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Claude Opus 5 transforms reasoning into compute budget: near-Fable intelligence at half price, but max effort is not for every task

Claude Opus 5 Anthropic Test-Time Compute Agentic AI AI Pricing

Anthropic releases Claude Opus 5 with 5 effort levels, 1M context window, and 128k output tokens. Test-time compute analysis, task economics, and migration guide.

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5 Levels
compute effort levels
1M Tokens
context window capacity
$5 / $25
input/output price per 1M tokens

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Moonshot paused new consumer subscriptions after Kimi K3 demand approached cluster capacity within 48 hours. Existing members received priority, the API remained separate, and memberships split by workload.

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48 hours
to capacity ceiling
Paused
new consumer subscriptions
Priority
existing members