Mistral Medium 3.5: 128B dense open-weight model with 256K context under modified MIT.

Mistral's first flagship merged model combines instruction following, reasoning, and coding. Self-hostable on four H100/H200 GPUs. Reddit reaction was massive: 498 upvotes on r/LocalLLaMA. For anyone running local inference at scale, this is the largest open-weight model with a near-permissive license. The question is whether 128B dense can compete with frontier MoE models on your specific workload.