LLM token cost: pricing per token explained
LLM token cost is the price a provider charges per token a model reads or writes, quoted in dollars per million tokens. Input and output bill at separate rates, with output priced at roughly 5x input. As of September 2026, published rates range from under $0.10 to more than $180 per million tokens on top-end reasoning tiers. In late 2025, Hardik Sonetta of Thomson Reuters Labs published a warning about the most common prompt caching mistake in production.