The high-end device might debut as early as 2024 with the iPhone 16 line.

Gurman predicted in September of last year that the Pro Max brand would be replaced by the Ultra model with this year’s iPhone 15, but his current theory suggests that Apple intends to establish a more powerful – and more expensive – tier of iPhones. That means the price of the new product could surpass that of the iPhone 14 Pro Max, which starts at $1,099.

During Apple’s earnings call last week, CEO Tim Cook did not rule out future iPhone price increases. Instead, he indicated that customers might be willing to pay more to get “the best they can afford in that category.”

While it’s still unclear what features might come with the Ultra device, Gurman speculates that it will offer additional camera enhancements, a faster chip and potentially a larger display. Also, it could feature a design without a charging port in favor of wireless charging.

As Gurman notes, Apple is already “giving consumers a reason to pay up” by adding top-of-the-line features to its Pro and Pro Max models. Last year, Apple made Dynamic Island exclusive to the iPhone 14 Pro and Pro Max, and it reportedly plans to make these tiers even more distinct with the release of the iPhone 15 this year.

There are already rumors that the iPhone 15 Pro and Pro Max will include a USB-C port and that the volume and power buttons would be haptic rather than physical. Additionally, the iPhone 15 Pro Max could be the only device to include a periscope lens with better optical zoom, further widening the gap between the two models.