The closest alternative to o3 is Step 3.7 Flash — comparable intelligence (30.3 vs 30.4); for a cheaper option, GPT-5.6 Terra runs $1.00/M vs $2.00/M; and the best open-weight substitute is Kimi K3.
Step 3.7 Flash is the closest alternative to o3, with an Intelligence Index of 30.3 (o3 scores 30.4) at $0.200 per million input tokens.
Yes — GPT-5.6 Terra costs $1.00 per million input tokens versus $2.00 for o3, while staying within ~8 points of its Intelligence Index.
Kimi K3 is the strongest open-weight alternative to o3 — downloadable from Hugging Face and self-hostable, scoring 57.1 on intelligence.