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Azure OpenAI vs Mistral API pricing

Azure OpenAI is cheaper to start: $0.1 per million input tokens, $0.5 per million output, global against $0.15 per million input tokens, $0.6 per million output for Mistral API. Azure OpenAI has changed its listed prices 4 times since 2023. Mistral API has not changed its listed prices since 2026.

Azure OpenAI pricingMistral API pricingAdd a third product

Azure OpenAI vs Mistral API at a glance

Current list prices as last read from each pricing page.

Azure OpenAI

Full analysis
Starts at
$0.1 per million input tokens, $0.5 per million output, globalGPT-6 Luna, USD per million tokens, standard global deployment (regional and Data Zone before global existed)
Top listed plan
$10 per million input tokens, $50 per million output, globalGPT-6 Astra
Priced by
Usage based
Free plan
Not recorded
Price history
since 2023
Price changes
4

Mistral API

Full analysis
Starts at
$0.15 per million input tokens, $0.6 per million outputMistral Small 4, USD per million tokens
Top listed plan
$1.5 per million input tokens, $7.5 per million outputMistral Medium 3.5
Priced by
Usage based
Free plan
Not recorded
Price history
since 2026
Price changes
none

Azure OpenAI vs Mistral API price history

Both histories on one chart. The default line is each product's cheapest paid plan.

$0.02$0.05$0.10$0.20$0.50$1$2202420252026$0.15 Mistral API Mistral Small 4, input$0.10 Azure OpenAI Cheapest model, input
Azure OpenAI: USD per million tokens, standard global deployment (regional and Data Zone before global existed). Mistral API: USD per million tokens. Click a legend entry to add or hide a plan. Log scale.
Show the data as a table
ObservedAzure OpenAI Cheapest model, inputMistral API Mistral Small 4, input
Oct 20, 2023$1.50
Jan 5, 2024$1
May 19, 2024$0.50
Aug 1, 2024$0.15
Aug 1, 2025$0.05
Nov 1, 2025$0.05
Aug 1, 2026$0.20
Sep 1, 2026$0.10
Sep 21, 2026$0.15
Oct 3, 2026$0.10$0.15

Plans side by side

Every plan currently listed, with the price it started at where we have it.

Azure OpenAIUSD per million tokens, standard global deployment (regional and Data Zone before global existed)

PlanPriceListed since
Flagship model, input$10was $30 in 2023Oct 2023
Flagship model, output$50was $60 in 2023Oct 2023
Cheapest model, input$0.10was $1.50 in 2023Oct 2023
Cheapest model, output$0.50was $2 in 2023Oct 2023

Mistral APIUSD per million tokens

PlanPriceListed since
Mistral Large 3, input$0.50Sep 2026
Mistral Large 3, output$1.50Sep 2026
Mistral Medium 3.5, input$1.50Sep 2026
Mistral Medium 3.5, output$7.50Sep 2026
Mistral Small 4, input$0.15Sep 2026
Mistral Small 4, output$0.60Sep 2026

What changed, and when

Every dated price move we have on record for either product, newest first.

  1. Sep 2026Azure OpenAI changed its plans and prices. Flagship model, input went from $5 to $10 (+100%). Flagship model, output went from $30 to $50 (+67%). Cheapest model, input went from $0.20 to $0.10 (-50%). Cheapest model, output went from $1.20 to $0.50 (-58%).
  2. Aug 2026Azure OpenAI raised the Cheapest model input and output prices. Cheapest model, input went from $0.05 to $0.20 (+300%). Cheapest model, output went from $0.40 to $1.20 (+200%).
  3. May 2026Azure OpenAI raised the Flagship model input and output prices. Flagship model, input went from $1.75 to $5 (+186%). Flagship model, output went from $14 to $30 (+114%).
  4. Dec 2025Azure OpenAI raised the Flagship model input and output prices. Flagship model, input went from $1.25 to $1.75 (+40%). Flagship model, output went from $10 to $14 (+40%).
  5. Aug 2025Azure OpenAI cut the Flagship model input and Cheapest model input and output prices. Flagship model, input went from $2.50 to $1.25 (-50%). Cheapest model, input went from $0.15 to $0.05 (-67%). Cheapest model, output went from $0.60 to $0.40 (-33%).
  6. Nov 2024Azure OpenAI cut the Flagship model input and output prices. Flagship model, input went from $5 to $2.50 (-50%). Flagship model, output went from $15 to $10 (-33%).
  7. Aug 2024Azure OpenAI cut the Flagship model input and output and Cheapest model input and output prices. Flagship model, input went from $10 to $5 (-50%). Flagship model, output went from $30 to $15 (-50%). Cheapest model, input went from $0.50 to $0.15 (-70%). Cheapest model, output went from $1.50 to $0.60 (-60%).
  8. May 2024Azure OpenAI cut the Cheapest model input and output prices. Cheapest model, input went from $1 to $0.50 (-50%). Cheapest model, output went from $2 to $1.50 (-25%).
  9. Jan 2024Azure OpenAI cut the Flagship model input and output and Cheapest model input prices. Flagship model, input went from $30 to $10 (-67%). Flagship model, output went from $60 to $30 (-50%). Cheapest model, input went from $1.50 to $1 (-33%).

Azure OpenAI vs Mistral API pricing questions

Is Azure OpenAI or Mistral API cheaper?
Azure OpenAI starts lower at $0.1 per million input tokens, $0.5 per million output, global, Mistral API at $0.15 per million input tokens, $0.6 per million output. Prices are as shown on each pricing page when it was last read.
Has Azure OpenAI or Mistral API raised prices?
Azure OpenAI: Flagship model, input has been listed since Oct 2023, starting at $30. It came down to $10 by Jan 2024 (-67%), then came down to $5 by Aug 2024 (-50%), then came down to $2.50 by Nov 2024 (-50%), then came down to $1.25 by Aug 2025 (-50%), then went up to $1.75 by Dec 2025 (+40%), then went up to $5 by May 2026 (+186%), and finally went up to $10 by Sep 2026 (+100%). Flagship model, output has been listed since Oct 2023, starting at $60. It came down to $30 by Jan 2024 (-50%), then came down to $15 by Aug 2024 (-50%), then came down to $10 by Nov 2024 (-33%), then went up to $14 by Dec 2025 (+40%), then went up to $30 by May 2026 (+114%), and finally went up to $50 by Sep 2026 (+67%). Cheapest model, input has been listed since Oct 2023, starting at $1.50. It came down to $1 by Jan 2024 (-33%), then came down to $0.50 by May 2024 (-50%), then came down to $0.15 by Aug 2024 (-70%), then came down to $0.05 by Aug 2025 (-67%), then went up to $0.20 by Aug 2026 (+300%), and finally came down to $0.10 by Sep 2026 (-50%). Cheapest model, output has been listed since Oct 2023, starting at $2. It came down to $1.50 by May 2024 (-25%), then came down to $0.60 by Aug 2024 (-60%), then came down to $0.40 by Aug 2025 (-33%), then went up to $1.20 by Aug 2026 (+200%), and finally came down to $0.50 by Sep 2026 (-58%). Mistral API has not changed its listed prices since 2026.
How are Azure OpenAI and Mistral API priced?
Azure OpenAI: usage based, USD per million tokens, standard global deployment (regional and Data Zone before global existed). Mistral API: usage based, USD per million tokens.

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