As the SI-prefixes take precedence over exponents,
1 Mm² means one square megametre or the size of a square of 1,000,000 m × 1,000,000 m or 1012 m² (and not 1,000,000 × a square metre or 106 m²)
1 Mm³ means one cubic megametre or the size of a cube of 1,000,000 m × 1,000,000 m × 1,000,000 m or 1018 m² (and not 1,000,000 × a cubic metre or 106 m²)
Computing
In computing, mega- can sometimes denote 1,048,576 (220) of information units (example: a megabyte, a megaword), but can denote 1,000,000 (106) of other quantities, for example, transfer rates: 1 megabit/s = 1,000,000 bit/s.
The prefix mebi- has been suggested as a prefix for 220 to avoid ambiguity, but is yet to be widely used.