Model comparison

MiniMax-M2 vs Mistral Small 3.2

MiniMax-M2 is the stronger model overall, scoring 37.4 to 31.2 on the Noometry Index. Mistral Small 3.2 costs 4.0× less per token, which makes it the better buy when MiniMax-M2's lead doesn't matter for your workload.

Last verified October 11, 2026. 1 shared benchmarks.

MiniMax-M2

MiniMax

37.4

Rank #204 Confirmed

Mistral Small 3.2

Mistral AI

31.2

Rank #280 Confirmed

Summary

They share 1 benchmark with published results for both. MiniMax-M2 scores higher in 4 categories and Mistral Small 3.2 in 0 categories; 4 gaps are clear of the uncertainty.
The widest gap is in math, where MiniMax-M2 leads 37.3 to 26.3.
The biggest single-benchmark swing is Kagi LLM Benchmark: 57.8% for MiniMax-M2 and 40.4% for Mistral Small 3.2.
Mistral Small 3.2 is cheaper at $0.0938 / $0.25 per million input/output tokens, against $0.30 / $1.20 for MiniMax-M2.
Mistral Small 3.2 accepts more context: 256K tokens versus 205K.

Side by side

MiniMax-M2 and Mistral Small 3.2 specifications
	MiniMax-M2	Mistral Small 3.2
Provider	MiniMax	Mistral AI
Noometry Index	37.4	31.2
Released	2025-10-27	2025-06-20
Weights	Open	Open
Context window	205K	256K
Max output	131K	16K
Input $ / M tokens	$0.30	$0.0938
Output $ / M tokens	$1.20	$0.25
Results tracked	21	6

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Category by category

Coding Not comparable

MiniMax-M2: 39.3 (#159), Mistral Small 3.2: —

Coding benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
SWE-bench Verified (bash only)	61%	—
LMArena WebDev	1297	—
LMArena Coding	1370	—

Agentic & Tool Use Not comparable

MiniMax-M2: 25.1 (#109), Mistral Small 3.2: —

Agentic & Tool Use benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
Terminal-Bench	30%	—
Vending-Bench 2	160.6	—

Reasoning MiniMax-M2 leads

MiniMax-M2: 19.4 (#258), Mistral Small 3.2: 18.1 (#287)

Reasoning benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
Kagi LLM Benchmark	57.8%	40.4%
NYT Connections (extended)	14.8%	—
Chess Puzzles	—	1%
LMArena Hard Prompts	1357	—
Epoch Capabilities Index	—	131.74

Math MiniMax-M2 leads

MiniMax-M2: 37.3 (#160), Mistral Small 3.2: 26.3 (#260)

Math benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
OTIS Mock AIME 2024-2025	—	30.3%
LMArena Math	1352	—

Knowledge MiniMax-M2 leads

MiniMax-M2: 37.0 (#163), Mistral Small 3.2: 26.7 (#256)

Knowledge benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
GPQA Diamond	—	49.1%
LMArena Expert	1337	—

Multilingual Not comparable

MiniMax-M2: 45.3 (#171), Mistral Small 3.2: —

Multilingual benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
LMArena Non-English	1313	—
LMArena Chinese	1366	—
LMArena French	1335	—
LMArena German	1355	—
LMArena Russian	1331	—
LMArena Spanish	1326	—

Instruction Following Not comparable

MiniMax-M2: 70.2 (#166), Mistral Small 3.2: —

Instruction Following benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
LMArena Instruction Following	1328	—

Long Context Not comparable

MiniMax-M2: 40.5 (#153), Mistral Small 3.2: —

Long Context benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
LMArena Longer Query	1331	—

Writing & Preference MiniMax-M2 leads

MiniMax-M2: 53.0 (#162), Mistral Small 3.2: 45.0 (#224)

Writing & Preference benchmarks
Benchmark	MiniMax-M2	Mistral Small 3.2
LMArena Text	1340	—
LMArena Creative Writing	1286	—
EQ-Bench Creative Writing	—	1255
LMArena Multi-Turn	1361	—

Frequently asked questions

Is MiniMax-M2 better than Mistral Small 3.2?

Which is cheaper, MiniMax-M2 or Mistral Small 3.2?

Mistral Small 3.2 is cheaper. It lists at $0.0938 per million input tokens and $0.25 per million output tokens; MiniMax-M2 lists at $0.30 and $1.20.

Which has the bigger context window?

Mistral Small 3.2 does, with 256K tokens against 205K.

How many benchmarks do MiniMax-M2 and Mistral Small 3.2 share?

1 benchmark has published results for both models. MiniMax-M2 has 21 scored results on Noometry and Mistral Small 3.2 has 6.