MiniMax M3.1 Flash pricing: input and output each over 50% below M3
A columnist notes MiniMax cut M3.1 Flash API prices by more than half, the stock traded below its IPO price that morning, and says the real test is the upcoming M3 Pro.
Shanghai AI lab MiniMax cut API prices with its new M3.1 Flash model. Input and output prices are each more than 50% below M3's. On the morning of October 22, MiniMax traded at HK$161.66 in Hong Kong, below its HK$165 IPO price. The Hang Seng Tech Index was down more than 4% at the same time. I would not read much into one morning's trade. My August piece set a different test: "M3 Pro, which management says approaches 3 trillion parameters on a new sparse-attention architecture, is the exam." MiniMax says a Pro version will follow soon. The price cut came first. I will judge it by that model. My August analysis of MiniMax's first half, and the formula behind its low prices: https://hellochinatech.com/p/minimax-h1-2026-earnings