Shimano XTR Di2 M9200 MTB group: A complete hands-on guide and early review

by Dave Rome Jun 4, 2025 More from
Dave Rome +

It's been long rumoured, repeatedly delayed, and now it's finally here. Seven years have passed since Shimano last updated its flagship and race-driven mountain bike group, and it’s been 11 long years since the last electronic version of XTR was revealed. There’s plenty to unpack with this new XTR release, and yet, it’s not as revolutionarily different as you may expect.

XTR Di2 M9200 remains 1x12-speed, the rear derailleur bolts to a derailleur hanger, and you must still pedal it. However, in Shimano style, there’s a whole lot of refinement in the details, including: a strong amount of backward compatibility for those on Shimano 12-speed mechanical shifting (or drop-bar wireless shifters), big claims of robustness, a replacement to the derailleur clutch, and unrestrained rapid shifting speed. Plus, there’s a wholly new brake, updated XC/gravel pedals, and a wickedly light wheelset. 

Big picture, look past the shiny XTR logo on the derailleur and rather pay attention to the details such as Shimano’s first true wireless rear derailleur and the battery that powers it, a new mineral oil for the brakes, a decision to stick with existing standards, and the loss of mechanical shifting at the top end of the sport. After all, history has shown us that this sort of tech trickles down and moves into other cycling categories. 

And while I can’t share exactly what, let’s just say that Shimano will be doing that trickle down far quicker than you may expect. So if you’re not an XTR-type customer, the info here will still be useful in near time. Escape tech writer Alex Hunt and I have both ridden the new XTR Di2. We each have opinions on what the product does well and where we expected more. Of course, there’s lots to share and frankly, we’re not wholly sold that all of it has been worth the extreme wait. 

This is a long read, as you’d expect with seven years between updates, and so I’ve included section jump links below so you can choose your own adventure. However, you’ll only reach the eXTRa level if you read it all. 

Jump ahead

• Wireless shifting details  
• Similar cassettes, cranks, and chain 
• New brake fluid and brakes 
• Two new wheels 
• Updated pedals 
• Real weight comparison and pricing 
• Cross-compatibility and the future for XTR mechanical 
• Installation and servicing 
• Ride impressions - Drivetrain
• Ride impressions - Brakes
• Ride impressions - Wheels 
• XTR versus SRAM XX SL Transmission
• Shimano M9200 versus M9100 
• Wrap up and what’s next 

A long wait for wireless shifting 

Starting with the shifting bits, the fact that the new XTR is wireless, and truly wireless, is a big new thing for Shimano. Despite Shimano having done electronic shifting for 16 years, this new XTR represents Shimano’s first properly wireless electronic derailleur.

As explained by Shimano’s North American MTB product manager, Nick Murdick, in the special Geek Warning episode, Shimano was originally planning a Di2 version to go with the previous XTR M9100 generation. Expected to be called M9150, it was due to stick with the company’s use of a wire and centrally placed battery, however, that project was scrapped about five years ago as Shimano saw the market demand move to wireless, leaving the company somewhat scrambling and needing to start again.

The new rear derailleur is now powered by a small rectangular and rechargeable battery that slots inside the derailleur’s parallelogram. Catchily named the BT-DN320, the new battery has a 305 mAh capacity, closely comparable to SRAM’s 300 mAh AXS battery. Shimano conservatively claims over 338 km (210 miles) of riding per charge – a figure based on 38.5 km of riding per week, with 35 shifts a kilometre. By comparison, in 2014 Shimano claimed its 2x12 XTR Di2, with a larger 500 mAh battery, lasted for 285 km (it’s unknown how this figure was calculated). Meanwhile, another source suggested the new XTR Di2 goes 110 km further than SRAM’s AXS – a figure we haven’t yet verified. 

Charging is done with the battery out of the derailleur, via the new EC-DN100 USB-C powered charger that’s only marginally bigger than the battery itself. In case you’re wondering, Fox’s new Neo battery may look extremely similar to Shimano’s, but they’re not cross-compatible. Boo.

Enjoying the level of detail? That's because I spent well over a week writing this up, following months of hands-on testing. There's plenty more to read about what's new without subscribing, but you will need to be a member in order to hear where Shimano's new offering succeeds and where it falls short and listen to the full podcast episode where we talk with Shimano's MTB product manager, Nick Murdick.

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Compared to XTR M9100 mechanical, that battery-housing parallelogram is significantly wider, and as Murdick explained, that extra space for the battery came about through the company’s research into impact and failure modes of derailleurs in the market. Side-glancing impacts proved to be the most common thing to ruin a derailleur’s day, and Shimano sought to all but remove the front-facing edge of its derailleur and make it more of a wedge shape that would deflect impacts. 

Those familiar with Shimano’s off-road derailleurs will notice that the big bulky cage clutch is nowhere to be found. Introduced many a generation ago, those clutches were effective at retaining the chain, but were commonly neglected and suffered corrosion issues. Shimano’s new approach is far simpler, with two springs doing the retention with progressive resistance. According to Shimano, the spring tension roughly matches the breakaway force of the previous clutch, but adds more tension past that point and doesn’t require maintenance. The new derailleur also provides more chain wrap around the cassette, meaning it’ll be more tolerant to riding with a worn-out chain. 

Many of you probably expected to see Shimano take a direct-mount approach to its rear derailleur, just as SRAM has done with its Transmission and the UDH interface. Murdick told Escape Collective that Shimano has figured out ways to do that, but that using a traditional derailleur hanger brought benefit to overcoming other derailleur failure modes (plus, it keeps bike compatibility wide open). 

Front-facing impacts push the derailleur rearward, and Shimano wanted a derailleur that would just spring back and allow an athlete to keep moving (SRAM’s Transmission requires the thru-axle to be undone and retightened if the derailleur is pushed backward). Through enduro racing, Shimano also saw some derailleur failures from a direct hit from beneath, where a rider may land the derailleur on top of a rock or obstacle, and in this scenario, the replaceable derailleur hanger acts like the fuse (designed failure point) that it was originally designed to be. 

Adding to this, the new XTR derailleur has adopted a similar approach to impact protection as SRAM, where a direct hit to the derailleur from the side sees the derailleur move inboard to absorb the hit, and then immediately re-engage the gear it was in. There’s no more enacting a crash mode reset or shifting the derailleur down the cassette to re-engage the shifting. 

Working in Shimano’s favour is the fact SRAM’s now near-standard UDH hanger is a big improvement over what derailleur hangers were in the past. That hanger interface is now (generally speaking) stronger and stiffer than many hangers before it, and replacements are readily available just about anywhere. Bent derailleur hangers are still a thing with UDH, but they tend to hold up rather well. Whether your bike has a UDH or not, the new XTR derailleurs can bolt to it. 

Further trail durability claims come from the pulley cage that is designed to shield the pulley wheels, and those pulley wheels are solid in shape with no holes for things to get caught in. They’re also easier to clean as a result, however, they look a bit cheap to me. 

Controlling the derailleur is a new wireless right-hand shifter that’s powered by two CR1632 batteries. The shifter takes a familiar form factor and trigger layout to Shimano’s own mechanical mountain bike shifters, however, it loses the ability to shift to a harder gear with the index finger; instead, both shift directions are operated with your right thumb. The shifter also has a third “function” button. Out of the box it can be used to micro-adjust the derailleur on the move, but it can be programmed to toggle the screens of a head unit or potentially hold other functionality, too. 

Like Shimano mechanical, the wireless shifter retains the multi-shift ability, where you can push past the first click to get an almost immediate second shift. You can also hold down the shift button for multiple gears. In case you don’t want that dual shift functionality, such as if you’re on a high-powered e-bike, then it can be locked out. More on the function, feel and impressive adjustability of this shifter later. 

Shimano has two shifter options, one that keeps the I-Spec EV integration with its brake levers, and another shifter that uses a regular bar clamp. Like with Shimano mechanical, this frustratingly remains two separate shifters. 

The encrypted wireless protocol is unchanged from Shimano’s existing 12-speed road semi-wireless (wiredless) components. This means that the new XTR derailleur can be used with any existing wireless Shimano dropbar shifter (12-speed GRX, 105, Ultegra, and Dura-Ace). Hello Mullet builds!

In addition to the wireless news, there are also e-bike versions of the rear derailleur that allow it to be wired directly to the bike’s main battery. There’s one for 12-speed shifting and another for Shimano’s e-bike-centric 11-speed LinkGlide cassettes. These derailleurs work with Shimano’s previously released Auto Shifting and “Free Shift” (shift without pedalling) features that remain exclusive to e-bikes. That’s all for the e-bike stuff as far as this article is concerned. Back to the regular group.

Two cassette sizes

The previous 10-51T cassette range continues as the standard option, sticking with the same gear spacing, Shimano’s HyperGlide+ shift ramps, and MicroSpline freehub requirements. This cassette size requires the use of the long cage (SGS) derailleur. The new XTR cassette in this size is only marginally different than before, ditching the black coating on the biggest aluminium cogs, getting a little more material in places, and an updated rivet structure to solve for rare creaking woes. 

Joining the standard 10-51T cassette size, and shared amongst the XC and Trail offerings, sits a new compact drive option based around a new 9-45T cassette size (the older 10-45T size will remain at an XT-level, largely with 1x12 GRX users in mind). That 9-45T size provides a 500% total range versus the 510% range of the 10-51T. 

Such a small cassette means a 23 mm shorter rear derailleur (SG) and the suggestion to use a smaller chainring with the goal of improving ground clearance. It’ll also improve chain retention and reduce unsprung weight. With a claimed saving of 70 grams, Shimano thinks XC riders may prefer this, but I think that overlooks the fact that drivetrain efficiency matters, and that the other benefits are even better suited to longer-travel bikes and enduro-type disciplines. Not to get into the weeds, but the suspension kinematics on many full suspension frames are typically optimised around a 30 or 32T chainring, and so changing to the recommended 28T ring may impact the intended pedalling performance of some bikes. 

Both cassettes make two-teeth jumps at the smaller end: 9,11,13 for the 9-45T, and 10,12,14T for the 10-51T. Both offer a mixed material construction, with the four smaller cogs being steel, the five in the middle moving to titanium, and the three biggest being lighter aluminium. 

Of course, there’s a new crank. There’s always a new crank. And yet, beneath the two-tone silver and black finish, it’s not so different. Shimano has stuck with its tried-and-true 24 mm steel spindles and carries over its limited range of bottom brackets unchanged. The crank arms remain a hollow aluminium construction, and Shimano has ditched XTR’s previous 8 mm crank bolt and reverted to its regular HollowTech II plastic bearing preload cap and two steel pinch bolts (5 mm hex key). 

Just as with previous generations, and as hinted at above, Shimano is sticking with the XC and Trail split of XTR. However, more than ever, those Trail (M9220) products have been largely designed to meet the demands of enduro racing, and so in some cases, they’re even heavier than before. Derailleurs, shifters, chainrings, chains, and cassettes are shared across the XC and Trail disciplines. However, brakes, cranks, pedals, and wheels get different components, with XC weight optimised, and the Trail parts prioritising robustness and greater control. 

While both cranks now offer a 55 mm chainline and the same spindle length, the XC crank arms are slimmer (168 mm Q-factor) and matched with a thinner steel axle. These lighter cranks are available in 165, 170, and 175 mm lengths. Meanwhile, the Trail crank adds a shorter 160 mm option, has a thicker (heavier) steel axle, and a wider crank arm that adds 10 mm to the total Q-factor. For those on older bikes, or perhaps dropbar bikes, Shimano has confirmed that M9200 will work fine with 52 and 56 mm chainlines.  

Now available in sizes spanning from 28 through to 38T, the chainrings get a new look to match, and remain direct mount like before. There are no bashguards, but those rings are also optimised to put more material on the sides that are likely to see direct impact. Just beware if mixing and matching, the M9100-series chainrings had a -3 mm chainline offset, while the new M9200s have a 0 mm offset. 

For those keen on power, it pains me to write this, but Shimano still has no power meter option for mountain bikes. As a result, expect to see Shimano-sponsored athletes either using bonded crank-based power meters from the likes of 4iiii, or spider-based options from Power2Max, SRM, or Sigeyi. 

There are no changes to the chain. The M9100 12-speed chain continues and remains identical to the previous M9100 XTR and current Shimano Dura-Ace R9200. 

Braking things down 

One of the biggest changes is the introduction of a new mineral brake oil, the first time Shimano has changed its fluid, since, forever (1999 by my count!). The new Low Viscosity (LV) fluid, as the name suggests, is thinner. It’s now a distinct lighter colour, close to peach, and like before, still tastes like shit (kidding ... maybe). Bleed kits remain unchanged. 

That new fluid largely exists to fix the well-documented wandering bite point that many riding in big mountainous areas have experienced with Shimano’s mountain bike brakes, particularly the four-piston trail brakes. A key part of that wandering bite point was the more viscous (thicker) fluid and slower rebounding seals in the caliper causing the system to not keep up with the speed of the brake usage. Now, the brakes get higher rebound seals and that thinner fluid, which is also said to be more consistent across a wider temperature range.

The Race brake (M9200) looks much the same as before, and honestly, it's feeling a little dated given how cross-country has progressed. It retains a two-piston caliper matched to a simplified lever with tooled lever reach adjust and no leverage-increasing Servo Wave. It does get revised internals to match the new fluid and improve performance, but honestly, it’s a marginal change.

Thankfully, big things have changed in the Trail brake, and both Alex and I agree that this is one of the more important changes within this release. There’s a wholesale change to the lever with a new approach to ergonomics that places the pivot point closer to the handlebar and upsweeps the lever blade, all done in an effort to make the lever more naturally match the angle at which most riders hold the bar and pull the brake. That’s matched with a revision to Shimano’s long-standing ServoWave that adds progression to the amount of fluid pushed through the line. Plus, Shimano has finally added a sealed bearing for the lever to pivot more smoothly on. 

Those revised levers also now place the hose closer to the bar (and unfortunately, ready to be partly hidden inside the bar, but please, bike industry, no). As mentioned, Shimano is sticking with its I-Spec EV clamp system, and the BH90 hoses remain unchanged. 

At the caliper end, Shimano’s Trail brakes move to a stiffer one-piece design that now features asymmetric piston sizes. Shimano doesn’t make any claims about massively improved power, but does state the system is more efficient at transferring lever force to the rotor, so in turn, they’ll feel more powerful for a given effort. 

Shimano has also addressed a pad rattle issue present in its trail brakes running the finned pad. Turns out the noise was largely movement between the pad retaining bolt and the matching holes in the brake pads. There are new "P-type" finned brake pads that solve for this with revised shaping. These pads are backward compatible with previous-generation trail four-piston calipers (which used N-type finned pads). The older N-type pads will still fit into the new M9220 calipers, but they won't look as nice, nor offer a rattle-free experience.

The official rotors are the new CL900, which came out about a year ago. Like the chain, they’re also a shared piece with Dura-Ace. Other Shimano rotors remain compatible, too. 

Two wheelsets 

It’s been seven years since Shimano last offered complete wheelsets at an XTR-level, and they’re back. The cross-country wheelset (M9200) is arguably the most interesting, with an actual weight of 1,177 grams (1,157 g claimed) including tubeless rim tape and valves. That’s a “wow, that’s light” figure, especially given the carbon rims have a 29.6 mm internal width (35.95mm external, 19mm depth) and that the spokes are still metal. 

OK, so those spokes are actually a straight pull and triple-butted titanium, which is certainly interesting in itself. I know you like such details, so I can share that the spokes are 2.2, 1.7, and 2.00 mm in thickness; with one 300 mm spoke weighing 3.9 g (a DT Swiss Aerolite is about 4.8 g); and that there are 24 of them per wheel (lengths vary). The rims are also somewhat surprisingly hooked (hookless is quite common in mountain bike wheels), but still carry a maximum pressure limit of 36 psi. 

First seen with Cues, Shimano continues its trend away from its cup-and-cone hubs, moving to sealed bearings throughout. It’s a decision that, in theory, allows for more maintenance neglect and easier service. Those hubs use Shimano’s own aluminium ratchet drive system that offers an increased 100 points of engagement (approx 3.5 º) – they’re claimed to be low drag, but they’re far from silent. And here’s the bummer: at least for now, these wheels are only available in Boost-spacing and solely with a Shimano MicroSpline freehub. Shimano will also offer these hubs separately, with the rear claimed at 213 g. I offer a look inside later on.

That brings us to the Trail M9220 wheelset which is all a little less surprising. The 30 mm internal width carbon rims move to hookless, a change Shimano says is related to improving impact resistance. The spokes are steel, J-bend, and there are 28 of them in each wheel. And just like the XC wheels, these stick with a centerlock rotor interface. They have a 1,791 g claimed weight. 

New XC pedals

The Trail pedal remains unchanged, at least for now, as Murdick teased. Meanwhile, there is a new M9200 SPD pedal intended for cross-country and gravel racing. 

I managed a few weeks of back-to-back testing of these against the previous M9100 pedal and the differences are subtle, at best. The main update is seen on the outer edge of the pedal; previously, it was an ankle biter, and now it has a nice flat edge. Shimano has also updated the main spindle seal, which had a habit of migrating out of the pedal, and they’ve apparently tweaked the bearing design, too. 

Shimano will continue to offer these in a standard width or with 3 mm-shorter spindles. I weighed a pair of the standard width at 320 g, which is 5 g more than the M9100. 

Otherwise, the pedals remain largely the same, including the lowered stack height when compared to Shimano’s other SPD pedal options (something previously highlighted in my review of the Favero MX-Pro power pedals). The M9100s were my go-to previously and my benchmark product in the space, and the new pedal just refines the recipe. 

Weights and pricing comparison

The weight weenies may just shed a tear here. A new XTR Di2 M9200 drivetrain is heavier than the XTR M9100 it supersedes, and by my count, it’s also about 100 g more than an equivalent SRAM XX SL Transmission, which I’d argue wasn’t crazy-light to begin with. To make that stat more sobering, the SRAM weight includes a dual-sided power meter. See the chart below.

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