Just a day after the release of GLM 5, another elite open-weight coding model has been publicly released. Here are our key takeaways from benchmarking MiniMax-M2.5 on the Vals Index:

• MiniMax-M2.5 excels on (the vals index split of) SWE-bench, placing first among open-weight models. It places second among open-weight models on Terminal Bench 2, behind GLM 5.
• MiniMax-M2.5 struggles on legal and financial tasks, scoring relatively low on our “CorpFin” and “CaseLaw” tasks.

We ran all benchmarks on the “lightning” endpoint, which offers extra speed for twice the price of the standard endpoint. We used temperature 1, a top p of 0.9, and a max output tokens of 196,608.

Congrats to Minimax on the release!

We continue to find strong results for GLM 5 across the remainder of our benchmarks, often exceeding the performance of the previous open-weight champion, Kimi K2.5. Here are our key takeaways:

• The model excels on our IOI benchmark, beating Kimi by almost 5% (but taking almost twice as long to run)
• The model struggles on our private CaseLaw and TaxEval benchmarks, placing 50th and 48th, respectively

See our twitter post for the hyperparameters we used for evaluation. Congrats again to the team at z.AI on the release!

We found the newest release from z.AI to represent a step up for open-source models, especially on Terminal-Bench 2, on which the model places seventh overall and beats Kimi K2.5 for top open-weight model by a huge margin (9%).

The model surpasses Kimi as leading the open-weight category in several other benchmarks as well, most notably on Finance Agent, on which it breaks 50% and places 11th overall.

The biggest story here is price - the model is several times cheaper than leading closed-source models from OpenAI and Anthropic. However, Kimi K2.5 is 2.5x cheaper still on our Vals Index, on which it places first due to superior performance on CorpFin.

We evaluated the model with the following parameters:

• temperature 0.7 and low max output tokens on agentic coding benchmarks (16K on SWE-bench and 8K on Terminal-Bench 2)
• 65K max output tokens on CaseLaw and CorpFin
• temperature 1 and 130K max output tokens otherwise

We’ve done a full review of the data, harness, and evaluation for Finance Agent, and are releasing it today as “FAB v1.1”!

• On the data, we ran quality control on the benchmark data using finance experts from leading global investment banks, private equity firms, and hedge funds, including Goldman Sachs, Silver Lake, and Citadel.
• We made several notable improvements to the harness, such as upgrading the search provider to Tavily, switching submission to a tool call, and improving instructions on rounding.
• Claude Opus 4.6 (Thinking) remains on top, although many models like Gemini 3 Pro (11/25) and Grok 4.1 Fast (Reasoning) saw major improvements.

We will continue to release refreshes on our benchmarks to ensure quality remains at the same high standard.