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Radar · Model frontier and open weights · T2 · 2029 · THESIS

The frontier tier keeps its price through 2028

On 2028-12-31 the top-ranked model on the Artificial Analysis Intelligence Index carries a list output price of at least $20 per million tokens on its first-party API, even as trailing-tier prices keep falling.

THESISupindicators pendingregistered 2026-09-08Artificial Analysis

ClaimOn 2028-12-31 the top-ranked model on the Artificial Analysis Intelligence Index carries a list output price of at least $20 per million tokens on its first-party API, even as trailing-tier prices keep falling.
Consensus (implied)20%implied from a16z, LLMflation, and Epoch AI LLM inference price trends · 2024-11-11
Distance+2.23log-odds · far above consensus
My confidence70%80% CI 55–85%
Engine61%-9 pts vs me · council-only:log-odds-mean
Falsifies ifOn 2027-12-31 the top-ranked model on the Artificial Analysis index lists below $15 per million output tokens.
HorizonDecember 31, 2028804 days · by end-2029 · milestone ladder

Why it matters

Capacity plans assume inference revenue per token collapses toward zero. That is true for last year's capability and false, so far, for this year's. If the frontier tier holds $20 or more, the labs keep gross margin to fund training and the demand for the highest-density racks stays anchored to a few closed models. If it breaks, the buildout is being financed on a price that no longer exists.

Probability over time

0%25%50%75%100%09-0709-0709-0809-1209-1209-1909-1909-2610-0310-1010-1710-1710-1810-1810-19deadline

Registered at 70% on September 8, 2026. Engine repriced 14 times; now 61%.

Milestone ladder

Dated rungs. Each is scored on its own; the thesis does not get credit for the ladder until the rungs land.

0%50%100%2027-06-30m180%2027-12-31m275%2028-12-31m370%

filled bar · my probabilityhollow dot · engineamber date · due, awaiting adjudication

m1 · 2027-06-30 · 80% · The top-ranked Artificial Analysis model lists at $30 or more per million output tokens.

m2 · 2027-12-31 · 75% · The top-ranked Artificial Analysis model lists at $20 or more per million output tokens.

m3 · 2028-12-31 · 70% · The top-ranked Artificial Analysis model lists at $20 or more per million output tokens.

Leading indicators

Registered thresholds. Status is computed from the latest public reading.

Output price of the top-ranked AA modelno data

— USD per 1M output tokens

2515no data yet

on track >= 25 · off < 15artificial-analysis ↗

connector returned no usable reading · checked 2026-10-19

Cheapest model within 5 index points of the topno data

— USD per 1M output tokens

52no data yet

on track >= 5 · off < 2artificial-analysis ↗

connector returned no usable reading · checked 2026-10-19

What would move me

Would raise my number

  • OpenAI, Anthropic, or Google raise list prices on a new flagship in 2027.
  • Frontier labs restrict top models to enterprise tiers with minimum commitments.
  • Compute supply stays constrained (NVIDIA fiscal 2028 remains supply-limited).

Would cut it

  • An open-weights model reaches the top of the index and is served below $5 per million tokens.
  • A frontier lab cuts its flagship price by more than half within six months of launch.
  • The top index score stalls, letting cheaper distilled models tie the leader.

Council · 61%

6 personas on one model (openai/gpt-5.6-sol); other vendors were unavailable this run, so read this as one model's persona-averaged view.

57%

grid-and-power-planner · openai/gpt-5.6-sol

I use 2023–2026 moving-frontier flagship list prices—not fixed-capability inference—as the reference class. Starting from the supplied $50 baseline, the threshold permits a 0.60 cut, and frontier releases have retained scarcity pricing while trailing models commoditize. I assign roughly a 0.20 annual hazard that the priced leaderboard leader falls below $20 over 2.28 years, plus 0.06 risk that the index is discontinued; compounding gives about 0.57. The public-price fallback and tie rule modestly favor HIT. Missing indicator readings prevent confirming price persistence, while competition, distillation, and a cheap open-model leader make 0.70 too high.

61%

semiconductor-supply-chain-analyst · openai/gpt-5.6-sol

My reference class is successive premium frontier-model launches: moving-frontier list prices have been stickier than constant-capability inference costs. Starting from the supplied $50 baseline, a MISS requires the qualifying leader’s price to fall more than 60% by 2028, which is plausible but not the modal path if developers retain premium reasoning tiers. I apply roughly a 15% annual hazard of crossing below $20, compounded over about 2.3 years, plus a small discontinuation/measurement risk. Faster inference-cost declines, competition, and capable open models raise that hazard. With no current indicator readings, I discount the forecaster’s 0.70 rather than treating the baseline as confirmed.

56%

enterprise-cio · openai/gpt-5.6-sol

Reference class: successive public frontier API generations, where premium launch prices often persist but benchmark leadership sometimes shifts to cheaper flagship models. Starting from the supplied $50 baseline, I use roughly a 0.22 annual hazard that the year-end leader is priced below $20; compounding over 2.2 years leaves about 0.58 for price retention. I then deduct modest risk that Artificial Analysis is discontinued or its displayed price fails the literal endpoint requirements. Moving-frontier scarcity and costly reasoning support premium pricing; inference efficiency, competition, and leaderboard volatility oppose it. Missing indicators provide no evidence of persistence after the baseline.

63%

credit-analyst · openai/gpt-5.6-sol

My reference class is frontier first-party API list-price transitions since 2023, adjusted for the supplied 2026 baseline. Starting at $50 gives a 2.5x cushion over the threshold, and moving-frontier pricing should decline much more slowly than fixed-capability inference costs. Premium segmentation and two co-leading developers at $50 support persistence. Against that, benchmark leadership can shift to a lower-priced model, competition may compress standard-tier pricing, and index discontinuation is an automatic miss. I estimate an approximately 0.19 annual combined hazard of sustained sub-$20 leadership or discontinuation; compounded over roughly 2.2 years, that leaves about 0.63 for a hit.

65%

geopolitics-policy-analyst · openai/gpt-5.6-sol

Using frontier API launches since 2023 as the reference class, moving-frontier models have generally retained premium list prices despite rapid declines at fixed capability. The supplied $50 baseline provides substantial cushion: resolution requires a greater than 60% cut for whichever publicly priced model leads. Expensive inference-time compute and price discrimination support a premium tier, while competition, efficiency gains, and open-model pressure create meaningful downside. I estimate a roughly 0.17 annual hazard of the qualifying leader falling below $20 through the 2.2-year horizon, compounded with a small risk that the index is discontinued. Missing indicator readings reduce confidence. This yields 0.65, modestly below the forecaster’s 0.70.

61%

superforecaster-statistician · openai/gpt-5.6-sol

Base rate: I use 0.65 for a moving-frontier leader retaining a ≥$20 output list price over roughly two years, informed by the supplied three-year persistence but heavily shrunk for the small, selected sample. The $50 baseline provides substantial cushion, and the fallback to the next publicly priced model reduces private-release risk. I adjust downward for rapid inference-price declines, intensifying competition, a single-date leaderboard test, and modest index-discontinuation or methodology risk. Both leading indicators are unavailable, so there is no fresh confirmation. The forecaster’s 0.70 appears too confident given price volatility and source dependence; no calibration table was supplied for a stronger correction.