Compute scarcity
Can raise TPI
GPU bottlenecks, memory-heavy inference, and high frontier-model demand can make inference more expensive, pushing TPI up and TPX down.
Index detail
US Token Price Index
A representative basket of major US commercial AI inference token prices.
TPI price
$8.73
TPX mTPD
0.16
24h change
0.00%
Last updated
May 18, 2026, 07:14 AM
Historical Chart
Early history is modeled from price-impact factors until enough real daily source snapshots exist.
Price Impact Factors
The core driver is compute affordability. Technology progress and supply expansion tend to push TPI down and TPX up. Compute scarcity or frontier-demand congestion can push TPI up and TPX down.
Technology progress
Can lower TPI
Better chips, serving efficiency, distillation, caching, and competition can make inference cheaper, pushing TPI down and TPX up.
Frontier demand mix
Can raise TPI
More traffic shifting to premium reasoning, coding, and agent workloads can raise the weighted token price even when base compute gets cheaper.
Provider share rebalance
Mixed effect
Daily market-share proxy updates can move weight toward cheaper or more expensive providers.
Inclusion Rule
Constituents must have observable API pricing, stable availability, current mainline model status, commercial relevance, and a reliable source trail. Newly detected models go through watchlist review before joining an index.
Weighting Method
Weight rules are public: market-share signals are preferred, with revenue and adoption proxies used when stable share data is unavailable. Exact live constituent weights are summarized publicly at an appropriate reporting frequency.
Constituent Models
Constituents and price sources are disclosed for transparency. Exact live constituent weights are calculated from market-share, revenue, and adoption signals and will be summarized publicly at an appropriate reporting frequency.
GPT-5.5
OpenAI
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 5.0000
- Output USD/1M
- 30.0000
- Composite mTPD
- 0.0889
- Cached input
- 0.5000
official source / May 17, 2026, 12:00 AM
Claude Opus 4.7
Anthropic
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 5.0000
- Output USD/1M
- 25.0000
- Composite mTPD
- 0.1000
- Cached input
- 0.5000
official source / May 17, 2026, 12:00 AM
Gemini 3.1 Pro Preview
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 2.0000
- Output USD/1M
- 12.0000
- Composite mTPD
- 0.2222
- Cached input
- 0.2000
official source / May 17, 2026, 12:00 AM
Grok 4.3
xAI
United States / frontier
Weighting signal tracked internally
- Input USD/1M
- 1.2500
- Output USD/1M
- 2.5000
- Composite mTPD
- 0.6400
- Cached input
- n/a
official source / May 17, 2026, 12:00 AM
| Provider | Model | Input USD/1M | Output USD/1M | Composite mTPD | Cached | Source |
|---|---|---|---|---|---|---|
| OpenAI | GPT-5.5 United States / frontier Weighting signal tracked internally | 5.0000 | 30.0000 | 0.0889 | 0.5000 | official May 17, 2026, 12:00 AM |
| Anthropic | Claude Opus 4.7 United States / frontier Weighting signal tracked internally | 5.0000 | 25.0000 | 0.1000 | 0.5000 | official May 17, 2026, 12:00 AM |
| Gemini 3.1 Pro Preview United States / frontier Weighting signal tracked internally | 2.0000 | 12.0000 | 0.2222 | 0.2000 | official May 17, 2026, 12:00 AM | |
| xAI | Grok 4.3 United States / frontier Weighting signal tracked internally | 1.2500 | 2.5000 | 0.6400 | n/a | official May 17, 2026, 12:00 AM |