DeepSeek themselves claimed that R1 cost $294k to train. Folks are skeptical of how low that is, however.

https://www.techspot.com/news/109542-rare-disclosure-deepsee...

Olmo 3 claims that if they paid market rates for their training, it would have cost $2.75m. It was trained by a non-profit and probably had some of the compute donated, hence why they have to estimate.

https://arxiv.org/pdf/2512.13961

So, probably somewhere between hundreds of thousands and tens of millions.