
What happened
MiniMax Group Inc. released M3.1 Flash, an update to its June M3 model. The company says agentic tasks cost 70% less and inference runs close to three times as fast, with 428 billion parameters.
Why it matters
AI agents often need dozens of model calls to finish one job, so a 70% per-task cost cut could make always-on agent deployments cheaper to run, though the figures come from MiniMax's own testing.
WHO IT HITSEnterprise teams building AI agents that make many model calls per job — for code auditing, penetration testing or banking workflows — get a lower per-call price and faster responses. Whether the claimed savings hold outside MiniMax's own tests remains unverified.
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MiniMax is using M3.1 Flash to compete on price and speed rather than raw size. The model lists 428 billion parameters, barely changed from M3, and the company credits the extra speed to more aggressive sparsity at inference time — meaning fewer parts of the model are engaged per request. Reasoning stays on for every request, with developers picking one of five effort levels from Low to Max, which lets them trade cost against capability.
The launch lands directly on DeepSeek's V4.1-Flash, which charges the same 15 cents per million input tokens off-peak. On MiniMax's own reported figures the two are close on software engineering: M3.1 Flash managed 73.7% on DeepSWE v1.1 against DeepSeek's stated 77%, and neither result has been independently checked. MiniMax's Hong Kong shares fell after the original V4.1-Flash launched in September, according to Bloomberg, so the pricing pressure behind this release is already visible in its stock.
The launch also closes a small mystery. Space Bunny, an anonymous model that appeared on OpenRouter's routing service in late September, was confirmed today as an early build of M3.1 Flash; more than 200 trillion tokens went through it while its maker stayed unnamed. Beyond that confirmation, MiniMax has not detailed the reasoning behind the 200 tokens-per-second peak output figure or how the Pro model will differ from Flash.
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