MiniMax M2.5, launched February 12, 2026, is a 230B parameter Mixture-of-Experts model that activates only 10B parameters per query, achieving near-parity with Claude Opus 4.6 and GPT-5 on coding benchmarks like SWE-Bench Verified (80.2%) at roughly 1/20th the output cost ($1.20 vs $25 per million tokens). The Lightning variant

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The Year of Maturity: AI in 2026 Between Autonomous Agents, Sovereignty, and the Reinvention of WorkThe model that thinks like an architectThe price issue that changes everythingPractical applications beyond codeThe IPO and the financial contextThe geopolitical trajectoryTechnical architecture and trainingOpen-source and data securityEconomic sustainability and futureImplications for the European marketStill open questions

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