From Meta's blog post regarding open source LLMs.

Today we’re taking the next steps towards open source AI becoming the industry standard. We’re releasing Llama 3.1 405B, the first frontier-level open source AI model, as well as new and improved Llama 3.1 70B and 8B models. In addition to having significantly better cost/performance relative to closed models, the fact that the 405B model is open will make it the best choice for fine-tuning and distilling smaller models.