Anthropic's frontier output token pricing reflects ongoing efficiency gains and competitive pressure, with Claude Fable 5.1 listing at $50 per million output tokens and Opus 5.5 at $20 as of mid-October 2026. Recent releases show 20% cuts on flagship tiers versus prior Opus models, permanent locking of introductory Sonnet rates at $10, and expanded caching discounts that lower effective costs for agentic workloads. These moves align mid-tier pricing with OpenAI and Google offerings while preserving a premium Fable tier, amid broader industry declines in blended token costs exceeding 80% since 2023. Key upcoming catalysts include potential year-end model updates or further cache optimizations that could accelerate downward pressure on the highest frontier rates.