Key Terms
- M Plan - MiniMax's new individual subscription (Go/Explore/Build), announced Sep 29, 2026, succeeding Token Plan; bundles the M3.1 Flash Preview text model, image/audio, web search, and (on Explore/Build) H3 video, usable in MiniMax Code and via Subscription Key in third-party tools. Source: MiniMax – Intro
- Token Plan - the existing coding subscription (Plus $22, Max $55, Ultra $132 per month) covering M3, M2.7, image, and speech resources on one shared quota; no longer available for new purchases once M Plan launches, existing auto-renewing subscribers keep it. Source: MiniMax – Pricing Token Plan
- Subscription Key - a key separate from pay-as-you-go API Keys that draws on subscription quota and Credits; the two are not interchangeable. Source: MiniMax – Faq
- Credits - prepaid overflow balance, 1,000 credits = $1, sold in $5/$25/$100 packs, valid 365 days; consumed at the resource's pay-as-you-go list price after plan quota runs out. Source: MiniMax – Pricing Token Plan
- 5-hour rolling and weekly windows - the two usage windows that reset independently; unused quota does not carry over; on M Plan, video usage counts only against the weekly window. Source: MiniMax – Faq
- MSA (MiniMax Sparse Attention) - MiniMax's proprietary sparse-attention architecture behind M3's 1M-token context; the kernel is open-sourced on GitHub. Sources: Minimax – M3 , GitHub – Msa
- Service tiers (Standard/Priority) - Priority gives queue priority for faster, more reliable responses at 1.5x standard pricing, enabled by setting
service_tiertopriority. Source: MiniMax – Overview - MiniMax Community License - the license for M3 (and H3) weights: attribution requirements plus commercial notice or authorization requirements and prohibited uses; read it before commercial self-hosting. Source: MiniMax – Local Deploy M3
- Tunable thinking depth - M3.1-Flash-Preview's reasoning-effort control; higher depth generates more thinking tokens and consumes more plan quota. Source: MiniMax – Faq
- H3-Context-IR - a hosted preprocessing system that converts free-form multimodal input into a structured intermediate representation before H3 video generation; priced at $0.90/$3.60 per MTok and not part of the open-source release. Source: MiniMax – Overview
Latest Changes
Changes since the 2026-08 report.
- New model (preview): MiniMax-M3.1-Flash-Preview, a 1M-context multimodal coding model with tunable thinking depth, debuted Sep 28 in MiniMax Code and is "available only through M Plan and MiniMax Code for now"; all subscribers get unlimited use of it Oct 1-7. Sources: MiniMax – Models Intro , MiniMax – Announcements , News – Item
- New subscription: M Plan (Go/Explore/Build) announced Sep 29 at the same prices as Token Plan ($22/$55/$132 monthly, annual = pay 10 months get 2 free), adding H3 video on Explore/Build; 50% off the first month from launch through Oct 14. Source: MiniMax – Monthly Offer
- Plan sunsetting: Token Plan will no longer be sold to new purchasers once M Plan launches; auto-renewing subscribers keep current benefits (including legacy "unlimited quotas and 150% weekly quotas" perks that are forfeited on upgrade), and downgrade back is impossible. Source: MiniMax – Token Plan Notice
- First-party agent: MiniMax Code v3.1.0 "reimagined" with a refreshed interface, upgraded Computer Use, MiniApp, custom themes, a Git Graph panel, and real-time agent action tracking; M Plan membership works by signing in, no separate key needed. Source: MiniMax – Announcements
- Positioning change: the August framing of "no first-party coding agent" no longer holds; beyond MiniMax Code, official integration guides now cover Claude Code, Codex, Cursor, OpenCode, Hermes Agent, and OpenClaw, and the M3 page lists Roo Code, Kilo Code, Cline, Droid, TRAE, and Grok CLI integrations. Sources: MiniMax – Intro , Minimax – M3
- Pricing transparency (improved): the August report could not find published Token Plan prices; this cycle platform.minimax.io publishes Token Plan tiers ($22/$55/$132, 5-hour plus weekly windows, "3-4/4-5/6-7 agents" usage guidance) and full per-model LLM API pricing including M3's tiered rates. Source: MiniMax – Pricing Token Plan
- Financial results (Aug 26): H1 2026 revenue $116.6M (+283.1% YoY, exceeding FY2025's $79.0M); Open Platform and enterprise services $73.9M (+703.1%, now 63.4% of revenue); gross margin 17.9% (from 12.1%); adjusted net loss $293.0M; cash $1,322.8M; CEO cited token consumption at 20x the January level by July 2026. Source: Minimax – Minimax Announces First Half 2026 Financial Results 1787744160
- Self-hosting documented: official M3 self-host guide (reviewed Aug 26) pins the MiniMax-M3-MXFP8 weights (~444 GB, ~428B total / ~23B active parameters) with an experimental SGLang baseline validated on NVIDIA B200/B300/GB300/H200 and AMD MI300X/MI355X; SGLang reports 2,385 tokens/s per GPU on 8x B200. Source: MiniMax – Local Deploy M3
- Ecosystem adoption: Tabnine's Chat model list now includes MiniMax-M2.7 alongside Claude, GPT, Gemini, Devstral, GLM, and Qwen models, the first Western enterprise coding assistant in this tracker serving a MiniMax model. Source: Tabnine – Ai Models.Md
- Product-line cleanup (late Aug): paid Music APIs closed to new users from Aug 20, 2026, and a new H3-Max video model (post-trained by fal.ai on H3 for speed, 480P/768P) appeared on the models page. Sources: MiniMax – Overview , MiniMax – Models Intro
Plans
| Plan | Price (monthly) | Price (annual) | Usage limits | Key inclusions |
|---|---|---|---|---|
| Token Plan Plus (closing to new buyers) | $22/mo | undisclosed | 5-hour rolling + weekly windows; quota undisclosed (usage bar only); "3-4 agents" | Full MiniMax text lineup (M3, M2.7) + image + speech on one shared quota; H3, voice design, rapid voice cloning excluded |
| Token Plan Max (closing to new buyers) | $55/mo | undisclosed | Same windows; quota undisclosed; "4-5 agents" | Same coverage, higher quota |
| Token Plan Ultra (closing to new buyers) | $132/mo | undisclosed | Same windows; quota undisclosed; "6-7 agents" | Same coverage, highest quota |
| M Plan Go (announced Sep 29, launching with MiniMax Code v3.1.0) | $22/mo (50% off first month through Oct 14) | Pay 10 months, get 2 free (effective ~$18.3/mo) | 1x baseline (undisclosed tokens); 5-hour + weekly windows | M3.1 Flash Preview, image, audio, web search, multimodal understanding; no video model; MiniMax Code membership included |
| M Plan Explore | $55/mo (50% off first month) | Pay 10 months, get 2 free (effective ~$45.8/mo) | 3x Go (undisclosed tokens) | Adds H3 video generation (weekly window only, exempt from the 5-hour window) |
| M Plan Build | $132/mo (50% off first month) | Pay 10 months, get 2 free (effective ~$110/mo) | 7.5x Go (undisclosed tokens) | Same as Explore with highest limits |
| Credits (overflow, no subscription required) | $5 = 5,000 / $25 = 25,000 / $100 = 100,000 credits | n/a | 1,000 credits = $1 at list price; valid 365 days | Covers M3.1 Flash Preview, H3, image, audio, web search, multimodal understanding |
No free tier is documented for the API platform. Non-coding subscriptions also exist (Audio Subscription $5 to $999/mo; Video Packages $1,000 to $6,000/mo, H3 excluded from video packages). Upgrade paths: Token Plus can move to any M Plan tier, Max to Explore/Build, Ultra to Build only. Sources: MiniMax – Pricing Token Plan , MiniMax – Intro , MiniMax – Monthly Offer , MiniMax – Token Plan Notice , MiniMax – Overview
API Pricing
LLM prices on the global platform (platform.minimax.io), USD per MTok. M3 shows a "Permanent 50% off" discount off list; effective prices shown.
| Model | Input $/MTok | Output $/MTok | Cache read $/MTok | Cache write $/MTok | Batch |
|---|---|---|---|---|---|
| MiniMax-M3, <=512K input tokens (Standard) | $0.30 (list $0.60) | $1.20 (list $2.40) | $0.06 | undisclosed | none listed |
| MiniMax-M3, >512K input tokens (Standard) | $0.60 (list $1.20) | $2.40 (list $4.80) | $0.12 | undisclosed | none listed |
| MiniMax-M3, <=512K input (Priority, 1.5x) | $0.45 (list $0.90) | $1.80 (list $3.60) | $0.09 | undisclosed | n/a |
| MiniMax-M3, >512K input (Priority, 1.5x) | $0.90 (list $1.80) | $3.60 (list $7.20) | $0.18 | undisclosed | n/a |
| MiniMax-M3.1-Flash-Preview | undisclosed (M Plan / MiniMax Code only) | undisclosed | undisclosed | undisclosed | n/a |
| MiniMax-M2.7 | $0.30 | $1.20 | $0.06 | $0.375 | none listed |
| MiniMax-M2.7-highspeed | $0.60 | $2.40 | $0.06 | $0.375 | none listed |
| MiniMax-M2.5 / M2.5-highspeed (legacy) | $0.30 / $0.60 | $1.20 / $2.40 | $0.03 | $0.375 | none listed |
| MiniMax-M2.1 / M2.1-highspeed (legacy) | $0.30 / $0.60 | $1.20 / $2.40 | $0.03 | $0.375 | none listed |
| MiniMax-M2 (legacy) | $0.30 | $1.20 | $0.03 | $0.375 | none listed |
Context: M3 supports up to 1M tokens with a guaranteed minimum of 512K; the price doubles above 512K input. For comparison, the August baseline recorded M3 on Alibaba Bailian at RMB 4.2/16.8 per MTok (about $0.58/$2.35), so the effective global-platform rate of $0.30/$1.20 undercuts that marketplace listing by roughly half. Other coding-adjacent API prices: web_search server tool $0.01/request; API-vlm (MCP) $0.01/call (adjusted from a higher price on Jul 22, 2026); ASR $0.38/hour; speech-2.8-hd $100 and speech-2.8-turbo $60 per million characters; H3 video $0.08/sec at 768P and $0.13/sec at 2K, H3-Max $0.05/sec at 480P; H3-Context-IR $0.90/$3.60 per MTok. Rate limits (published): M3 at 200 RPM and 10,000,000 TPM; M2.7 and older at 500 RPM and 20,000,000 TPM; contact api@minimax.io for more. Endpoints are Anthropic-compatible, OpenAI-compatible, and Responses-compatible. Sources: MiniMax – Overview , MiniMax – Rate Limits , Minimax – M3
Model Performance / Benchmarks
| Benchmark / metric | MiniMax-M3 result | Comparators (as reported) | Source |
|---|---|---|---|
| BrowseComp (autonomous browsing) | 83.5 | Opus 4.7: 79.3 | Minimax – M3 |
| PostTrainBench (autonomous model post-training) | 37.1, rank #3 | Opus 4.7: 42.4; GPT-5.5: 39.3 | Minimax – M3 |
| ICLR 2025 paper replication (autonomous, single run) | ~12 hours continuous, 18 commits, 23 experimental figures, core experiments replicated | n/a | Minimax – M3 |
| CUDA FP8 GEMM kernel optimization (Hopper GPUs) | 147 benchmark submissions, 1,959 tool calls, ~24 hours, utilization 7.6% to 71.3%, 9.4x speedup, zero human intervention | n/a | Minimax – M3 |
| DeepSearchQA F1 (third-party, you.com eval) | 73.17% (M3 Medium) | "near GPT-5 High" | News – Item |
| Serving throughput (SGLang, 8x B200, MXFP8) | 2,385 tokens/s per GPU (2,048 in / 256 out, concurrency 64); mean TTFT 1,580 ms | 8x H200 BF16: 1,044 tokens/s per GPU, TTFT 1,054 ms | MiniMax – Local Deploy M3 |
MiniMax describes M3 as "the first open-weight model" combining frontier coding, 1M context, and native multimodality. Caveats: the M3 landing page presents its main coding benchmark table (SWE-bench-style scores) as chart images rather than extractable text, and M3.1-Flash-Preview shipped with no published benchmarks at all. Source: Minimax – M3
Latest News
M3.1-Flash-Preview debuts in MiniMax Code (September 28, 2026)
MiniMax M3.1-Flash-Preview, a multimodal coding model with 1M context and tunable thinking depth, was announced via @MiniMaxAgent (Sep 28) and surfaced in platform docs the same week. It is available only through M Plan and MiniMax Code "for now"; API pay-as-you-go pricing is not published. All subscribers get unlimited use Oct 1-7 as a launch perk. Sources: MiniMax – Models Intro , MiniMax – Announcements , News – Item
M Plan announced, Token Plan retired for new buyers (September 29, 2026)
The Subscription Plan Upgrade Announcement (dated Sep 29) introduces M Plan tiers Go/Explore/Build at $22/$55/$132 monthly with unchanged "price and text usage limits" versus Token Plan, adds H3 video to Explore/Build, and states Token Plan "will no longer be available for new purchases." Existing subscribers keep legacy perks (unlimited quotas, 150% weekly quotas) only while auto-renewal stays on; turning auto-renewal off is irreversible. Launch perks: 50% off the first M Plan month through Oct 14 and bonus credits for Token Plan users. Everything takes effect with the MiniMax Code v3.1.0 release. Source: MiniMax – Announcements
H1 2026 financial results (August 26, 2026)
MiniMax Group (HKEX: 00100) reported H1 2026 revenue of $116.6M (+283.1% YoY), already above FY2025's $79.0M. Open Platform and enterprise services hit $73.9M (+703.1%, 63.4% of revenue), attributed to "the increase in API call volumes, and the rapid adoption of our Token Plan." AI-native products (Hailuo AI and others) grew 100.9% to $42.6M. Gross margin rose to 17.9% from 12.1%; R&D spend was $296.9M (+138.8%); adjusted net loss widened to $293.0M; cash balance $1,322.8M. The release names MiniMax Code as a strategic "harness" and says models serve 300M+ users in 200+ countries and 1M+ enterprises/developers. Source: Minimax – Minimax Announces First Half 2026 Financial Results 1787744160
Tabnine serves MiniMax-M2.7 (verified September 2026)
Tabnine's AI Models documentation lists MiniMax-M2.7 among its optional Chat models (with a MiniMax-branded icon), next to Claude 4.x, GPT-5.x, Gemini 3.x, Devstral, GLM-4.7, and Qwen-3-Coder. It is Chat-only (not Tabnine CLI) and has no thinking-model designation. This is the known check from the August cycle, now verified against the live doc. Source: Tabnine – Ai Models.Md
Product-line adjustments (August 20-31, 2026, context for September)
From Aug 20, paid Music Generation and Lyrics APIs are closed to new users (existing paying users keep access; free music endpoints discontinued), pushing users to minimax.io/audio or the open MiniMax Music 3 weights. The models page also added H3-Max, a high-speed video model post-trained by fal.ai on MiniMax H3 (480P/768P, 5-15s, $0.05-$0.08/sec). Sources: MiniMax – Overview , MiniMax – Models Intro
H3 open-weights detail (August 3, 2026, context)
The H3 open-source release confirms the system design behind the "33B omni-modal video system" the August report flagged: a 33B-parameter dense H3-Omni-Transformer (~13B in precomputable AdaLN branches) using the full pretrained Qwen3-VL-32B as its text encoder; H3-Base checkpoints (FL2VA and Ref2VA, BF16) are open under the MiniMax H3 Community License, while H3-Context-IR and H3-Regenerate-2K remain API-only. Source: Minimax – Minimax H3 Open Source
Community Signals
September was quiet for MiniMax on Hacker News: an Algolia search of stories since mid-August returned no MiniMax-company thread above 5 points; every high-scoring match was keyword noise (a blogger named "minimaxir", "minimal" in titles). Reddit search (old.reddit.com, sorted by new, past month) was blocked by a login wall and could not be used this cycle. The relevant in-window items, all low-engagement:
- M3.1-Flash-Preview announcement (Sep 28, 1 point, 0 comments): the only HN submission of the launch, linking the @MiniMaxAgent tweet. News – Item
- "Show HN: Short film made using MiniMax H3 on my home PC" (Sep 28, 5 points, 2 comments): a hobbyist produced a complete short film with H3 locally. In the thread, the author shared workflow detail: cbeach: "I rendered to MiniMax's preferred 768px resolution and then used the RTX-powered upscaler x1.5, which does a good job of upscaling. MiniMax does produce crisp imagery if you use a high number of steps (20+)." News – Item (thread: News – Item)
- "Uncensored MiniMax H3" (Sep 29, 1 point, 0 comments): a third-party NSFW fine-tune of H3 (TenStrip/10Eros-Max) published on Hugging Face, illustrating both the openness of the weights and the inevitable derivative-ecosystem risk; no discussion yet. News – Item
- Third-party eval (Aug 22, 1 point): you.com published a DeepSearchQA skill eval placing MiniMax M3 Medium at 73.17% F1, "near GPT-5 High." News – Item
For context, the most recent high-engagement MiniMax story on HN remains "MiniMax M2.7 Is Now Open Source" (Apr 12, 2026, 84 points, 36 comments): News – Item . The September signal profile (official announcements with near-zero organic HN discussion) matches a supplier whose Western developer mindshare lags its model cadence.
Reddit recovery (added 2026-10-03)
No M3 coding threads surfaced, but H3's consumer virality did: r/aivideo (4K upvotes): "Saiyanfeld (H3 Minimax)" Reddit – Saiyanfeld H3 Minimax , consistent with the H3-video demand growth disclosed in the H1 filing.
Enterprise Readiness
| Feature | Available? | Details |
|---|---|---|
| SSO (SAML/OIDC) | No | Not mentioned on the platform, pricing, or M Plan documentation. |
| SCIM | No | Not mentioned anywhere in public docs. |
| Audit logs | No | Not mentioned; only a personal usage console and an API usage-remainder endpoint. Source: MiniMax – Faq |
| IP indemnity | No | Not mentioned on any pricing or product page. |
| Data residency | No | No residency options documented; two regions exist operationally (global platform.minimax.io / api.minimax.io, China platform.minimaxi.com / api.minimaxi.com) but no customer-selectable residency controls are published. Source: MiniMax – Faq |
| HIPAA | No | Not mentioned. |
| Air-gapped / on-prem | Partial | No managed offering, but open weights plus official self-host guides (M3, M2.7, H3, Music 3) enable fully offline deployment; M3 recipe is explicitly experimental with no production SLA, and the Community License adds commercial notice/authorization requirements. Source: MiniMax – Local Deploy M3 |
| SLA | No | No published uptime or latency SLA; "exclusive security and stability guarantees" appear only in custom Audio/Business tiers, and the FAQ says dynamic rate limiting may throttle during peak traffic. Source: MiniMax – Overview |
| Admin controls (RBAC) | Partial | Token Plan for Teams offers seat assignment and shared Credits under Team Owner/Admin roles, but no role-based access beyond billing/seat management. Source: MiniMax – Pricing Token Plan Team |
MiniMax itself positions M Plan "for individual, interactive developer use" and recommends pay-as-you-go for production; there is no enterprise plan tier. Source: MiniMax – Faq
Transparency Gaps
| Gap | Details | Severity |
|---|---|---|
| No absolute subscription quotas | No tier (Token Plan or M Plan) publishes token, request, or credit-denominated limits; users see only a console usage bar, with tiers expressed as relative multipliers (3x, 7.5x of an unpublished Go baseline). | High |
| M3.1-Flash-Preview opacity | The new flagship-preview model has no public model card, no API pricing, no published benchmarks, and no availability date for pay-as-you-go access. | High |
| Benchmark detail in images | The M3 landing page's headline coding benchmark table is rendered as chart images; exact SWE-bench-style scores are not available as extractable text. | Medium |
| Enterprise feature absence | SSO, SCIM, audit logs, SLA, IP indemnity, and residency controls are absent from all public documentation, unusual for a supplier courting production API workloads. | High |
| Dynamic rate limiting | The platform states request rates are adjusted per-account during peak hours, with no published tightening thresholds or floor guarantees beyond the base RPM/TPM table. | Medium |
| "Permanent" discount framing | M3's effective price depends on a "Permanent 50% off" badge against a list price; there is no commitment language around how permanent the discount is. | Medium |
| M3 cache-write pricing | Cache write is listed for M2.x models ($0.375/MTok) but not for M3, whose table shows cache read only. | Low |
| Community License commercial terms | Commercial use requires notice or authorization under the MiniMax Community License, but the terms are only in license text, not summarized on pricing or model pages. | Medium |