iPhone 18 Pro Pre-Orders Off to a Muted Start, Analyst Says

Apple's iPhone 18 Pro pre-orders are experiencing a slower-than-anticipated start, according to GF Securities analyst Jeff Pu. Pu has lowered his production estimates for both the Pro lineup and the foldable iPhone Duo, citing limited spec upgrades and higher pricing as reasons for the muted demand. The initial wait times for iPhone 18 Pro models in the U.S. and other countries now range from 3-4 weeks for Pro Max models with larger storage capacities, particularly for the 1TB option in Burgundy.

In contrast, models with 256GB and 512GB storage in Glacier and Black colors have shorter wait times of 1-2 weeks in the U.S. The 1TB Pro Max option in Silver, as well as nearly every other iPhone 18 Pro model, are immediately available. Pu attributes the softer-than-expected demand to the modest spec upgrades and high prices, especially for larger storage tiers.

The iPhone 18 Pro starts at $1,199 in the U.S., with prices reaching up to $2,399 for the 2TB model, while the iPhone 18 Pro Max starts at $1,299 and can go up to $2,499 for the 2TB variant. Pu predicts the iPhone 18 Pro Max may lose some buyers to the upcoming iPhone Duo, which begins pre-orders on October 16, with availability starting October 23.

Prices for the Duo range from $1,999 for the 256GB model to $3,199 for the 2TB option. Pu has also revised his production estimate for the iPhone 18 Pro and Pro Max to 72 million units, down from an earlier estimate, due to challenges with the new variable aperture camera. Additionally, he reduced his forecast for the iPhone Duo to 6 million units from 7 million, citing production obstacles with the hinge. Pu still maintains a Hold rating on Apple, with a $369 price target.