SM-2 (I-360) was built in 1952 and, compared to SM-1, had 1.6m longer fuselage, wingspan reduced from 9.26 to 9.04m, and weight increased from 5219 to 6802 kg.
Njegov ameriški konkurent je North American F-100 Super Sabre in deloma tudi novejša McDonnell Douglas F-4 Phantom II in Republic F-105 Thunderchief20. aprila 1952 je OKB-155 dobil nalogo za razvoj novega letala I-340", ki je bil baziran na Mig-17.