Claude Fable 5.1 is the latest iteration of Anthropic's most capable widely available model. It retains the always-on extended thinking and million-token context window of Fable 5 while delivering measurably stronger reasoning, coding, and instruction-following. Cache-read pricing drops 75 percent to $0.25 per million tokens, making long-context agentic workflows significantly cheaper. Fable 5.1 also reduces false refusals, following nuanced instructions more reliably than its predecessor.