For a long time, reports of OpenAI developing the next version of ChatGPT, GPT-5, have been doing the rounds on the internet. Although we were recently introduced to GPT 4o, there is still no information about GPT-5. And now, the ChatGPT creator has recently announced its next product – GPT-4o Mini. Yes, you read it right. Sam Altman, CEO of OpenAI, also took to X (formerly Twitter) to announce the new product and said that he thinks people will love using the new model. He also said that it is cost efficient.

In his post, Altman wrote, “Moving to intelligence is very cheap. 15 cents per million input tokens, 60 cents per million output tokens, MMLU of 82%, and fast. Most importantly, we think people will actually like using the new model.” He added, “In 2022, the best model in the world was Text-DaVinci-003. It was much, much worse than this new model. It cost 100 times more.”

Talking about GPT-4o Mini, it is a compact yet powerful AI model that aims to make artificial intelligence more affordable and accessible. Priced at just 15 cents per million input tokens and 60 cents per million output tokens, GPT-4o Mini offers a cost-effective solution, which is significantly cheaper than models like GPT-3.5 Turbo.

According to OpenAI’s blog, GPT-4o Mini achieves impressive performance metrics, scoring 82 percent on the MMLU benchmark and outperforming GPT-4.1 on the LMSYS leaderboard for chat preferences. The model is capable of handling a wide range of tasks due to its low cost and fast response time, making it ideal for applications requiring multiple model calls, large amounts of context, or real-time text interactions, such as customer support chatbots.

Currently, GPT-4o Mini supports text and vision input, with plans to include image, video, and audio input and output in the future. It has a reference window of 128K tokens and supports up to 16K output tokens per request, knowledge updated until October 2023. Its improved tokenizer also makes handling non-English text more cost-effective.

GPT-4o Mini is now available via the Assistant API, Chat Completion API, and Batch API. It will be available to Free, Plus, and Team users on ChatGPT starting today, while enterprise users will be able to access it next week. OpenAI plans to introduce fine-tuning capabilities for GPT-4o Mini soon.