Apple may have cancelled the all-glass iPhone redesign it was reportedly developing for the iPhone’s 20th anniversary in 2027. The ambitious redesign was expected to be one of Apple’s biggest iPhone changes since the iPhone X, but Jefferies analyst Edison Lee now says development may have been halted.
Lee’s August 10 note, first reported by Barron’s, led Jefferies to downgrade Apple stock from “Neutral” to “Underperform.” The analyst’s concerns extend beyond the anniversary iPhone, with rising memory costs and Apple’s AI strategy also factoring into the downgrade.
Apple’s 20th anniversary iPhone was expected to be a major redesign
Apple has reportedly been working toward a radically redesigned iPhone for its 20th anniversary in 2027. The device was expected to feature an almost entirely glass design, slimmer bezels, and a much more seamless display.
Reports have described two versions with screen sizes around 6.3 and 6.9 inches, although the larger model could approach 7 inches with slimmer bezels. The concept is also tied to Apple’s long-running interest in a “six-sided glass enclosure,” a design concept that dates back to a patent application filed in 2019.
The rumored design would have represented a major departure from the current iPhone formula. Apple has also been gradually moving toward a more immersive interface with its Liquid Glass design language, first introduced with iOS 26.
The financial opportunity was just as significant. The anniversary iPhone was reportedly expected to have a blended retail price of around $2,060, making it considerably more expensive than Apple’s current iPhone lineup. Apple was also said to be considering bringing elements of the design to future Pro and Pro Max models.
Why Apple may be backing away from the design
The biggest obstacle appears to be the technology required to make the all-screen design work. Under-display Face ID has long been rumored as part of Apple’s plans, but the technology has reportedly faced development challenges.
DSCC analyst Ross Young has previously suggested that fully hiding Face ID components beneath the display could remain difficult even in 2027. If Apple cannot make those components small enough without compromising performance, it could force the company to scale back the anniversary design.
There is also a growing cost problem. Memory prices have been rising as manufacturers prioritize demand from AI data centers, putting pressure on consumer electronics companies. Apple has already raised prices on several Mac and iPad models, while higher iPhone prices are also being rumored for the next generation.
Lee’s argument is that the premium anniversary iPhone could have helped Apple offset some of those rising component costs through a significantly higher selling price. If the device is no longer moving forward, Apple loses that opportunity while still facing higher production costs.
That does not necessarily mean every part of the anniversary iPhone has been cancelled. Some elements of the planned redesign, such as a smaller display cutout or thinner bezels, could still appear in Apple’s 2027 lineup.
For now, Apple has not confirmed whether the all-glass iPhone has been cancelled. The report comes from an analyst’s assessment of Apple’s product plans, so the final 20th anniversary iPhone could still look very different from what current rumors suggest.
