GPT-5.4 vs Mistral Large 2
GPT-5.4 (2026) and Mistral Large 2 (2025) are frontier reasoning models from OpenAI and MistralAI. GPT-5.4 ships a 1.05m-token context window, while Mistral Large 2 ships a 128k-token context window. On MMLU PRO, GPT-5.4 leads by 17.8 pts. On pricing, GPT-5.4 ranges from $2.50 to $5/1M input tokens by tier; Mistral Large 2 costs $0.48/1M input tokens. This comparison covers specs, pricing, API access, capabilities, benchmarks, input and output token costs, and production fit for coding and agent workloads.
GPT-5.4 fits 8x more tokens; pick it for long-context work and Mistral Large 2 for tighter calls.
Decision scorecard
Local evidence first| Signal | GPT-5.4 | Mistral Large 2 |
|---|---|---|
| Best for | reasoning-heavy apps, multimodal apps, and tool-calling agents | multimodal apps, tool-calling agents, and provider-routed production |
| Decision fit | Coding, RAG, and Agents | Coding, RAG, and Agents |
| Context window | 1.05m | 128k |
| Cheapest output | $15/1M tokens | $2.40/1M tokens |
| Provider routes | 4 tracked | 3 tracked |
| Shared benchmarks | MMLU PRO leader | 2 shared |
Decision tradeoffs
- GPT-5.4 holds a shared-benchmark lead on MMLU PRO, ahead by 17.8 points.
- GPT-5.4 has the larger context window for long prompts, retrieval packs, or transcript analysis.
- GPT-5.4 has broader tracked provider coverage for fallback and route flexibility.
- GPT-5.4 uniquely exposes Reasoning and Code execution in local model data.
- Local decision data tags GPT-5.4 for Coding, RAG, and Agents.
- Mistral Large 2 has the lower cheapest tracked output price at $2.40/1M tokens.
- Local decision data tags Mistral Large 2 for Coding, RAG, and Agents.
Monthly cost at traffic
Estimate token spend from the cheapest tracked input and output route or tier on this page.
GPT-5.4
$5,750
Cheapest tracked route/tier: OpenAI API
Mistral Large 2
$984
Cheapest tracked route/tier: AWS Bedrock
Estimated monthly gap: $4,766. Batch, cache, alternate speed tiers, and negotiated pricing are excluded from this local estimate.
Switch friction
- Provider overlap exists on AWS Bedrock; start route-level A/B tests there.
- Mistral Large 2 is $12.60/1M tokens lower on cheapest tracked output pricing before cache, batch, or negotiated discounts.
- Check replacement coverage for Reasoning and Code execution before moving production traffic.
- Provider overlap exists on AWS Bedrock; start route-level A/B tests there.
- GPT-5.4 is $12.60/1M tokens higher on cheapest tracked output pricing, so quality gains need to justify the spend.
- GPT-5.4 adds Reasoning and Code execution in local capability data.
Specs
| Specification | ||
|---|---|---|
| Released | 2026-03-05 | 2025-11-25 |
| Context window | 1.05m | 128k |
| Parameters | — | 123B |
| Architecture | Decoder Only | Decoder Only |
| License | Proprietary | Mistral License |
| Openness | Proprietary | Open weights |
| Weights | Not released | Unknown |
| Code | Unknown | Unknown |
| Commercial use | Commercial use: conditional | Commercial use: non-commercial |
| Knowledge cutoff | 2025-08 | 2025-07 |
Pricing and availability
| Pricing attribute | GPT-5.4 | Mistral Large 2 |
|---|---|---|
| Input price |
| $0.48/1M tokens |
| Output price |
| $2.40/1M tokens |
| Providers |
Capabilities
| Capability | GPT-5.4 | Mistral Large 2 |
|---|---|---|
| Vision | Yes | Yes |
| Multimodal | Yes | Yes |
| Reasoning | Yes | No |
| JSON / Tool use | Yes | Yes |
| Structured outputs | Yes | Yes |
| Code execution | Yes | No |
| IDE integration | No | No |
| Computer use | No | No |
| Parallel agents | No | No |
Benchmarks
| Benchmark | GPT-5.4 | Mistral Large 2 |
|---|---|---|
| MMLU PRO | 87.5 | 69.7 |
| Chatbot Arena | 1479.0 | 1265.0 |
Continue comparing
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Last reviewed: 2026-06-29. Data sourced from public model cards and provider documentation.