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In December 2025, the draft for the European Strategy for Particle Physics Update was composed by the European Strategy Group during a special meeting in Ascona, Switzerland, after a two-year process, and was presented to the CERN Council. Following feedback, it may be approved by the Council in May 2026, at a special session. This update is likely of major consequence as it suggests a new major collider at CERN to succeed the LHC: the Future Circular Collider, which will focus on electron-positron collisions.
In this talk, I will outline the process that led to this document and discuss related aspects, physics and otherwise. I will also touch upon challenges it presents to theorists in order to fully utilize its physics potential.