DeepSeek-V3.2 (Thinking) vs MiniMax M2: Specs & Benchmark Comparison
| Characteristic | DeepSeek-V3.2 (Thinking) | MiniMax M2 |
|---|---|---|
| Company | DeepSeek | MiniMax |
| Release Date | November 30, 2025 | October 26, 2025 |
| Parameters | 685B | 230B |
| Multimodal | No | No |
| Context (input) | 131K | 1.0M |
| Context (output) | 66K | 100K |
| Input Price / 1M | $0.28 | $1.00 |
| Output Price / 1M | $0.42 | $4.00 |
| Average Score | 0.9 | 0.8 |
| Benchmarks | ||
| AIME 2025 | 0.9 | 0.8 |
| GPQA | 0.8 | 0.8 |
| MMLU-Pro | 0.8 | 0.8 |
| LiveCodeBench | 0.8 | 0.8 |
Visual Benchmark Comparison
DeepSeek-V3.2 (Thinking)
MiniMax M2
AIME 20250.9 vs 0.8
0.9
0.8
GPQA0.8 vs 0.8
0.8
0.8
MMLU-Pro0.8 vs 0.8
0.8
0.8
LiveCodeBench0.8 vs 0.8
0.8
0.8
Verdict
DeepSeek-V3.2 (Thinking) leads in 2 out of 4 comparison categories.
Overall Performance
Both models show comparable average scores: DeepSeek-V3.2 (Thinking) — 0.9, MiniMax M2 — 0.8.
API Cost
DeepSeek-V3.2 (Thinking) is 7.1x cheaper: input $0.28/1M vs $1.00/1M tokens.
Context Window
MiniMax M2 supports a larger context: 1M vs 131K tokens.
Recency
DeepSeek-V3.2 (Thinking) is newer: released 11/30/2025 vs 10/26/2025.
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Frequently Asked Questions
Which is better for coding — DeepSeek-V3.2 (Thinking) or MiniMax M2?
Direct comparison on the SWE-Bench benchmark is not available. We recommend reviewing other metrics on the comparison page.
Which model is cheaper — DeepSeek-V3.2 (Thinking) or MiniMax M2?
DeepSeek-V3.2 (Thinking) is cheaper for input: $0.28 per 1M tokens vs $1.00.
Which has a larger context window — DeepSeek-V3.2 (Thinking) or MiniMax M2?
MiniMax M2 supports a larger context: 1,000,000 tokens vs 131,072.
The DeepSeek-V3.2 (Thinking) and MiniMax M2 comparison is updated for 2026. Data includes benchmark results, API pricing, context window size and other specifications. For more detailed information, visit the DeepSeek-V3.2 (Thinking) or MiniMax M2 page. See also the complete list of AI model comparisons.