vs
1:10
overall capability wins (0 ties across 11 scored). MiniMax M2.7 leads overall.
- Reasoning1:5
- Coding0:3
- Tool use0:1
- Composite indices0:2
- Pricing3:0
- Specs0:1
Verdict
MiniMax M2.7 leads coding (widest gap: +230.9 on WebDev Elo); MiniMax M2.7 offers ~1.6x larger context (205K vs 128K); Mercury 2 is ~1.4x cheaper on a blended token basis than MiniMax M2.7.
- MiniMax M2.7 leads coding (widest gap: +230.9 on WebDev Elo)
- MiniMax M2.7 offers ~1.6x larger context (205K vs 128K)
- Mercury 2 is ~1.4x cheaper on a blended token basis than MiniMax M2.7
Cost for 1M in + 250K out
Illustrative chat workload at primary-provider list prices.
- Mercury 2
- $0.44
- MiniMax M2.7
- $0.60
Mercury 2 is about 1.4x cheaper on this workload.
Price per 1M tokens
Full comparison
Organization
Inception Labs
MiniMax
Family
Other
Other
License
Proprietary
Proprietary
Open weights
No
No
Release
Sep 1, 2026
Mar 18, 2026
Knowledge cutoff
-
-
API / provider
Inception Labs
MiniMax
Modalities
text → text
text, image → text
Specs
Context window
128K
205K
Max output
-
16K
Parameters
—
—
Pricing
Input $/1M
$0.25
$0.30
Output $/1M
$0.75
$1.20
Blended $/1M (3∶1)
$0.38
$0.52
Speed
tok/s
-
85
TTFT (s)
-
0.35
Reasoning
MMLU-Pro
—
—
GPQA Diamond
77.0
87.4
Humanity's Last Exam
17.1
29.6
AIME 2025
—
—
MATH-500
—
—
Humanity's Last Exam (with tools)
—
—
AA-Omniscience Accuracy
21.2
26.8
AA-LCR v1.1
43.7
78.3
CritPt
0.8
0.6
MMMU-Pro
—
—
IFBench
69.8
75.7
Chartography
—
—
Chartography (With Tools)
—
—
Coding
SWE-bench Verified
—
—
SWE-bench Pro
—
56.2
SWE-bench Multilingual
—
76.5
LiveCodeBench
—
—
Terminal-Bench 2.1
27.3
55.4
Aider Polyglot
—
—
Terminal-Bench 3
—
—
BigCodeBench
—
—
SciCode
37.7
50.1
CursorBench
—
—
SWE-Rebench
—
51.9
NL2Repo-Bench
—
39.8
DeepSWE
—
—
WebDev Arena
1,167
1,398
Terminal-Bench 4.0
—
—
CursorBench 4.0
—
—
FrontierCode v1.1 (Main)
—
—
Arena
LMArena Elo
—
1,415
| Metric | Mercury 2 | MiniMax M2.7 | Delta |
|---|---|---|---|
| Identity | |||
| Organization | Inception Labs | MiniMax | — |
| Family | Other | Other | — |
| License | Proprietary | Proprietary | — |
| Open weights | No | No | — |
| Release | Sep 1, 2026 | Mar 18, 2026 | — |
| Knowledge cutoff | - | - | — |
| API / provider | Inception Labs | MiniMax | — |
| Modalities | text → text | text, image → text | — |
| Specs | |||
| Context window | 128K | 205K | B +77K |
| Max output | - | 16K | — |
| Parameters | — | — | — |
| Pricing | |||
| Input $/1M | $0.25 | $0.30 | A +$0.05 |
| Output $/1M | $0.75 | $1.20 | A +$0.45 |
| Blended $/1M (3∶1) | $0.38 | $0.52 | A +$0.15 |
| Speed | |||
| tok/s | - | 85 | — |
| TTFT (s) | - | 0.35 | — |
| Reasoning | |||
| MMLU-Pro | — | — | — |
| GPQA Diamond | 77.0 | 87.4 | B +10.4 pts |
| Humanity's Last Exam | 17.1 | 29.6 | B +12.5 pts |
| AIME 2025 | — | — | — |
| MATH-500 | — | — | — |
| Humanity's Last Exam (with tools) | — | — | — |
| AA-Omniscience Accuracy | 21.2 | 26.8 | B +5.6 pts |
| AA-LCR v1.1 | 43.7 | 78.3 | B +34.6 pts |
| CritPt | 0.8 | 0.6 | A +0.2 pts |
| MMMU-Pro | — | — | — |
| IFBench | 69.8 | 75.7 | B +5.9 pts |
| Chartography | — | — | — |
| Chartography (With Tools) | — | — | — |
| Coding | |||
| SWE-bench Verified | — | — | — |
| SWE-bench Pro | — | 56.2 | — |
| SWE-bench Multilingual | — | 76.5 | — |
| LiveCodeBench | — | — | — |
| Terminal-Bench 2.1 | 27.3 | 55.4 | B +28.1 pts |
| Aider Polyglot | — | — | — |
| Terminal-Bench 3 | — | — | — |
| BigCodeBench | — | — | — |
| SciCode | 37.7 | 50.1 | B +12.4 pts |
| CursorBench | — | — | — |
| SWE-Rebench | — | 51.9 | — |
| NL2Repo-Bench | — | 39.8 | — |
| DeepSWE | — | — | — |
| WebDev Arena | 1,167 | 1,398 | B +231 Elo |
| Terminal-Bench 4.0 | — | — | — |
| CursorBench 4.0 | — | — | — |
| FrontierCode v1.1 (Main) | — | — | — |
| Arena | |||
| LMArena Elo | — | 1,415 | — |
Mercury 2
- Context
- 128K
- Parameters
- —
- Price
- $0.25 / $0.75
- Speed
- —
- Modalities
- text → text
- License
- Proprietary
Inception Labs' diffusion-based (non-autoregressive) reasoning LLM, API-only with a 128K context window and high-throughput inference on Blackwell GPUs.
MiniMax M2.7
- Context
- 205K / 16K out
- Parameters
- —
- Price
- $0.30 / $1.20
- Speed
- 85 tok/s · 0.35s TTFT
- Modalities
- text, image → text
- License
- Proprietary
MiniMax M2.7 (Mar 2026) — prior coding-focused API flagship before M3; strong STEM and long-context multimodal chat.
Benchmark charts
Winner bars are emphasized. Per-benchmark deltas sit above each chart.