Just ahead of Apple’s special event, Bloomberg published a new report detailing the decade-long development of the company’s long-rumored foldable iPhone. Notably, the report suggests former CEO Tim Cook played an important role in pushing the project forward, while also revealing the price Apple is considering for its first foldable iPhone.

Apple began developing a foldable iPhone around 2016

According to Bloomberg journalist Mark Gurman, Apple engineers began researching and developing a foldable iPhone around 2016. However, the project did not always receive a strong push from the company’s senior leadership.

A turning point reportedly came in 2020, when Tim Cook returned to the US following a trip to China. He was described as being “particularly excited” about foldable phone technology after seeing firsthand how popular such devices had become in Asia.

Cook then reportedly urged Apple’s hardware teams to accelerate development of the company’s first foldable phone.

The move was particularly notable because Cook typically avoided becoming too deeply involved in the early conceptual stages of entirely new products. His direct involvement therefore gave the foldable iPhone project considerably more weight within Apple.

Did Tim Cook steer Apple toward a foldable iPhone?

Apple initially considered developing a larger foldable device, such as an iPad. Cook’s enthusiasm, however, reportedly helped shift the project’s direction, prompting Apple to focus instead on a product with broader mass-market potential: the foldable iPhone.

A source familiar with the project said Cook was among the product’s earliest and strongest supporters. He saw foldable phones appearing everywhere in Asia and believed Apple needed to enter the rapidly growing market.

That strategic shift could prove significant for Apple. Rather than testing foldable display technology first on the iPad line, the company reportedly decided to bring it directly to its most iconic product, the iPhone.

If accurate, Cook not only helped accelerate the project but may also have directly influenced the direction of Apple’s first foldable device.

iPhone Ultra could start at $2,199

Beyond its development history, the issue drawing the most attention from potential buyers is price. According to Bloomberg, the foldable device is internally referred to at Apple as the iPhone Ultra.

Apple initially targeted a starting price of around $1,999. However, sharply rising component costs have reportedly forced the company to rethink its pricing plans. Apple is now said to be considering a starting price as high as $2,199.

A source said Apple had discussed several pricing options in recent weeks. A shortage of memory components is reportedly among the factors driving production costs significantly above the company’s original targets.

Notably, iPhone Ultra models with higher storage capacities could even approach the $3,000 mark. That would represent an unprecedented price for a commercially available iPhone.

For comparison, the standard iPhone currently starts at $799, while the iPhone 17 Pro begins at $1,099. If the iPhone Ultra does launch at $2,199, it would cost nearly three times as much as the standard iPhone and around $1,100 more than the iPhone 17 Pro.

Such pricing suggests Apple could position the foldable iPhone as an ultra-premium product rather than simply another addition to the iPhone lineup. Its foldable design, hinge technology, flexible display and expensive components could all contribute to the substantially higher price.

Hai Phong