LongCat-2.5-Preview vs MiniMax-M2.5-highspeed vs Step 5 Preview
Step 5 Preview comes out ahead, 57 to 52 and 41 on our weighted score, though MiniMax-M2.5-highspeed is 26% cheaper per token.
Meituan (LongCat)LongCat-2.5-Preview
52/100- ECI—
- Price$0.75 / $2.95
- Context1M
MiniMaxMiniMax-M2.5-highspeed
41/100- ECI—
- Price$0.60 / $2.40
- Context205K
- Our pick
StepFunStep 5 Preview
57/100- ECI—
- Price$1.00 / $2.70
- Context1M
Step 5 Preview is our pick
Step 5 Preview is the better all-round choice, scoring 57/100 against LongCat-2.5-Preview (52) and MiniMax-M2.5-highspeed (41). It leads on inputs & features. MiniMax-M2.5-highspeed wins on price. The score weighs price 50%, inputs & features 30%, context window 20%. None of the shared benchmarks cover every model here yet, so capability is left out of this verdict.
- CapabilityNot enough dataNo independent benchmark covers every model here yet
- Lowest priceMiniMax-M2.5-highspeedMiniMax-M2.5-highspeed $1.05 · LongCat-2.5-Preview $1.30 · Step 5 Preview $1.43 per 1M tokens (3:1 blend)
- Longest contextLongCat-2.5-Preview and Step 5 PreviewLongCat-2.5-Preview 1,000,000 · Step 5 Preview 1,000,000 · MiniMax-M2.5-highspeed 204,800 tokens
- Widest inputsStep 5 PreviewLongCat-2.5-Preview: Text, Images · MiniMax-M2.5-highspeed: Text · Step 5 Preview: Text, Images, Video
- Self-hostingMiniMax-M2.5-highspeedPublishes downloadable weights
| Measure | Weight | LongCat-2.5-Preview | MiniMax-M2.5-highspeed | Step 5 Preview |
|---|---|---|---|---|
| Price | 50% | 44 | 49 | 43 |
| Inputs & features | 30% | 60 | 35 | 80 |
| Context window | 20% | 60 | 32 | 60 |
| Overall | 100% | 52/100 | 41/100 | 57/100 |
Left out because at least one model lacks the data: capability. The remaining weights were rescaled.
Every spec in one table
Highlighted cells lead their row. Dashes mean the data is not published.
| Specification | LongCat-2.5-PreviewMeituan (LongCat) | MiniMax-M2.5-highspeedMiniMax | Step 5 PreviewStepFun |
|---|---|---|---|
| Capability | |||
| Capabilities Index (ECI) | — | — | — |
| ECI rank | — | — | — |
| Price per million tokens | |||
| Input | $0.75 | $0.60 (best) | $1.00 |
| Output | $2.95 | $2.40 (best) | $2.70 |
| Cached input | — | $0.06 | $0.05 (best) |
| Blended (3:1) | $1.30 | $1.05 (best) | $1.43 |
| Long-context rate | Same rate | Same rate | Same rate |
| Price source | Median of 1 providers | Official MiniMax (minimax.io) API | Official StepFun (Global) API |
| Limits | |||
| Context window | 1,000,000 tokens (best) | 204,800 tokens | 1,000,000 tokens (best) |
| Max output | 131,072 tokens | 131,072 tokens | 1,000,000 tokens (best) |
| Inputs and features | |||
| Text | Yes | Yes | Yes |
| Images | Yes | No | Yes |
| PDFs | No | No | No |
| Audio | No | No | No |
| Video | No | No | Yes |
| Reasoning | Yes | Yes | Yeslow · medium · high |
| Tool calling | Yes | Yes | Yes |
| Structured output | No | No | Yes |
| Availability | |||
| Weights | Proprietary | Open | Proprietary |
| API model ID | — | MiniMax-M2.5-highspeed | step-5-preview |
| API providers | 2 | 7 (best) | 7 (best) |
| Released | Sep 25, 2026 | Feb 13, 2026 | Sep 16, 2026 |
| Knowledge cutoff | — | — | — |
What would a month cost?
Enter your expected volume in millions of tokens. List prices only; caching and batch discounts would lower these.
- LongCat-2.5-Preview$13.40
- MiniMax-M2.5-highspeed$10.80
- Step 5 Preview$15.40
Which should you choose?
Which is better: LongCat-2.5-Preview, MiniMax-M2.5-highspeed or Step 5 Preview?
Step 5 Preview is the better all-round choice, scoring 57/100 against LongCat-2.5-Preview (52) and MiniMax-M2.5-highspeed (41). It leads on inputs & features. MiniMax-M2.5-highspeed wins on price. The score weighs price 50%, inputs & features 30%, context window 20%. None of the shared benchmarks cover every model here yet, so capability is left out of this verdict.
Which is cheaper, LongCat-2.5-Preview, MiniMax-M2.5-highspeed or Step 5 Preview?
MiniMax-M2.5-highspeed is cheaper at $0.60 input / $2.40 output per million tokens (official MiniMax (minimax.io) API price). LongCat-2.5-Preview costs $0.75 input / $2.95 output per million tokens (median across 1 API provider); Step 5 Preview costs $1.00 input / $2.70 output per million tokens (official StepFun (Global) API price). At a typical mix of three input tokens to one output token, that is $1.05 per million tokens for MiniMax-M2.5-highspeed versus $1.30 for LongCat-2.5-Preview (1.2× as much) and $1.43 for Step 5 Preview (1.4× as much).
Which scores higher on benchmarks?
There is no independent benchmark that covers all three models yet. LongCat-2.5-Preview has not been scored yet, MiniMax-M2.5-highspeed has not been scored yet and Step 5 Preview has not been scored yet.
Which is better for coding?
There are no published SWE-bench Verified results for LongCat-2.5-Preview, MiniMax-M2.5-highspeed and Step 5 Preview yet, so there is no like-for-like coding score. Test both on a sample of your own tasks. All three support tool calling for agent workflows.
Which has the bigger context window?
LongCat-2.5-Preview and Step 5 Preview have the largest context windows (1,000,000 and 1,000,000 tokens), against 204,800 for MiniMax-M2.5-highspeed. Maximum output per response: LongCat-2.5-Preview up to 131,072, MiniMax-M2.5-highspeed up to 131,072, Step 5 Preview up to 1,000,000 tokens.
Which can read images, PDFs, audio or video?
LongCat-2.5-Preview accepts text and images; MiniMax-M2.5-highspeed accepts text; Step 5 Preview accepts text, images and video. Step 5 Preview handles the widest range of inputs.
Are any of these open source?
MiniMax-M2.5-highspeed publishes its weights and can be self-hosted; LongCat-2.5-Preview and Step 5 Preview is proprietary.
Which is newer?
LongCat-2.5-Preview is the newest, released Sep 25, 2026. Step 5 Preview came out Sep 16, 2026; MiniMax-M2.5-highspeed came out Feb 13, 2026.
How do you decide the winner?
Each model gets a 0–100 score on capability (50%, independent benchmark results); price (25%, blended price per million tokens (3 input : 1 output), log scale); inputs & features (15%, image, PDF, audio and video input, tool calling, structured output and reasoning); context window (10%, maximum tokens per request, log scale). Dimensions missing for any model are dropped and the remaining weights rescaled, so every model is judged on the same evidence. Specs and prices come from public model listings and the labs’ own API pages; capability scores come from independent benchmark runs. Data updated Oct 4, 2026.
