Model quality grabbed the headlines this month, but the real story is what happened to the price tags. Between September 12 and 25 alone, more than twenty models shipped across the major labs, nine of them on September 23 in a single day, and the spread between the most and least expensive of them widened to a genuinely strange place.
At the top, Claude Fable 5.1 runs $11.90 per million tokens. At the bottom, Meta's Muse Spark 1.3 landed at $0.10 per million (blended). That is a 119x gap for models being marketed for overlapping use cases.
- New floor set twice in one month. DeepSeek's V4.1-Flash undercut the market at $0.15/$0.60 per million input/output tokens, only for OpenAI's GPT-6 Luna to go lower on September 22 at $0.10/$0.50.
- Cuts on existing models, not just new ones. Anthropic slashed Fable 5.1's cache-read pricing 75 percent mid-month, and Opus 5.5 launched priced 20 percent below Opus 5.
- Rate cards are no longer stable. With promos, cancellations, and scheduled price drops landing quarterly, a model's listed price is closer to a snapshot than a commitment.
If you're budgeting an AI feature or project this quarter, price the job, not the sticker. Whatever rate you lock in today has a real chance of being undercut before you ship.