Mercury 2 vs Mistral Large 3
Too close to call on our weighted score (Mistral Large 3 52, Mercury 2 52). The right pick depends on what you value most.
InceptionMercury 2
52/100- ECI—
- Price$0.25 / $0.75
- Context128K
Mistral AIMistral Large 3
52/100- ECI—
- Price$0.50 / $1.50
- Context262K
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Make it a three-way comparison.
Too close to call
It is close. Our weighted score puts them within a point (Mistral Large 3 52/100, Mercury 2 52/100), so choose by what matters most for your work: Mercury 2 on price and Mistral Large 3 for long inputs. 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 priceMercury 2Mercury 2 $0.375 · Mistral Large 3 $0.75 per 1M tokens (3:1 blend)
- Longest contextMistral Large 3Mistral Large 3 262,144 · Mercury 2 128,000 tokens
- Widest inputsMistral Large 3Mercury 2: Text · Mistral Large 3: Text, Images
- Self-hostingMistral Large 3Publishes downloadable weights
| Measure | Weight | Mercury 2 | Mistral Large 3 |
|---|---|---|---|
| Price | 50% | 67 | 53 |
| Inputs & features | 30% | 45 | 60 |
| Context window | 20% | 24 | 37 |
| Overall | 100% | 52/100 | 52/100 |
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 | Mercury 2Inception | Mistral Large 3Mistral AI |
|---|---|---|
| Capability | ||
| Capabilities Index (ECI) | — | — |
| ECI rank | — | — |
| Price per million tokens | ||
| Input | $0.25 (best) | $0.50 |
| Output | $0.75 (best) | $1.50 |
| Cached input | $0.025 (best) | $0.05 |
| Blended (3:1) | $0.375 (best) | $0.75 |
| Long-context rate | Same rate | Same rate |
| Price source | Official Inception API | Official Mistral API |
| Limits | ||
| Context window | 128,000 tokens | 262,144 tokens (best) |
| Max output | 50,000 tokens | 262,144 tokens (best) |
| Inputs and features | ||
| Text | Yes | Yes |
| Images | No | Yes |
| PDFs | No | No |
| Audio | No | No |
| Video | No | No |
| Reasoning | Yeslow · medium · high | No |
| Tool calling | Yes | Yes |
| Structured output | Yes | Yes |
| Availability | ||
| Weights | Proprietary | Open |
| API model ID | mercury-2 | mistral-large-2512 |
| API providers | 7 | 17 (best) |
| Released | Feb 24, 2026 | Dec 2, 2025 |
| Knowledge cutoff | — | Nov 2024 |
What would a month cost?
Enter your expected volume in millions of tokens. List prices only; caching and batch discounts would lower these.
- Mercury 2$4.00
- Mistral Large 3$8.00
Which should you choose?
Which is better: Mercury 2 or Mistral Large 3?
It is close. Our weighted score puts them within a point (Mistral Large 3 52/100, Mercury 2 52/100), so choose by what matters most for your work: Mercury 2 on price and Mistral Large 3 for long inputs. 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, Mercury 2 or Mistral Large 3?
Mercury 2 is cheaper at $0.25 input / $0.75 output per million tokens (official Inception API price). Mistral Large 3 costs $0.50 input / $1.50 output per million tokens (official Mistral API price). At a typical mix of three input tokens to one output token, that is $0.375 per million tokens for Mercury 2 versus $0.75 for Mistral Large 3 (2× as much).
Which scores higher on benchmarks?
There is no independent benchmark that covers both models yet. Mercury 2 has not been scored yet and Mistral Large 3 has not been scored yet.
Which is better for coding?
There are no published SWE-bench Verified results for Mercury 2 and Mistral Large 3 yet, so there is no like-for-like coding score. Test both on a sample of your own tasks. Both support tool calling for agent workflows.
Which has the bigger context window?
Mistral Large 3 has the largest context window at 262,144 tokens, against 128,000 for Mercury 2. Maximum output per response: Mercury 2 up to 50,000, Mistral Large 3 up to 262,144 tokens.
Which can read images, PDFs, audio or video?
Mercury 2 accepts text; Mistral Large 3 accepts text and images. Mistral Large 3 handles the widest range of inputs.
Are any of these open source?
Mistral Large 3 publishes its weights and can be self-hosted; Mercury 2 is proprietary.
Which is newer?
Mercury 2 is the newest, released Feb 24, 2026. Mistral Large 3 came out Dec 2, 2025. Knowledge cutoff: Mistral Large 3 Nov 2024.
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 Nov 2, 2026.
