Moonshot is charging $3 and $15 a million tokens for Kimi K3, its 2.8-trillion-parameter model, the same shelf as Anthropic's Sonnet series. No Chinese lab has ever asked that much. Moonshot's own K2.6 went out at $0.95 and $4, and the weights for K3 are promised to the public by July 27.
Our token basket moved the same way, more quietly. Qwen3.7 Max came back at $1.475 in and $4.425 out per million, up 18% in a week, while every neocloud list price in the snapshot held exactly where it was. The cheap end of the market is repricing. The expensive end is standing still.
The reason sits on the supply side. Weights keep getting easier to obtain and compute does not. Anthropic spent the week in early talks to lease roughly $10 billion of capacity from Meta, and a lender wrote a $400 million loan against inference silicon as collateral, which is what financing looks like when the scarce asset is the machine rather than the model. An open-weight lab renting the same GPUs ends up charging like everyone else renting them.
The weights go public on July 27.
Qwen3.7 Max rose to $1.475/$4.425 per million tokens from $1.25/$3.75 a week earlier, an 18% increase, while all four neocloud GPU ranges in the snapshot were unchanged.
