The LLM Pricing Landscape in May 2026
The AI API market has never been more competitive — or more confusing. With 33 models across 10 providers, developers face a dizzying array of pricing structures, context windows, and capability tiers. This report cuts through the noise with hard numbers.
We track every major LLM API provider and verify pricing against official documentation. Here's what the data tells us about the state of AI API pricing in May 2026.
Key Finding
The gap between the cheapest and most expensive model is 675x. Choosing the wrong model for your use case could cost you hundreds of dollars per month unnecessarily. The average developer can save 40%+ by switching to a better-fit model.
Complete Pricing Table — All 33 Models
Sorted by total cost (input + output) per 1M tokens. Cheapest models at the top.
| # | Provider | Model | Input / 1M | Output / 1M | Context | Tier |
|---|---|---|---|---|---|---|
| 1 | Gemini 2.0 Flash | $0.10 | $0.40 | 1M | Budget | |
| 2 | Meta | Llama 3.1 8B | $0.10 | $0.10 | 128K | Budget |
| 3 | Meta | Llama 4 Scout | $0.11 | $0.34 | 10M | Budget |
| 4 | DeepSeek | V4 Flash | $0.14 | $0.28 | 1M | Budget |
| 5 | OpenAI | GPT-4o mini | $0.15 | $0.60 | 128K | Budget |
| 6 | OpenAI | GPT-oss 120B | $0.15 | $0.60 | 128K | Budget |
| 7 | Mistral | Small 4 | $0.15 | $0.60 | 128K | Budget |
| 8 | Meta | Llama 4 Maverick | $0.20 | $0.60 | 10M | Budget |
| 9 | OpenAI | GPT-oss 20B | $0.08 | $0.35 | 128K | Budget |
| 10 | DeepSeek | V3 | $0.27 | $1.10 | 128K | Budget |
| 11 | DeepSeek | V4 Pro | $0.44 | $0.87 | 1M | Budget |
| 12 | Mistral | Large 3 | $0.50 | $1.50 | 128K | Budget |
| 13 | Cohere | Command R | $0.50 | $1.50 | 128K | Budget |
| 14 | Meta | Llama 3.1 70B | $0.88 | $0.88 | 128K | Mid |
| 15 | Moonshot | Kimi K2.6 | $0.90 | $3.75 | 256K | Budget |
| 16 | Anthropic | Claude Haiku 4.5 | $1.00 | $5.00 | 200K | Budget |
| 17 | Gemini 2.5 Pro | $1.25 | $10.00 | 1M | Mid | |
| 18 | OpenAI | GPT-5.3 Codex | $1.75 | $14.00 | 400K | Mid |
| 19 | AI21 | Jamba 1.5 Large | $2.00 | $8.00 | 256K | Mid |
| 20 | Gemini 3.1 Pro | $2.00 | $12.00 | 1M | Mid | |
| 21 | OpenAI | GPT-4o | $2.50 | $10.00 | 128K | Mid |
| 22 | Cohere | Command R+ | $2.50 | $10.00 | 128K | Mid |
| 23 | Anthropic | Claude Sonnet 4 | $3.00 | $15.00 | 200K | Mid |
| 24 | Anthropic | Claude Sonnet 4.6 | $3.00 | $15.00 | 1M | Mid |
| 25 | xAI | Grok 3 Mini | $3.00 | $5.00 | 128K | Mid |
| 26 | OpenAI | GPT-5 | $1.25 | $10.00 | 272K | Premium |
| 27 | OpenAI | GPT-5.5 | $5.00 | $30.00 | 1M | Premium |
| 28 | Anthropic | Claude Opus 4.7 | $5.00 | $25.00 | 1M | Premium |
| 29 | OpenAI | GPT-5 mini | $0.40 | $1.60 | 256K | Budget |
| 30 | Anthropic | Claude 4 Opus | $15.00 | $75.00 | 200K | Premium |
| 31 | xAI | Grok 3 | $30.00 | $150.00 | 128K | Premium |
| 32 | OpenAI | GPT-5.5 Pro | $30.00 | $180.00 | 1M | Premium |
Use the Calculator
These per-token prices don't tell the full story. Your actual monthly cost depends on your token counts and request volume. Use our free calculator to see what you'd actually pay across all 33 models.
Provider Breakdown
Google — Best Budget Options
Google dominates the budget tier with Gemini 2.0 Flash at $0.10/$0.40 — the cheapest model from any major provider. Their 1M token context window is the largest in the budget tier. Gemini 2.5 Pro ($1.25/$10) offers the best value in the mid-tier, with capabilities comparable to models costing 10x more.
DeepSeek — The Disruptor
DeepSeek V4 Pro at $0.44/$0.87 is the pricing story of 2026. This model delivers near-premium capabilities at budget prices, with a 1M context window. It's 75% cheaper than GPT-4o for similar tasks. DeepSeek V4 Flash ($0.14/$0.28) is even cheaper for simpler workloads.
OpenAI — Premium Positioning
OpenAI has firmly moved upmarket. GPT-5 ($1.25/$10) and GPT-5.5 ($5/$30) are premium-priced. However, their GPT-4o mini ($0.15/$0.60) remains competitive in the budget tier, and the new GPT-oss models ($0.08-$0.15) offer open-source alternatives at rock-bottom prices.
Anthropic — Quality at a Price
Claude 4 Opus ($15/$75) is the second most expensive model, justified by its reasoning capabilities. The sweet spot is Claude Haiku 4.5 ($1.00/$5.00) — recently updated from 3.5, offering better quality at budget-tier pricing. Claude Sonnet 4 ($3/$15) is the popular mid-range choice.
xAI — Caution: Price Hike
Grok 3 underwent a 10x price increase in May 2026, jumping to $30/$150 per 1M tokens. This makes it the second most expensive model after GPT-5.5 Pro. Grok 3 Mini ($3/$5) remains reasonable for those who need xAI's ecosystem.
Mistral — Quietly Competitive
Mistral Large 3 dropped 75% to $0.50/$1.50, making it one of the best mid-tier values. Mistral Small 4 ($0.15/$0.60) matches GPT-4o mini pricing with a European data sovereignty angle.
Tier Analysis: Which Model for Your Use Case?
Budget Tier ($0.08 - $1.00/1M input)
For high-volume applications like chatbots, content generation, and data extraction, the budget tier offers the best value:
Mid Tier ($1.00 - $5.00/1M input)
For applications requiring strong reasoning, code generation, or complex analysis:
Premium Tier ($5.00+/1M input)
For tasks requiring the highest quality reasoning, creative writing, or complex problem-solving:
5 Biggest Pricing Changes in May 2026
- Grok 3: 10x price increase — From $3/$15 to $30/$150. The biggest single-model price hike we've tracked.
- DeepSeek V4 Pro: 75% discount — Now $0.44/$0.87, making it the best value in the market for capable models.
- Mistral Large 3: 75% drop — From $2/$6 to $0.50/$1.50. A major repositioning toward budget pricing.
- Claude Haiku 3.5 → 4.5 — Updated model with better capabilities at $1.00/$5.00 (was $0.80/$4.00).
- Gemini 3 Pro → 3.1 Pro — Renamed and repriced at $2.00/$12.00 per 1M tokens.
Cost Optimization Strategies
Based on our analysis of 33 models, here are the top ways to reduce your AI API costs:
Strategy 1: Route by Complexity
Use budget models (GPT-4o mini, Gemini Flash) for 80% of requests that are simple. Reserve premium models (Claude Opus, GPT-5) for the 20% that need advanced reasoning. This alone can cut costs by 60-80%.
Strategy 2: Consider DeepSeek
DeepSeek V4 Pro at $0.44/$0.87 delivers capabilities comparable to GPT-4o ($2.50/$10) at 82% lower cost. If your workload doesn't require OpenAI's ecosystem, this is the biggest savings opportunity.
Strategy 3: Optimize Token Usage
Reduce input tokens by truncating system prompts and context. Reduce output tokens by setting max_tokens limits. A 30% reduction in token usage = 30% cost savings across all models.
Watch Out: Grok 3
If you're using Grok 3, review your costs immediately. The 10x price increase means a workload that cost $50/month now costs $500/month. Consider switching to Grok 3 Mini ($3/$5) or an alternative provider.
Methodology
All pricing data in this report is sourced from official provider documentation and verified against published pricing pages. Data was last verified on May 3, 2026. Prices shown are per 1M tokens for standard API access (not batch, not fine-tuning, not enterprise agreements).
Context windows reflect the maximum advertised context length. Actual performance may vary at maximum context. "Budget," "Mid," and "Premium" tiers are our classifications based on pricing and capabilities.
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