Apple’s exploring the possibility of launching a more expensive iPhone “Ultra” above the iPhone Pro and Pro Max models, according to Apple tracker Mark Gurman. The high-end device could arrive as soon 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 that Apple wants to establish a more powerful — and more expensive — tier of iPhones. That means the device could have 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 didn’t rule out the possibility of a future price increase on iPhones. He instead indicated that customers might want to pay more to get a better product. “The iPhone has become so integral into people’s lives,” Cook said. “I think people are willing to really stretch to get the best they can afford in that category.”

While it’s still unclear what kind of features could come with an “Ultra” device, Gurman speculates that it “will probably offer further camera improvements, a faster chip and perhaps an even larger display.” It may also come with a design that drops the charging port in favor of wireless charging.

As noted by Gurman, Apple’s already “giving consumers a reason to pay up” 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’s planning to make the tiers even more distinct with this year’s launch of the iPhone 15.