Gemini 4 Carbon vs Mercury 2.5 Preview
Google · US | Inception Labs · US · Updated June 2026
Quick verdict
Pick Gemini 4 Carbon for ranked first on the artificial analysis intelligence index v5.0 with 59 at launch (artificial analysis now shows 60) or google-reported 88.2% on sec-bench pro and 54.8% on exploitgym for vulnerability discovery and exploit validation. Pick Mercury 2.5 Preview for very high inference throughput (1,107 tok/s) via diffusion-based parallel token generation or coding accuracy (95.7%, 91st percentile among cost-optimized models). On a tight budget at scale, Mercury 2.5 Preview is the value pick.
Gemini 4 Carbon (Google) and Mercury 2.5 Preview (Inception Labs) are two of the models people most often weigh against each other in 2026. Gemini 4 Carbon is google's October 28, 2026 limited release for cyber defenders - top of the Artificial Analysis index at launch, priced at $2/$10 introductory, with no public API date yet. Mercury 2.5 Preview is inception Labs' August 31, 2026 diffusion-based language model preview, refining tokens in parallel for roughly 10x the throughput of comparable autoregressive models at cost-optimized-tier quality. They diverge most on price and context window — each quantified below from the models' real specs.
Key differences at a glance
- ▸Price: Mercury 2.5 Preview is about 50× cheaper on input ($0.04/$0.15 per 1M tokens vs $2/$10 per 1M tokens) — a large enough gap that at scale it can be the single biggest line item in the decision.
- ▸Context window: Gemini 4 Carbon holds 3.8× more — 1M tokens (~1,500 pages) vs 260K tokens (~390 pages). But effective recall usually fades long before the advertised ceiling, so the bigger number only helps if the model reasons over it.
- ▸Recency: Gemini 4 Carbon is the newer model by about 58 days (released October 28, 2026), usually meaning fresher training data and capabilities.
Side-by-side specs
| Spec | Gemini 4 Carbon | Mercury 2.5 Preview |
|---|---|---|
| Provider | Google (US) | Inception Labs (US) |
| Released | October 28, 2026 | August 31, 2026 |
| Context window | 1M tokens (~1,500 pages) | 260K tokens (~390 pages) |
| Price (in/out) | $2/$10 per 1M tokens | $0.04/$0.15 per 1M tokens |
| Open weight? | No — API only | No — API only |
| Modalities | text, image, audio, video, code | text |
| SWE-Bench Verified | Not published | Not published |
| MRCR v2 @ 1M | Not published | Not published |
Who wins what
Ranked first on the Artificial Analysis Intelligence Index v5.0 with 59 at launch (Artificial Analysis now shows 60)
Gemini 4 Carbon
Mercury 2.5 Preview is comparatively weak here — current $0.04/$0.15 pricing includes a limited-time launch promotion on OpenRouter (list price is $0.20/$0.75, may rise after Sept 8, 2026)
Google-reported 88.2% on SEC-bench Pro and 54.8% on ExploitGym for vulnerability discovery and exploit validation
Gemini 4 Carbon
Google's October 28, 2026 limited release for cyber defenders - top of the Artificial Analysis index at launch, priced at $2/$10 introductory, with no public API date yet — and it carries the larger 1M tokens context.
Google-reported 71.0% on CWE-bench for patching
Gemini 4 Carbon
Google's October 28, 2026 limited release for cyber defenders - top of the Artificial Analysis index at launch, priced at $2/$10 introductory, with no public API date yet — and it is the newer of the two.
Very high inference throughput (1,107 tok/s) via diffusion-based parallel token generation
Mercury 2.5 Preview
Inception Labs' August 31, 2026 diffusion-based language model preview, refining tokens in parallel for roughly 10x the throughput of comparable autoregressive models at cost-optimized-tier quality — and it runs cheaper at $0.04/$0.15 per 1M tokens.
Coding accuracy (95.7%, 91st percentile among cost-optimized models)
Mercury 2.5 Preview
At $0.04/$0.15 per 1M tokens it undercuts Gemini 4 Carbon ($2/$10 per 1M tokens), and that gap compounds at volume.
Mathematics accuracy (97.0%, 97th percentile)
Mercury 2.5 Preview
Mercury 2.5 Preview lists mathematics accuracy (97.0%, 97th percentile) among its strengths; Gemini 4 Carbon does not.
Lowest cost at scale
Mercury 2.5 Preview
At $0.04/$0.15 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Largest single-prompt input
Gemini 4 Carbon
Its 1M tokens window is about 3.8× larger than Mercury 2.5 Preview's 260K tokens, fitting roughly 1,500 pages in one prompt.
Which should you pick?
A cost-sensitive startup shipping high volume
→ Mercury 2.5 Preview
At $0.04/$0.15 per 1M tokens it undercuts Gemini 4 Carbon, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases
→ Gemini 4 Carbon
Larger 1M tokens window fits more in one prompt.
Anyone whose priority is ranked first on the artificial analysis intelligence index v5.0 with 59 at launch (artificial analysis now shows 60)
→ Gemini 4 Carbon
It is specifically built for that.
Anyone whose priority is very high inference throughput (1,107 tok/s) via diffusion-based parallel token generation
→ Mercury 2.5 Preview
That is its strongest area.
Gemini 4 Carbon: where it fits
Google's October 28, 2026 limited release for cyber defenders - top of the Artificial Analysis index at launch, priced at $2/$10 introductory, with no public API date yet. Released October 28, 2026 by Google, it is built for ranked first on the Artificial Analysis Intelligence Index v5.0 with 59 at launch (Artificial Analysis now shows 60), google-reported 88.2% on SEC-bench Pro and 54.8% on ExploitGym for vulnerability discovery and exploit validation, google-reported 71.0% on CWE-bench for patching, and introductory $2/$10 per million tokens, matching Gemini 4 Argon, with cached input 95% off.
Its trade-offs are real: limited release: rolling out to a subset of cyber defenders, then trusted partners via the Fairwind Program, with no date for developers or consumers, no public API model listing yet, so most users cannot call it today, introductory pricing rises to $4/$20 afterward, and Google has not said when that happens, and google has not published context or modality specs - the 1M window and modalities shown come from Artificial Analysis and Vals. At $2 in / $10 out per million tokens, it sits in the mid price band.
Mercury 2.5 Preview: where it fits
Inception Labs' August 31, 2026 diffusion-based language model preview, refining tokens in parallel for roughly 10x the throughput of comparable autoregressive models at cost-optimized-tier quality. Released August 31, 2026 by Inception Labs, it is built for very high inference throughput (1,107 tok/s) via diffusion-based parallel token generation, coding accuracy (95.7%, 91st percentile among cost-optimized models), mathematics accuracy (97.0%, 97th percentile), and tunable reasoning levels with parallel tool calls and schema-aligned JSON output.
Its trade-offs: 260K context window is far shorter than frontier 1M-token models, no vision or audio modalities, positioned only against cost-optimized models (GPT-5.6 Luna Low, Gemini 3.5 Flash-Lite), not frontier-class, and current $0.04/$0.15 pricing includes a limited-time launch promotion on OpenRouter (list price is $0.20/$0.75, may rise after Sept 8, 2026). At $0.04 in / $0.15 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
Gemini 4 Carbon and Mercury 2.5 Preview overlap enough that the right pick depends on your specific job. Mercury 2.5 Preview costs less per token; Gemini 4 Carbon holds the larger context; and each leads in its own area — Gemini 4 Carbon for ranked first on the artificial analysis intelligence index v5.0 with 59 at launch (artificial analysis now shows 60), Mercury 2.5 Preview for very high inference throughput (1,107 tok/s) via diffusion-based parallel token generation. Rather than crowning one, run the same hard task through both once and let the results decide.
Want both Gemini 4 Carbon and Mercury 2.5 Preview without two subscriptions? LumiChats gives you these plus 40+ models under one ₹69/day pass (about $1/day) — draft with one, cross-check with the other.
See pricingFrequently asked questions
Is Gemini 4 Carbon or Mercury 2.5 Preview better for coding?
Public SWE-Bench figures are not available for either model, so the honest test is your own repository — run an identical real bug through both. By design, Gemini 4 Carbon leans toward ranked first on the artificial analysis intelligence index v5.0 with 59 at launch (artificial analysis now shows 60) while Mercury 2.5 Preview leans toward very high inference throughput (1,107 tok/s) via diffusion-based parallel token generation, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Gemini 4 Carbon or Mercury 2.5 Preview?
Mercury 2.5 Preview is cheaper — $2/$10 per 1M tokens vs $0.04/$0.15 per 1M tokens, roughly 50× apart on input.
Which has the bigger context window?
Gemini 4 Carbon — 1M tokens vs 260K tokens, about 3.8× larger. Useful only if the model actually reasons over the full window, which not all do.
Can I use both Gemini 4 Carbon and Mercury 2.5 Preview together?
Yes — a multi-model platform like LumiChats gives you Gemini 4 Carbon, Mercury 2.5 Preview and 40+ others under one ₹69/day pass (about $1/day), so you can draft with one and cross-check with the other instead of buying two subscriptions.
Which is newer, Gemini 4 Carbon or Mercury 2.5 Preview?
Gemini 4 Carbon — released October 28, 2026, about 58 days after Mercury 2.5 Preview.
Related comparisons
Specifications and benchmarks reflect publicly reported figures as of June 2026 and may change as providers release updates. Always verify on your own workload.