Apple has just announced the iPhone X, the 10th iPhone and the biggest upgrade in a year. With great power comes even greater pricetags, and that’s exactly what we’re getting.

The iPhone X will start at $999 when it launches in November. The release date is well after the iPhone 8, which Apple also announced today, but ships in late September. The delayed release matches up with previous rumors we have heard, which suggested that there are production issues with the iPhone 8 causing delays. Rather than releasing a small batch initially, it seems that Apple is going to delay the launch until it can ensure worldwide availability.

The $999 price tag might be huge, but it isn’t unprecedented. Samsung’s new Galaxy Note 8 comes close with a $929 sticker, and it doesn’t have the premium of being Apple’s new lord and savior. In all likelihood, the high price was Apple’s only way to keep sky-high margins (and profits) while cramming all the new features it wanted into the iPhone 8.

Assuming that the price won’t keep Apple’s faithful away from buying the iPhone X, pre-orders will open October 27th, with shipments arriving November 3rd. Despite the delayed release, supplies will likely still be limited at launch, so you’ll want to pre-order to guarantee getting the phone on launch day.

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