> **来源：[研报客](https://pc.yanbaoke.cn)** # Kimi K3 Summary ## Core Content Kimi K3 is the latest flagship model released by Moonshot AI on 16 July 2026. It is a 2.8-trillion-parameter MoE (Mixture-of-Experts) model with a 1M-token context window, designed to support long-horizon agentic coding and self-evolving workflows. This model represents a significant milestone in the open-source AI landscape, as it is the first open-source model to reach 2.8T total parameters, pushing the boundaries of model size and capability. ## Main Points - **Model Size and Architecture**: Kimi K3 is a 2.8T parameter MoE model, utilizing Kimi Delta Attention (KDA) and Attention Residuals (AttnRes) to enable efficient information flow through long sequences. - **Coding Performance**: Kimi K3 ranks among the strongest open-source coding models, with a score of 1,679 in the Frontend Code Arena and leading in SWE Marathon and Program Bench. It excels in frontend development and complex software engineering tasks. - **Agentic Capabilities**: K3 shows strong performance in long-horizon agent tasks, supporting end-to-end coding workflows and demonstrating the potential for self-evolving systems. - **API Pricing**: Kimi K3's API pricing is US$3/$15 per MTok for input/output, which is relatively accessible compared to leading closed-source models. This pricing strategy supports the Jevons Paradox, enhancing AI infrastructure and usage. - **Global Competitiveness**: The release of K3 indicates that Chinese open-source models are approaching the capabilities of global frontier models. Moonshot AI's evaluations suggest K3 is close to leading closed-source models in coding, agentic, and visual-reasoning tasks. - **Market Dynamics**: The Chinese LLM landscape is rapidly evolving, with models like K3, Qwen3.7-Max, and Doubao Seed 2.1 Pro demonstrating competitive performance. This challenges the narrative of a six-month gap between Chinese and U.S. models. ## Key Information - **Release Date**: 16 July 2026 - **Model Type**: 2.8T parameter MoE model - **Context Window**: 1M tokens - **API Pricing**: - Input: US$3 per MTok - Output: US$15 per MTok - **Performance Metrics**: - Frontend Code Arena: 1,679 - SWE Marathon and Program Bench: Leading positions - **Comparison with Closed-Source Models**: - Kimi K3 is close to leading closed-source models like Claude Fable 5 and GPT-5.6 Sol in coding, agentic, and visual-reasoning tasks. - While there is still a user-experience gap, the capabilities are becoming increasingly reproducible and deployable outside proprietary APIs. ## API Pricing Table | Region | Company | Model | Open/Closed | Release Date | Input (US$/MTok) | Output (US$/MTok) | Input Change vs Previous Version | Output Change vs Previous Version | |--------|--------|------|------------|-------------|-----------------|------------------|-----------------------------------|-----------------------------------| | Overseas | Anthropic | Claude Fable 5 | closed | 2026-06-09 | 10.00 | 50.00 | +100% | +100% | | Overseas | OpenAI | GPT-5.6 Sol | closed | 2026-07-09 | 5.00 | 30.00 | flat | flat | | Overseas | Google | Gemini 3.5 Flash | closed | 2026-05-19 | 1.50 | 9.00 | -25% | -25% | | Overseas | xAI | Grok 4.5 | closed | 2026-07-08 | 2.00 | 6.00 | +60% | +140% | | Overseas | Meta | Muse Spark 1.1 | closed | 2026-07-09 | 1.25 | 4.25 | - | - | | Overseas | Thinking Machines | Inkling (64K) | open | 2026-07-15 | 1.87 | 4.68 | - | - | | China | Alibaba | Qwen3.7-Max | open | 2026-05-22 | 1.76 | 5.29 | +340% | +120% | | China | Moonshot | Kimi K3 | open | 2026-07-16 | 3.00 | 15.00 | +216% | +275% | | China | Zhipu | GLM-5.2 | open | 2026-06-17 | 1.18 | 4.12 | +34% | +17% | | China | ByteDance | Doubao Seed 2.1 Pro | closed | 2026-06-23 | 0.88 | 4.41 | +87% | +88% | | China | MiniMax | MiniMax M3 | open | 2026-06-01 | 0.31 | 1.24 | flat | flat | | China | DeepSeek | DeepSeek V4-Pro (off-peak) | open | 2026-04-24 | 0.44 | 0.88 | +50% | +100% | | China | DeepSeek | DeepSeek V4-Pro (peak) | open | 2026-04-24 | 0.88 | 1.76 | +200% | +300% | | China | DeepSeek | DeepSeek V4-Flash (off-peak) | open | 2026-04-24 | 0.15 | 0.29 | -50% | -33% | | China | DeepSeek | DeepSeek V4-Flash (peak) | open | 2026-04-24 | 0.29 | 0.59 | flat | +33% | | China | Tencent | Hy3 | open | 2026-07-06 | 0.15 | 0.59 | -50% | flat | ## Conclusion Kimi K3 is a groundbreaking release that significantly enhances the capabilities of open-source models. It not only sets a new benchmark in model size but also demonstrates strong performance in coding and agentic tasks. The relatively affordable API pricing further supports its accessibility and adoption. As Chinese LLM players continue to iterate and improve, the open-source ecosystem is gaining a competitive edge, challenging the traditional dominance of closed-source models. However, the landscape remains dynamic, and future iterations will determine long-term competitiveness.