Apple just released the iPhone 18 Pro and its first foldable iPhone, but the next big iPhone rumor is already giving investors something to watch.
Apple could reportedly skip the iPhone 19 and jump directly to an iPhone 20 in 2027, marking the 20th anniversary of the original iPhone. The expected anniversary edition could have a radically different look with curved glass, thinner bezels, and a display that looks almost seamless.
Apple has not confirmed the iPhone 20 or any of these rumored specifications.
But for Apple (AAPL) investors, the question isn’t just what the phone may look like. The question is whether Apple can capitalize on another major hardware redesign to entice customers to upgrade and bolster a business that generated $109.4 billion in quarterly revenue in its most recently reported quarter.
Apple may be saving something big for 2027
The iPhone 20 would come out roughly 20 years after the original iPhone went on sale back in June 2007. That would give Apple a real opportunity to do something more dramatic than an annual processor or camera upgrade.
The timing is particularly interesting because Apple has already begun testing new iPhone form factors.
In September, the company announced its first foldable iPhone, the iPhone Duo. The device has a 7.6-inch internal display and a 5.4-inch external display and will launch Oct. 23.
Meanwhile, the iPhone 18 Pro features a smaller Dynamic Island, Apple’s new A20 Pro chip, and a new variable-aperture camera system.
Those advances could offer a few of the building blocks for a more radical anniversary iPhone.
The biggest rumored change is the glass
The most interesting rumor concerns the display of the iPhone 20.
Bloomberg’s Mark Gurman and The Information have previously suggested a mainly glass, edge-to-edge design with curved glass wrapping around the gadget, says Mashable. This might suggest an iPhone without the iconic notch or Dynamic Island eating into the display.
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Another claim from ETNews indicates that the anniversary iPhone may come with four-sided bending to get a more bezel-less look.
But there is a big catch.
Leaker Ice Universe has asked Apple whether it can produce a truly curved display at scale. Instead, the leaker has indicated Apple may utilize what amounts to a visual quad-curved design generating the illusion of curved borders without really bending the display in the same manner as a regular waterfall screen.
That would seem to align with Apple’s wider shift to a more fluid visual language.
Apple’s new software is using its Liquid Glass design across iPhone and other platforms, featuring transparent features and polished visual effects.
Apple is already building the software around the hardware
The rumored hardware redesign would also bring a broader software strategy.
At WWDC26, Apple introduced the next generation of Apple Intelligence and Siri AI, with smooth integration across iPhone and other Apple devices.
Then Apple launched Siri AI, a more powerful assistant that could understand personal context, be aware of what was happening on screen and take action across apps.
Apple also says its next-generation Apple Intelligence architecture combines on-device processing with Private Cloud Compute.
That matters for the iPhone 20 because Apple would potentially be selling customers a new physical design and a more capable software experience at the same time.
Apple’s iPhone 20 could change more than its name.Bloomberg / Getty Images
The financial case for a bigger upgrade cycle
Apple’s current financial position provides a reason for investors to do so on the iPhone roadmap.
In fiscal Q3 2026, Apple generated $109.4 billion in revenue, up 16% year over year. Diluted earnings per share rose 29% to $2.02, while iPhone, Mac and Services each set June-quarter revenue records.
Apple also said its installed base of active devices reached a record high in key product categories and geographic regions.
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Earlier in fiscal 2026, Apple’s March quarter generated $111.2 billion in revenue, up 17%, with iPhone revenue reaching a March-quarter record and Services revenue hitting another all-time high.
Apple’s installed base size matters because any major iPhone redesign could have millions of existing customers who could be upgrade candidates.
Apple also makes it easier to finance upgrades. Apple is offering trade-in credits of up to $885 for eligible iPhones and carrier promotions of up to $1,200 for select iPhone 18 Pro trades.
The company has also broadened installment and leasing options, including Apple Upgrade.
Here’s where the iPhone 20 could help Apple stock
A successful anniversary iPhone might assist Apple in a number of ways.
First, a more striking design would persuade buyers with older iPhones to upgrade rather than wait another year.
Second, a bigger or better-end display might support higher average selling prices.
Third, enhanced Apple Intelligence capabilities might make the iPhone harder to replace with a rival device.
And fourth, new hardware might drive utilization of Apple’s larger services ecosystem.
Apple claimed its services platform now covers hundreds of millions of people, while new features will include Apple Pay, Maps, Find My, iCloud, Apple Music and other services.
These are possible benefits, not guarantyd ones. A radical redesign could add manufacturing complexity, more expense or customer resistance.
Wall Street is already watching Apple’s upgrade story
Apple’s stock has recently traded near record levels. On Sept. 22, shares briefly pushed Apple’s market value above $5 trillion.
Analyst views remain mixed. Current data shows price targets ranging from $245 to $405, with Bank of America at $370 and Evercore ISI at $380, while UBS has a $296 target.
That spread is why a future iPhone 20 redesign could matter to the stock story: investors are already weighing Apple’s premium valuation against the company’s ability to sustain growth.
The iPhone 20 still doesn’t exist. But if Apple makes its 20th anniversary a truly new hardware category rather than another incremental refresh, it could give investors another potential catalyst to watch as the company builds toward 2027.
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