A new iPhone is almost here. The price tag? $1,000. Yes, you read that correctly.

The Cupertino, California-based tech giant held a special event Tuesday at its new Steve Jobs Theater to unveil its latest iPhones, including the iPhone X, as well as other innovations for the Apple Watch and Apple TV.

But it was the news about the latest iPhone models that created the most excitement.

“No other device has had the impact on the world that the iPhone has,” Tim Cook, Apple’s chief executive officer, said in prepared remarks during the streamed event. “Nothing else has put so much power into so many people’s hands.”

The iPhone X is the first major redesign of the iPhone since 2014

The 10-year-old iPhone is perhaps the most successful consumer device in recent history, and the latest model could push Apple’s market cap to a staggering $1 trillion or more, according to reports.

In addition to the iPhone X, which will begin shipping in November, Apple will release the Phone 8 and 8 plus, scheduled for release by the third week of September. These will have features including wireless charging and faster internal processors. The iPhone 8 will start at $699. The 8 plus will retail for $799.

So what’s inside the iPhone X?

The iPhone X is the first major redesign of the iPhone since 2014.

The handset’s feature list will include facial recognition technology, an edge to edge display, augmented reality camera, improved battery life, and animated emojis.  It will also eliminate the home button in favor of a touch screen that pairs with facial recognition to activate the phone.

Will the iPhone X be too pricey for consumers?

The high price is a definitely a gamble with consumers, numerous industry experts say, particularly as the cost of an iPhone has been edging up for years. In fact, the 7 plus, released in 2016, retails for $769.

Only 11% of consumers said they’d purchase a phone with a price tag of $1,000, according to a survey conducted by investment bank Barclays in August. (The majority of those polled said they don’t want to spend more than $560.)

Apple’s not alone in pushing up prices

Competitor Samsung’s new Galaxy 8, which will be available September 15, retails for $950. Together, Apple and Samsung control more than a third of the global high-end smartphone market. 

And for many consumers, smartphones have become a fact of life. They now reportedly spend about 4 hours a day on their mobile devices, which are doing double time as work tools for increasing numbers of people.

And if the price is a gamble, it’s clearly one Apple has thought carefully about.

One reason is that consumers plan to spend more cash on mobile phones in the coming years, according to the research firm Gartner. Another reason why: In the months following the release of its new phones, stock price tends to tick up dramatically. In fact, Apple’s share price in the year following the release of its iPhone 7 increased 43%.

Sources: FactSet and the Wall Street Journal