MiMo-V2-Flash is an open-source Mixture-of-Experts (MoE) foundation model developed by Xiaomi, featuring 309B total parameters with 15B activated per token and a hybrid attention architecture. It supports a 256K context window and a hybrid thinking mode toggle, enabling flexible trade-offs between speed and reasoning depth. The model excels in reasoning, coding, and agentic workflows, ranking #1 globally among open-source models on benchmarks such as SWE-bench Verified and SWE-bench Multilingual. With performance comparable to leading proprietary models like Claude Sonnet 4.5 at a fraction of the cost, MiMo-V2-Flash is well suited for efficient, high-performance deployments.