Apple's first foldable iPhone, rumored as the iPhone Ultra, will feature a 5.5-inch cover display and a 7.8-inch inner screen matching the iPad mini's size, all in a chassis under 5mm thick when unfolded — thinner than the iPhone Air. Pricing is expected between $2,300 and $2,500, positioning it as Apple's most expensive handset ever.

Supply chain analyst Ming-Chi Kuo reports assembly shipments for the second half of 2026 will reach only 7–8 million units, with Q3 output at just 0.5–1 million units — roughly 10% of total volume. By contrast, the iPhone 18 Pro and Pro Max are projected to ship 20–22 million units in the same quarter. This shortfall makes a September launch improbable; Apple will likely announce the device then delay general availability by one to two months, mirroring the iPhone X rollout.

Kuo warns delivery times could stretch to 4–6 weeks or longer, with walk-in purchases unlikely before December. Scalpers may command 50–100% premiums over retail. Supply constraints should ease by Q1 2027, offering the first real gauge of sustained demand for a $2,500 foldable.

The Ultra's extreme scarcity at launch transforms it from a product into a collector's item, testing whether Apple's brand can sustain ultra-premium pricing when volume is intentionally or unavoidably constrained.