its own take. Replicate's GMV includes model inference calls. Fastino + HF Inference Endpoints also track GMV. Unlike revenue (the platform's take), GMV measures network scale.
Deep
GMV matters for marketplaces because network effects scale with transaction volume, not with platform take rate. OpenRouter's revenue is <5% of its GMV but the GMV flows determine which providers care to integrate. This is why AI marketplace valuations can look inflated on pure revenue. Current figures, with dates and sources, are on the BenchGecko economy pages.
Expert
GMV accounting differences: gross (includes refunds, fraud) vs net (post-refunds). Platform take rates in AI marketplaces vary wildly · OpenRouter ~3-5%, Replicate ~10-30% depending on tier, HF Endpoints platform margin ~20%. Investors increasingly ask for "take rate × GMV retention" as the cleaner signal.
Depending on why you're here
- ·Total money flowing through a marketplace
- ·Different from profit the marketplace makes
- ·Used by AI marketplaces like OpenRouter and Replicate
- ·Affects which marketplaces providers integrate with
- ·Signals which platforms have traction in AI ecosystem
- ·Watch for take rate changes · marketplace pricing power evolves
- ·Marketplace valuation anchor · GMV × multiplier
- ·Compare GMV growth to revenue · divergence signals take-rate erosion or expansion
- ·AI marketplace take rates below consumer marketplaces · room to grow
- ·Total transaction volume · not platform revenue
- ·Network scale metric for marketplaces
- ·Revenue = GMV × take rate