Apple is exploring the possibility of launching a more expensive iPhone “Ultra” over the iPhone Pro and Pro Max models, according to Apple tracker Mark Gurman. The high-end device could appear as early as 2024 with the iPhone 16 lineup.

Last September, Gurman predicted that an “Ultra” model could replace the Pro Max branding with this year’s iPhone 15, but his latest theory suggests Apple wants to launch a more powerful – and more expensive – range of iPhones. That means the device could carry an even higher price tag than the iPhone 14 Pro Max, which starts at $1,099.

During Apple’s earnings call last week, Apple CEO Tim Cook did not rule out the possibility of a future price increase on iPhones. Instead, he indicated that customers may be willing to pay more to get a better product. “The iPhone has become such an integral part of people’s lives,” said Cook. “I think people are willing to really stretch to get the best they can afford in that category.”

While it’s still unclear what sort of features an “Ultra” device might have, Gurman speculates it will “likely offer further camera improvements, a faster chip, and perhaps an even bigger screen.” It may also come with a design that ditches the charging port in favor of wireless charging.

As Gurman noted, Apple “is already giving consumers a reason to pay” by adding the best features to its Pro and Pro Max models. Last year, Apple made the Dynamic Island exclusive to the iPhone 14 Pro and Pro Max, and Gurman says Apple plans to make the levels even clearer with the launch of the iPhone 15 this year.