Weighted by its models' usage on Oct 22, 2026, the last day one was in OpenRouter's top 50
About Mistral
The Mistral token price index is $0.166 per 1M tokens today, unchanged since yesterday, down 9.1% over the past week and up 1.5% over the past month. Over the past year it has ranged from $0.0325 to $0.819. It is the usage-weighted average of the posted prices of Mistral's model at the mix of tokens agents send (87% cache read, 12% input, 1% output). It is calculated once a day, for each UTC day, shortly after the day ends.
Mistral AI, a Paris company, was founded in April 2023 by Arthur Mensch, its chief executive, Guillaume Lample and Timothée Lacroix. It makes the Mistral, Ministral and Codestral models and publishes the weights of most of them; its API also sells other labs' open models, such as Z.ai's GLM 5.3 and DeepSeek V4.1 Flash, which the index does not count as Mistral's. Its largest model, Mistral Large 4, released in public preview on October 6, 2026, has about 1 trillion parameters, 52 billion of them active, and on October 28, 2026 cost less than Mistral Medium 3.5 for input, cached input and output (pricing).
Models and prices
| Model | Input | Cache read | Output | At the mix |
|---|
| Mistral Large 4 | $0.70 | $0.07 | $2.10 | $0.166 |
| Mistral Small 4 | $0.15 | $0.015 | $0.60 | $0.0370 |
| Codestral | $0.30 | $0.03 | $0.90 | $0.0711 |
| Ministral 3 8B | $0.15 | $0.015 | $0.15 | $0.0326 |
USD per 1M tokens, from Mistral's API pricing page, on November 11, 2026; the page can also show euros, and the index uses the dollar prices. Mistral Medium 3.5 and Large 3, on the page on October 28 at $1.50/$7.50 and $0.50/$1.50, were no longer on it on November 11. "At the mix" prices 87% of tokens as cache reads, 12% as input and 1% as output, as the index does. Cached prompt tokens are billed at 10% of the standard input price, batch requests at half price, and the EU and US regional endpoints at 1.1 times list price. The index uses the list price, which OpenRouter posts for Mistral's endpoint tagged zdr (for Codestral, its untagged one); it posts Mistral's EU endpoint at 1.1 times it, and from November 4 to 12, 2026 the index read that price, $0.77/$2.31 for Large 4, an error listed in the errata and fixed from November 13. Large 4 has a 1M-token context window.
What this index measures
Each day's value averages the prices Mistral posts for its own models, weighted by each model's tokens in OpenRouter's daily rankings, with each model priced at the mix of tokens agents send: 87% cache reads, 12% input and 1% output, as OpenRouter measured in agentic use. From October 12 to 27, 2026, Large 4 was the only Mistral model counted, and it was among OpenRouter's 50 most-used on two of those days: 50th on October 12, with 58.4 billion tokens, and 45th on October 22, with 78.0 billion. The other days are carried, at the last day's model shares.
The history starts on January 1, 2025, the first day of OpenRouter's rankings dataset, and has no values on June 15 and July 15, 2025, two days missing from that dataset, or from August 1 to October 11, 2026. Mistral Nemo carried 85% of the tokens the index counted for Mistral from January 2025 to July 28, 2026. It is an open-weight model, which counts only while Mistral itself sells it, and Mistral's model list gives July 31, 2026 as the day it retired from Mistral's API. On 26 of the 72 days, Nemo was the only Mistral model in OpenRouter's top 50; on the other 46, none was. Either way the shares carried from July 28, all Nemo, could not be priced at Mistral's own price, so no value was published. Values resumed on October 12, when Large 4 entered the top 50.
Other hosts still sell Nemo's Apache 2.0 weights: on October 28, 2026, four listed it on OpenRouter, from $0.0166 (io.net, at 28% off) to $0.03 per million input tokens. OpenRouter also still listed a Mistral EU endpoint for it at $0.15, but the index follows Mistral's own retirement date.
What moves Mistral's index
- Nemo's share. Nemo carried 71% of the tokens counted in 2025, when the index ranged from $0.123 to $0.339 with the mix of Mistral's other models, and 98.5% from March to July 28, 2026, when the index was Nemo's price on all but five days.
- Mistral Medium 3.5. At $1.50/$7.50, it was among OpenRouter's 50 most-used on May 22 and 25, 2026, and the index rose to $0.819 and $0.687 from $0.150.
- Cache prices on record. Cache reads count at the input price before June 8, 2026, the first day the index's price history has Mistral's 10% cache price. On June 8 the index fell to $0.0326 from $0.150, with Nemo still at $0.15/$0.15.
- Large 4's price cut. Mistral's pricing page listed Large 4 at $0.70/$2.10 on November 11, 2026, about half the $1.36/$4.18 of October 28; OpenRouter posted the lower price from October 29.
- The EU price, November 4 to 12, 2026. The index read Large 4 at the 1.1 times list price of Mistral's EU endpoint, $0.182 at the mix instead of $0.166, and counts the list price again from November 13 (errata): a fall of about 9% on that day is the fix, not a price cut.
- Large 4's launch discount. Large 4 launched at half price for two weeks. The index was $0.163 from October 12 to 19 and $0.327, Large 4's full price at the mix, from October 20.
Price history
- July 18, 2024: Mistral Nemo, a 12B model built with NVIDIA, released under Apache 2.0.
- September 17, 2024: Nemo cut to $0.15/$0.15 from $0.30/$0.30.
- December 2, 2025: Mistral Large 3 at $0.50/$1.50 and Ministral 3 8B at $0.15/$0.15.
- April 28, 2026: Mistral Medium 3.5 at $1.50/$7.50.
- May 22, 2026: Nemo deprecated, with Ministral 3 8B suggested in its place.
- July 31, 2026: Nemo retired from Mistral's API.
- October 6, 2026: Mistral Large 4 at $1.36/$4.18, with launch pricing at "50% off" for two weeks.
- October 20, 2026: the first day the index counts Large 4's full price.
- October 29, 2026: Large 4 on OpenRouter at $0.70/$2.10, the price Mistral's pricing page listed on November 11; from November 4 to 12 the index read 1.1 times it, $0.77/$2.31, the price of Mistral's EU endpoint (errata).
FAQ
How much does the Mistral API cost per million tokens? On November 11, 2026, Mistral Large 4 cost $0.70 per million input tokens and $2.10 per million output tokens, as in the table above; on October 28 it cost $1.36 and $4.18.
Why does Mistral's index have no values from August 1 to October 11, 2026? Mistral retired Mistral Nemo, until then its most-used model on OpenRouter, from its own API on July 31, 2026, and the index counts Mistral's open-weight models only at Mistral's own price. No other Mistral model was among OpenRouter's 50 most-used until Large 4 on October 12.
Why did Mistral's index double on October 20, 2026? Large 4's two-week launch discount ended, and its price at the mix rose to $0.327 from $0.163. From November 11 through November 18, 2026, the 1-month change shown here compares with the discounted price.
How often is it updated? Once a day: each UTC day's value is calculated in the first update after that day ends, from the day's OpenRouter volumes and the prices posted then. Updates are scheduled every 2 hours but can start hours late.
Sources
Text reviewed Nov 11, 2026; the figures in it are as of that date. The figures at the top of this page update once a day.
Cite as: Compute Screener, “Mistral token price index”, computescreener.com/tokens/mistral. The figures are free to reuse under CC BY 4.0 with credit to Compute Screener.
