MAI-Thinking-1 vs Mercury 2.5 Preview
Microsoft · US | Inception Labs · US · Updated June 2026
Quick verdict
Pick MAI-Thinking-1 for very strong math reasoning (aime 2025 97%, aime 2026 94.5%) or microsoft's first in-house flagship reasoner, trained without openai distillation. 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, MAI-Thinking-1 is the value pick.
MAI-Thinking-1 (Microsoft) and Mercury 2.5 Preview (Inception Labs) are two of the models people most often weigh against each other in 2026. MAI-Thinking-1 is microsoft's first fully in-house flagship reasoning model — a Claude-class reasoner built independently to cut its OpenAI dependence. 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
- ▸Context window: 256K vs 260K tokens — within a few percent of each other, so treat this as a tie and test on your own long inputs, since usable recall varies by model.
- ▸Recency: Mercury 2.5 Preview is the newer model by about 19 days (released August 31, 2026), usually meaning fresher training data and capabilities.
Side-by-side specs
| Spec | MAI-Thinking-1 | Mercury 2.5 Preview |
|---|---|---|
| Provider | Microsoft (US) | Inception Labs (US) |
| Released | August 12, 2026 | August 31, 2026 |
| Context window | 256K (~384 pages) | 260K tokens (~390 pages) |
| Price (in/out) | Not published | $0.04/$0.15 per 1M tokens |
| Open weight? | No — API only | No — API only |
| Modalities | text, code | text |
| SWE-Bench Verified | Not published | Not published |
| MRCR v2 @ 1M | Not published | Not published |
Who wins what
Very strong math reasoning (AIME 2025 97%, AIME 2026 94.5%)
MAI-Thinking-1
MAI-Thinking-1 lists very strong math reasoning (AIME 2025 97%, AIME 2026 94.5%) among its strengths; Mercury 2.5 Preview does not.
Microsoft's first in-house flagship reasoner, trained without OpenAI distillation
MAI-Thinking-1
MAI-Thinking-1 lists microsoft's first in-house flagship reasoner, trained without OpenAI distillation among its strengths; Mercury 2.5 Preview does not.
Efficient reasoning at low token cost for its class
MAI-Thinking-1
Mercury 2.5 Preview is comparatively weak here — 260K context window is far shorter than frontier 1M-token models
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 is the newer of the two.
Coding accuracy (95.7%, 91st percentile among cost-optimized models)
Mercury 2.5 Preview
Mercury 2.5 Preview lists coding accuracy (95.7%, 91st percentile among cost-optimized models) among its strengths; MAI-Thinking-1 does not.
Mathematics accuracy (97.0%, 97th percentile)
Mercury 2.5 Preview
Mercury 2.5 Preview lists mathematics accuracy (97.0%, 97th percentile) among its strengths; MAI-Thinking-1 does not.
Lowest cost at scale
MAI-Thinking-1
Its weights are open, so at volume you pay for your own hardware instead of Mercury 2.5 Preview's $0.04/$0.15 per 1M tokens.
Which should you pick?
A cost-sensitive startup shipping high volume
→ MAI-Thinking-1
At Not published it undercuts Mercury 2.5 Preview, and on millions of tokens that margin decides the monthly bill.
Someone analysing very long documents or codebases
→ Mercury 2.5 Preview
Larger 260K tokens window fits more in one prompt.
Anyone whose priority is very strong math reasoning (aime 2025 97%, aime 2026 94.5%)
→ MAI-Thinking-1
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.
MAI-Thinking-1: where it fits
Microsoft's first fully in-house flagship reasoning model — a Claude-class reasoner built independently to cut its OpenAI dependence. Released August 12, 2026 by Microsoft, it is built for very strong math reasoning (AIME 2025 97%, AIME 2026 94.5%), microsoft's first in-house flagship reasoner, trained without OpenAI distillation, efficient reasoning at low token cost for its class, and competitive with Claude Opus 4.6 on SWE-Bench Pro (vendor-reported).
Its trade-offs are real: closed and in private preview — no open weights, no published pricing, thin availability, and benchmarks are largely self-reported.
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
MAI-Thinking-1 and Mercury 2.5 Preview overlap enough that the right pick depends on your specific job. MAI-Thinking-1 costs less per token; Mercury 2.5 Preview holds the larger context; and each leads in its own area — MAI-Thinking-1 for very strong math reasoning (aime 2025 97%, aime 2026 94.5%), 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 MAI-Thinking-1 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 MAI-Thinking-1 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, MAI-Thinking-1 leans toward very strong math reasoning (aime 2025 97%, aime 2026 94.5%) 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, MAI-Thinking-1 or Mercury 2.5 Preview?
MAI-Thinking-1 is cheaper — Not published vs $0.04/$0.15 per 1M tokens.
Which has the bigger context window?
Effectively neither — 256K vs 260K tokens is a difference of a few percent. Remember advertised ≠ usable: recall typically degrades before the ceiling.
Can I use both MAI-Thinking-1 and Mercury 2.5 Preview together?
Yes — a multi-model platform like LumiChats gives you MAI-Thinking-1, 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, MAI-Thinking-1 or Mercury 2.5 Preview?
Mercury 2.5 Preview — released August 31, 2026, about 19 days after MAI-Thinking-1.
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.