Pick Kimi K2.5 for native multimodal reasoning and visual coding or agentic tool-calling and self-directed multi-step work. Pick MiniMax M3 for open-weight 428b moe (~23b active per token) with a 1m-token context or native multimodal input — text, image and video. On a tight budget at scale, MiniMax M3 is the value pick.
Kimi K2.5 (Moonshot AI) and MiniMax M3 (MiniMax) are two of the models people most often weigh against each other in 2026. Kimi K2.5 is moonshot's open-weight multimodal model at $0.60/$2.50 with a 256K window — strong visual coding and agentic work, since superseded by K2.6/K2.7. MiniMax M3 is miniMax's open-weight 428B multimodal model with a 1M context — strong reported coding (59.0 SWE-Bench Pro) at low entry pricing. They diverge most on price and context window — each quantified below from the models' real specs.
Key differences
Price: MiniMax M3 is about 2× cheaper on input ($0.3/$1.2 per 1M tokens vs $0.6/$2.5 per 1M tokens) — meaningful once you are processing millions of tokens a month.
Context window: MiniMax M3 holds 4× more — 1M (~1,573 pages) vs 256K (~393 pages). But effective recall usually fades long before the advertised ceiling, so the bigger number only helps if the model reasons over it.
Recency: MiniMax M3 is the newer model by about 4 months (released June 2026), usually meaning fresher training data and capabilities.
Specifications
Spec
Kimi K2.5
MiniMax M3
Provider
Moonshot AI (China)
MiniMax (China)
Released
January 27, 2026
June 2026
Context window
256K (~393 pages)
1M (~1,573 pages)
Price (in/out)
$0.6/$2.5 per 1M tokens
$0.3/$1.2 per 1M tokens
Open weight?
Yes — self-hostable
Yes — self-hostable
Modalities
text, image, code
text, image, video, code
SWE-Bench Verified
Not published
Not published
MRCR v2 @ 1M
Not published
Not published
Who wins what
Native multimodal reasoning and visual coding: Kimi K2.5 — Kimi K2.5 lists native multimodal reasoning and visual coding among its strengths; MiniMax M3 does not.
Agentic tool-calling and self-directed multi-step work: Kimi K2.5 — Kimi K2.5 lists agentic tool-calling and self-directed multi-step work among its strengths; MiniMax M3 does not.
Open-weight (Modified-MIT) — self-hostable at 256K context: Kimi K2.5 — Kimi K2.5 lists open-weight (Modified-MIT) — self-hostable at 256K context among its strengths; MiniMax M3 does not.
Open-weight 428B MoE (~23B active per token) with a 1M-token context: MiniMax M3 — Its 1M window holds about 4× more than Kimi K2.5's 256K in a single prompt.
Native multimodal input — text, image and video: MiniMax M3 — Kimi K2.5 is comparatively weak here — image input but no audio or video
Reports 59.0 on SWE-Bench Pro (a strong open-weight score), surpassing GPT-5.5: MiniMax M3 — Kimi K2.5 is comparatively weak here — its coding score uses Moonshot's own harness, not the standard SWE-Bench Verified protocol
Lowest cost at scale: MiniMax M3 — At $0.3/$1.2 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Largest single-prompt input: MiniMax M3 — Its 1M window is about 4× larger than Kimi K2.5's 256K, fitting roughly 1,573 pages in one prompt.
Which should you pick?
A cost-sensitive startup shipping high volume: MiniMax M3 — At $0.3/$1.2 per 1M tokens it undercuts Kimi K2.5, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases: MiniMax M3 — Larger 1M window fits more in one prompt.
Anyone whose priority is native multimodal reasoning and visual coding: Kimi K2.5 — It is specifically built for that.
Anyone whose priority is open-weight 428b moe (~23b active per token) with a 1m-token context: MiniMax M3 — That is its strongest area.
Kimi K2.5: where it fits
Moonshot's open-weight multimodal model at $0.60/$2.50 with a 256K window — strong visual coding and agentic work, since superseded by K2.6/K2.7. Released January 27, 2026 by Moonshot AI, it is built for native multimodal reasoning and visual coding, agentic tool-calling and self-directed multi-step work, open-weight (Modified-MIT) — self-hostable at 256K context, and vendor reports around 76.8% on its own SWE-agent coding harness.
Its trade-offs are real: its coding score uses Moonshot's own harness, not the standard SWE-Bench Verified protocol, superseded within Moonshot's line by Kimi K2.6 and K2.7, openRouter shows a promo price below Moonshot's $0.60/$2.50 list, and image input but no audio or video. At $0.6 in / $2.5 out per million tokens, it sits in the budget price band.
MiniMax M3: where it fits
MiniMax's open-weight 428B multimodal model with a 1M context — strong reported coding (59.0 SWE-Bench Pro) at low entry pricing. Released June 2026 by MiniMax, it is built for open-weight 428B MoE (~23B active per token) with a 1M-token context, native multimodal input — text, image and video, reports 59.0 on SWE-Bench Pro (a strong open-weight score), surpassing GPT-5.5, and low entry pricing at $0.30/$1.20 per million up to 512K tokens.
Its trade-offs: price doubles to $0.60/$2.40 above 512K tokens — not flat across 1M, miniMax's own reported 80.5 SWE-Bench Verified figure is vendor-stated, not independently verified, sWE-Bench Pro is a different, harder benchmark than SWE-Bench Verified, and newer than M2.7 but with less independent testing so far. At $0.3 in / $1.2 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
Kimi K2.5 and MiniMax M3 overlap enough that the right pick depends on your specific job. MiniMax M3 costs less per token; MiniMax M3 holds the larger context; and each leads in its own area — Kimi K2.5 for native multimodal reasoning and visual coding, MiniMax M3 for open-weight 428b moe (~23b active per token) with a 1m-token context. Rather than crowning one, run the same hard task through both once and let the results decide.
Frequently asked questions
Is Kimi K2.5 or MiniMax M3 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, Kimi K2.5 leans toward native multimodal reasoning and visual coding while MiniMax M3 leans toward open-weight 428b moe (~23b active per token) with a 1m-token context, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Kimi K2.5 or MiniMax M3?
MiniMax M3 is cheaper — $0.6/$2.5 per 1M tokens vs $0.3/$1.2 per 1M tokens, roughly 2× apart on input.
Which has the bigger context window?
MiniMax M3 — 1M vs 256K, about 4× larger. Useful only if the model actually reasons over the full window, which not all do.
Can I use both Kimi K2.5 and MiniMax M3 together?
Yes — a multi-model platform like LumiChats gives you Kimi K2.5, MiniMax M3 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, Kimi K2.5 or MiniMax M3?
MiniMax M3 — released June 2026, about 4 months after Kimi K2.5.
Kimi K2.5 vs MiniMax M3
Moonshot AI · China | MiniMax · China · Updated June 2026
Quick verdict
Pick Kimi K2.5 for native multimodal reasoning and visual coding or agentic tool-calling and self-directed multi-step work. Pick MiniMax M3 for open-weight 428b moe (~23b active per token) with a 1m-token context or native multimodal input — text, image and video. On a tight budget at scale, MiniMax M3 is the value pick.
Kimi K2.5 (Moonshot AI) and MiniMax M3 (MiniMax) are two of the models people most often weigh against each other in 2026. Kimi K2.5 is moonshot's open-weight multimodal model at $0.60/$2.50 with a 256K window — strong visual coding and agentic work, since superseded by K2.6/K2.7. MiniMax M3 is miniMax's open-weight 428B multimodal model with a 1M context — strong reported coding (59.0 SWE-Bench Pro) at low entry pricing. They diverge most on price and context window — each quantified below from the models' real specs.
Key differences at a glance
▸Price: MiniMax M3 is about 2× cheaper on input ($0.3/$1.2 per 1M tokens vs $0.6/$2.5 per 1M tokens) — meaningful once you are processing millions of tokens a month.
▸Context window: MiniMax M3 holds 4× more — 1M (~1,573 pages) vs 256K (~393 pages). But effective recall usually fades long before the advertised ceiling, so the bigger number only helps if the model reasons over it.
▸Recency: MiniMax M3 is the newer model by about 4 months (released June 2026), usually meaning fresher training data and capabilities.
Side-by-side specs
Spec
Kimi K2.5
MiniMax M3
Provider
Moonshot AI (China)
MiniMax (China)
Released
January 27, 2026
June 2026
Context window
256K (~393 pages)
1M (~1,573 pages)
Price (in/out)
$0.6/$2.5 per 1M tokens
$0.3/$1.2 per 1M tokens
Open weight?
Yes — self-hostable
Yes — self-hostable
Modalities
text, image, code
text, image, video, code
SWE-Bench Verified
Not published
Not published
MRCR v2 @ 1M
Not published
Not published
Who wins what
Native multimodal reasoning and visual coding
Kimi K2.5
Kimi K2.5 lists native multimodal reasoning and visual coding among its strengths; MiniMax M3 does not.
Agentic tool-calling and self-directed multi-step work
Kimi K2.5
Kimi K2.5 lists agentic tool-calling and self-directed multi-step work among its strengths; MiniMax M3 does not.
Open-weight (Modified-MIT) — self-hostable at 256K context
Kimi K2.5
Kimi K2.5 lists open-weight (Modified-MIT) — self-hostable at 256K context among its strengths; MiniMax M3 does not.
Open-weight 428B MoE (~23B active per token) with a 1M-token context
MiniMax M3
Its 1M window holds about 4× more than Kimi K2.5's 256K in a single prompt.
Native multimodal input — text, image and video
MiniMax M3
Kimi K2.5 is comparatively weak here — image input but no audio or video
Reports 59.0 on SWE-Bench Pro (a strong open-weight score), surpassing GPT-5.5
MiniMax M3
Kimi K2.5 is comparatively weak here — its coding score uses Moonshot's own harness, not the standard SWE-Bench Verified protocol
Lowest cost at scale
MiniMax M3
At $0.3/$1.2 per 1M tokens, it is the cheaper of the two — the gap dominates the bill on high-volume workloads.
Largest single-prompt input
MiniMax M3
Its 1M window is about 4× larger than Kimi K2.5's 256K, fitting roughly 1,573 pages in one prompt.
Which should you pick?
A cost-sensitive startup shipping high volume
→ MiniMax M3
At $0.3/$1.2 per 1M tokens it undercuts Kimi K2.5, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases
→ MiniMax M3
Larger 1M window fits more in one prompt.
Anyone whose priority is native multimodal reasoning and visual coding
→ Kimi K2.5
It is specifically built for that.
Anyone whose priority is open-weight 428b moe (~23b active per token) with a 1m-token context
→ MiniMax M3
That is its strongest area.
Kimi K2.5: where it fits
Moonshot's open-weight multimodal model at $0.60/$2.50 with a 256K window — strong visual coding and agentic work, since superseded by K2.6/K2.7. Released January 27, 2026 by Moonshot AI, it is built for native multimodal reasoning and visual coding, agentic tool-calling and self-directed multi-step work, open-weight (Modified-MIT) — self-hostable at 256K context, and vendor reports around 76.8% on its own SWE-agent coding harness.
Its trade-offs are real: its coding score uses Moonshot's own harness, not the standard SWE-Bench Verified protocol, superseded within Moonshot's line by Kimi K2.6 and K2.7, openRouter shows a promo price below Moonshot's $0.60/$2.50 list, and image input but no audio or video. At $0.6 in / $2.5 out per million tokens, it sits in the budget price band.
MiniMax M3: where it fits
MiniMax's open-weight 428B multimodal model with a 1M context — strong reported coding (59.0 SWE-Bench Pro) at low entry pricing. Released June 2026 by MiniMax, it is built for open-weight 428B MoE (~23B active per token) with a 1M-token context, native multimodal input — text, image and video, reports 59.0 on SWE-Bench Pro (a strong open-weight score), surpassing GPT-5.5, and low entry pricing at $0.30/$1.20 per million up to 512K tokens.
Its trade-offs: price doubles to $0.60/$2.40 above 512K tokens — not flat across 1M, miniMax's own reported 80.5 SWE-Bench Verified figure is vendor-stated, not independently verified, sWE-Bench Pro is a different, harder benchmark than SWE-Bench Verified, and newer than M2.7 but with less independent testing so far. At $0.3 in / $1.2 out per million tokens, it sits in the budget price band.
The bottom line for this matchup
Kimi K2.5 and MiniMax M3 overlap enough that the right pick depends on your specific job. MiniMax M3 costs less per token; MiniMax M3 holds the larger context; and each leads in its own area — Kimi K2.5 for native multimodal reasoning and visual coding, MiniMax M3 for open-weight 428b moe (~23b active per token) with a 1m-token context. Rather than crowning one, run the same hard task through both once and let the results decide.
Want both Kimi K2.5 and MiniMax M3 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.
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, Kimi K2.5 leans toward native multimodal reasoning and visual coding while MiniMax M3 leans toward open-weight 428b moe (~23b active per token) with a 1m-token context, and that positioning usually predicts which feels better on your codebase.
Which is cheaper, Kimi K2.5 or MiniMax M3?
MiniMax M3 is cheaper — $0.6/$2.5 per 1M tokens vs $0.3/$1.2 per 1M tokens, roughly 2× apart on input.
Which has the bigger context window?
MiniMax M3 — 1M vs 256K, about 4× larger. Useful only if the model actually reasons over the full window, which not all do.
Can I use both Kimi K2.5 and MiniMax M3 together?
Yes — a multi-model platform like LumiChats gives you Kimi K2.5, MiniMax M3 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, Kimi K2.5 or MiniMax M3?
MiniMax M3 — released June 2026, about 4 months after Kimi K2.5.
Specifications and benchmarks reflect publicly reported figures as of June 2026 and may change as providers release updates. Always verify on your own workload.