As token prices fall, AI model vendors rewrite the pricing yardstick
An analysis republished by 36Kr (originally from 窄播AI) says that as per-million-token prices keep falling, model vendors are separately pricing speed, resource priority and budget certainty. It cites OpenAI's July moves — cutting GPT-5.6 Luna API input and output prices by 80% and mid-tier Terra by 20% — while selling a Fast Mode for GPT-5.6 Sol at twice the standard price for up to 2.5x the output speed, and an early-October update that raised GPT-6 Astra and GPT-6.1 Sol speeds by about 50%. OpenAI CFO Sarah Friar is cited proposing "Useful Intelligence per Dollar," arguing enterprises should count task completion, time spent, retries and human supervision rather than token list prices. The piece cites Ramp data showing effective price per million tokens for its US business sample fell from $1.15 to $0.68 (41%) between March and September 2026 while monthly token spending grew 20x from June 2025 to June 2026, and SemiAnalysis subscription-quota tests estimating that, assuming a 92% API gross margin and fully used quotas, exhausting Opus 5.5 quota implies roughly -369% subscription gross margin versus about 1% for Fable 5.1.
The article argues that plain token pricing is losing explanatory power, giving multi-model routing, cloud platforms and cost-management tools that hold task outcomes, spend and error feedback a role in defining how "useful" intelligence gets priced.
模型厂商正在重新定义客户为什么付出溢价。
今年7月,OpenAI做了一组看起来相互矛盾的价格调整。
一边是降价:GPT-5.6 Luna的API输入和输出价格下调80%,中档模型Terra降价20%。另一边是出售更贵的速度:GPT-5.6 Sol的Fast Mode号称最高可以达到标准模式2.5倍的输出速度,价格则是标准模式的两倍。同一种模型能力,因为交付速度不同,被OpenAI卖出了两个价格。
到了10月初,OpenAI在28天的连发中,又把在订阅中优化默认速度作为了首个重要更新。这次调整,OpenAI把GPT-6 Astra 和 GPT-6.1 Sol的速度提升了约50%,并强调这两个模型在完成任务所需Token数量方面相当高效。
这些动作背后,一个问题变得越来越重要:当Token价格下降,模型厂商还能依据什么获得溢价?
OpenAI首席财务官Sarah Friar给出了一个更明确的概念——每美元有效智能(Useful Intelligence per Dollar)。按照她的解释,企业不应只看每百万Token的价格,还要计算一项任务是否完成、花费多少时间、失败后需要重复调用多少次,以及需要多少人工监督。
#OpenAI#Anthropic#Sarah Friar#Ramp#SemiAnalysis#Google#DeepSeek#MiniMax#Zhipu AI#Alibaba Cloud#Factory