Apple’s first foldable iPhone is getting closer to its expected September unveiling, but a new report suggests actually buying one may be much harder than expected.

According to ChannelNews Australia, Apple could unveil the rumored iPhone Ultra this fall while keeping the initial retail rollout extremely limited. The report points to supply, pricing, and production testing issues, with the U.S. potentially getting the first batch while markets such as Australia wait several months.

So how limited could the iPhone Ultra launch be?

ChannelNews says Australian carriers and one major retailer do not expect the foldable iPhone to appear on local shelves when the rest of the iPhone 18 Pro lineup arrives. Limited stock could instead go to the U.S. first, followed by other major markets such as China.

Previous estimates already suggested supply would be tight. Industry analyst Ming-Chi Kuo said Apple may produce around 7 million to 8 million foldable iPhones in the second half of 2026, while only 0.5 million to 1 million units could be ready in the third quarter. For context, that is a tiny launch pool for a first-generation iPhone expected to attract a lot of attention.

Apple is already dealing with another supply headache

The ongoing DRAM shortage has reportedly slowed production of the A20 Pro chip expected inside the iPhone 18 Pro and iPhone 18 Pro Max. Apple has even started testing DRAM from Chinese supplier CXMT as it looks for more memory supply. If those reports are accurate, the company could be dealing with shortages across both its regular Pro models and its most ambitious new iPhone.

The iPhone Ultra is already expected to cost somewhere north of $2,000, so availability was never going to be broad in the same way as a standard iPhone. Still, a U.S.-first rollout followed by a months-long wait elsewhere would make the launch far more frustrating for buyers who have been waiting years to see Apple finally enter the foldable market.

That said, the short and wide Galaxy Z Fold 8 has already shown how appealing this kind of foldable design can be. The iPhone Ultra is expected to follow a similar shape, so Apple could have a hit on its hands if it manages to iron out the remaining production issues.