Apple’s foldable iPhone could start at $2,199, Bloomberg reports

On the eve of what may be the most consequential Apple ↗ 0.23% product launch in years, new reporting from Bloomberg reveals that the company's long-rumored foldable iPhone — widely expected to be called the iPhone Ultra — was shaped in large part by former CEO Tim Cook's personal enthusiasm for the category, born during a trip to Asia around 2020.

A Decade in the Making

Apple engineers first began working on a foldable iPhone around 2016, according to Bloomberg's Mark Gurman. But the project gained momentum when Cook returned from China "unusually energized" after seeing growing numbers of consumers using folding devices from Samsung and Huawei. Cook's direct involvement was atypical — he generally "stayed away from the conception of new products" — but his push helped redirect the effort from a foldable iPad toward a foldable iPhone aimed at a mainstream audience.bloomberg+1

"Tim was the earliest and biggest champion of this," one person familiar with the project told Bloomberg. "He saw them everywhere in Asia and said Apple needed to play in this space."9to5mac

Apple originally targeted a starting price of $1,999, hoping to stay below the "potentially controversial $2,000 barrier" in a move reminiscent of the iPhone X's $999 debut in 2017. However, rising component costs and a memory shortage have pushed the expected entry price to $2,199, with larger-storage configurations approaching $3,000.macrumors+1

A New CEO's First Test

The September 9 "Surprise and Shine" event at Apple Park will mark the first major product launch under new CEO John Ternus, who succeeded Cook on September 1. Alongside the foldable, Apple is expected to unveil the iPhone 18 Pro and iPhone 18 Pro Max, both powered by the A20 Pro chip built on TSMC's Taiwan Semiconductor Manufacturing Company Limited ↗ 1.54% 2-nanometer process.zeerawireless+2

The foldable iPhone is expected to feature a 7.8-inch inner display that opens like a book, with MagSafe compatibility retained. The event begins at 10 a.m. Pacific Time, with pre-orders expected to open September 12 and retail availability on September 19.forbes+3

Competing in a Crowded Field

Apple enters the foldable market years after rivals. Samsung's Galaxy Z Fold series is already in its eighth generation, and the iPhone Ultra's rumored starting price exceeds the Fold 8's $1,899 price tag. Analysts at Citi and JPMorgan have framed the device as a premium status symbol rather than a mass-market product. Whether Apple's late entry can reshape the foldable category the way it once transformed the smartphone market will become clearer when Ternus takes the stage on Wednesday.finance.yahoo+2