StepFun's Step 5 Preview scores 44 on the Artificial Analysis Intelligence Index, matching Kimi K3 (max) at ~2.8x lower cost per task, but trails peers on agentic evaluations Step 5 Preview is @StepFun_ai's new flagship model, with 600B total and 27B active parameters, succeeding Step 3.7 Flash (released May 2026). It scores 44 on the Intelligence Index, level with Kimi K3 (max) and just behind GLM-5.3 (max, 45) and Qwen3.8 Max (45) Key takeaways: ➤ Step 5 Preview costs ~2.8x less per Intelligence Index task than models at the same score. It costs ~$0.72 per task, against ~$2.00 for Kimi K3 (max) at the same score of 44 and ~$2.01 for GLM-5.3 (max) at 45. This is driven by pricing: at $1/$2.70 per 1M input/output tokens, it is priced below both on input and output. MiMo-V2.6-Pro is the one model that scores higher (46) at a lower cost per task ($0.13) ➤ Frontier reasoning is the standout strength, and where the jump from Step 3.7 Flash is largest. Step 5 Preview scores 46% on Humanity's Last Exam, in line with Kimi K3 (max, 47%), and 21% on CritPt, between Kimi K3 (23%) and GLM-5.3 (max, 19%). Both are up sharply from Step 3.7 Flash: +25 points on HLE and +19 points on CritPt ➤ Higher AA-Omniscience accuracy than GLM-5.3 at fewer parameters, but with more hallucination. At 600B total parameters, Step 5 Preview reaches 42% accuracy on AA-Omniscience, our benchmark measuring factual recall and hallucination, ahead of GLM-5.3 (max, 34%, 753B) and behind Kimi K3 (max, 48%, 2.8T). It attempts more questions than GLM-5.3 (68% vs 55%) and hallucinates more often when it does (43% vs 30%), landing at 16 on the AA-Omniscience Index, between GLM-5.3 (14) and Kimi K3 (20) ➤ Agentic evaluations are where Step 5 Preview lags peers at a similar Intelligence Index score. It scores 1,566 Elo on GDPval-AA, our primary evaluation for agentic performance, behind Qwen3.8 Max (1,668) and GLM-5.3 (max, 1,646). The gap holds on Terminal-Bench 4.0 (33% vs 39% and 42%), AA-Briefcase (1,432 Elo vs 1,640 and 1,525) and AutomationBench-AA (51% vs 56% and 62%) Key model details: ➤ Model Size: 600B total parameters, 27B active MoE model ➤ Context window: 1M tokens ➤ Multimodality: Text, image and video input, text output ➤ Pricing: $1/$2.70 per 1M input/output tokens, with cached input at $0.05/M ➤ Availability: StepFun first-party API, with open weights release planned for October 15th ➤ Licensing: Closed weights currently, with weights release planned for October 15th