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The LLM Price Index

One number for the cost of frontier intelligence — the blended price of a million tokens across today's flagship models, re-verified daily.

The LLM Price Index · as of

$4.89/1M tok

blended price of a million tokens across 10 frontier flagships — one current flagship per major lab.

+7% since flat 7 days 3:1 in:out blend equal-weight 10 constituents

The index level has been unchanged for 7 days — it last moved Nov 7, 2026, and that move was a basket rebalance, not a reprice. A flat level is the finding, not a missed update: frontier list prices are structurally sticky and step only at a rebalance.

MODELPRICEWATCH.COM · 2026-11-14

The level over time

chain-linked · rescaled so today's point equals the headline

Index level — · 115 readings

2026-07-18: GPT-5.5 → GPT-5.6 Sol, Grok 4 → Grok 4.5 2026-07-25: Claude Opus 4.8 → Claude Opus 5, Qwen3-Max → Qwen3.7-Max, Moonshot added to the basket (Kimi K3) 2026-08-01: Meta added to the basket (Muse Spark 1.1) 2026-08-04: Qwen3.7-Max → Qwen3.8-Max 2026-08-06: Muse Spark 1.1 → Muse Spark 1.2 2026-08-12: Grok 4.5 → Grok 4.6 2026-08-18: GLM-5.2 → GLM-5.3 2026-09-04: GPT-5.6 Sol → GPT-6 Astra 2026-09-05: Muse Spark 1.2 → Muse Spark 1.3 2026-09-30: Claude Opus 5 → Claude Opus 5.5, Grok 4.6 → Grok 4.7 2026-11-07: Gemini 3.1 Pro → Gemini 4 Argon, Kimi K3 → Kimi K3.1 Pro
index level · $/1M blended basket rebalance
$4.57 · +7% across 115 readings $4.89 ·
Basket rebalance events: the date each flagship slot changed occupant or opened, which model succeeded which, and whether the index level stepped.
Date Slot succession Effect
GPT-5.5 → GPT-5.6 Sol; Grok 4 → Grok 4.5 rebalance
Claude Opus 4.8 → Claude Opus 5; Qwen3-Max → Qwen3.7-Max; + Moonshot slot opened (Kimi K3) rebalance
+ Meta slot opened (Muse Spark 1.1) composition
Qwen3.7-Max → Qwen3.8-Max rebalance
Muse Spark 1.1 → Muse Spark 1.2 like-for-like
Grok 4.5 → Grok 4.6 like-for-like
GLM-5.2 → GLM-5.3 like-for-like
GPT-5.6 Sol → GPT-6 Astra rebalance
Muse Spark 1.2 → Muse Spark 1.3 like-for-like
Claude Opus 5 → Claude Opus 5.5; Grok 4.6 → Grok 4.7 rebalance
Gemini 3.1 Pro → Gemini 4 Argon; Kimi K3 → Kimi K3.1 Pro rebalance
The level steps only when a lab rebalances the basket to a differently-priced flagship — a rebalance. A like-for-like succession swaps in a lab's newer flagship at the same list price, so the level holds. A composition change adds a lab that previously had no slot: the chain-linked trend is unaffected by design (no phantom cliff), but the headline mean is now taken over a larger basket — a change in what is measured, not a market move.

The Intelligence Cost Curve

ceiling vs floor · log scale · GPQA Diamond (raw %)

The flagship index is the ceiling — what the frontier costs. The floor is the cheapest model that still clears a fixed capability bar (GPQA Diamond ≥ 70, “GPT-4-class general reasoning”, anchored to the GPT-4.1 generation (GPT-4.1 itself reads 66.3 on our record)). As cheaper capable models launch, the floor falls — the widening gap is the deflation story.

Ceiling vs floor —

54.3× cheaper

GPT‑4-class intelligence now costs $0.090/Mtok (DeepSeek V4 Flash · DeepInfra) against the $4.89 flagship ceiling.

ceiling — flagship index floor — cheapest GPT-4-class general reasoning model, falling
floor $1.93 · ceiling $4.89 · 10-flagship basket floor $0.090 ·

What stepped the floor down

o4-mini
$1.93/Mtok
Grok 4.3
$1.56/Mtok
DeepSeek V4 Pro
$0.544/Mtok
GPT-OSS 120B Fireworks
$0.262/Mtok
DeepSeek V4 Flash DeepInfra
$0.113/Mtok
DeepSeek V4 Flash DeepInfra
$0.090/Mtok
Floor uses a single absolute metric (GPQA Diamond (raw %), absolute 0–100), external only (self_reported excluded), deduped to base model (min blended across hosted SKUs), blended 3:1. Series begins — the first date a qualifying model had both a verified score and a price; earlier benchmark dates reconstructed from recorded sources are labelled as such. Full methodology → MODELPRICEWATCH.COM · 2026-11-14

What moved

latest refresh ·

No frontier flagship list-price moves since the last refresh — the basket held steady. That's the norm: frontier list prices are structurally sticky and step only at rebalances.

Cut three ways

sub-indices — each tells a different story

Cheapest frontier token

$0.750 /1M blended

Mistral Large 3 — how little frontier-class capability can cost.

Cost per intelligence point

$0.068

Blended cost ÷ benchmark score, over the 9/10 constituents with a published score. Best value: Mistral Large 3.

Open vs closed spread

$5.75 vs $1.45

Closed-weights vs open-weights flagships — the premium for proprietary models.

What's in the index

one slot per lab — a slot follows its lab's flagship line; the line itself changes only on a deliberate rebalance
The LLM Price Index basket: each constituent model with provider, blended price per million tokens, and weights openness.
Model Provider Blended* $/1M Weights
GPT-6 Astra OpenAI $20.00 Closed
Claude Opus 5.5 Anthropic $8.00 Closed
Gemini 4 ArgonIntro price Google $4.00 Closed
Grok 4.7 xAI $3.00 Closed
DeepSeek V4 Pro DeepSeek $1.98 Closed
Qwen3.8-Max Alibaba $3.00 Closed
Mistral Large 3 Mistral $0.750 Open
GLM-5.3 Z.AI $2.15 Open
Kimi K3.1 Pro Moonshot $4.00 Closed
Muse Spark 1.3 Meta $2.00 Closed
* Blended $/1M = (3×input + output) ÷ 4. Methodology MODELPRICEWATCH.COM · 2026-11-14

Cite it

"Frontier intelligence costs $4.89 per million tokens — up 7% since Feb 23, 2026, flat for 7 days."

The LLM Price Index — ModelPriceWatch, 2026-11-14 · modelpricewatch.com/price-index/

Citing a past date? Levels are restated onto the current basket when composition changes — the as-published archive keeps every dated headline frozen on its own basis. What we promise →

State of LLM Pricing — November 2026 →

The dated report: the index held at $5.14 for all of October, while Google and Moonshot launched flagships cheaper than the models in their seats, and every successor model launched at the same price or cheaper.

How it's calculated →

Full methodology: constituents, weighting, the 3:1 blend, rebalancing.

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