Customers take a look at the iPhone 7 smartphone inside of an Apple Inc. store in New York, Sept. 16, 2016. Reuters/Eduardo Munoz

Apple’s 10th anniversary version of the iPhone might cost more than $1,000, a source told Fast Company.

The much awaited iPhone 8, which is rumored to be called the iPhone X, will reportedly come with an OLED screen and other new features. The OLED screen will stretch across the entire front of the phone, a feature previously rumored. However, the display is likely to cost about twice as much as the current LCD displays.

The new smartphone, expected to measure 5.8 inches, is rumored to get a memory boost compared to last year’s generation. That could be another reason why the 10th anniversary iPhone might cost more than $1,000, since memory is expensive right now.

If you think about it, the phone’s price isn’t that crazy when you compare it to the iPhone 7 Plus with 256 GB, which costs $969.

iPhone 8 Design, Features

When it comes to how the new phone will look like, Fast Company reports the device will “look something like a smooth black monolith, with few visual interruptions to its sleek design.” The sides of the new model might be made of forged stainless steel, which is less expensive the aluminum material used on current iPhones. The back of the iPhone 8 is expected to be made of glass instead of metal.

Apple has been working to ditch the physical home button from the new device by placing it underneath the display surface and will be a button to touch not press, the source said. Apple is hoping to change the home button in time for this year’s model. It seems like Apple wants to do away with all buttons, since it might also get rid of the physical buttons on the side of the device and replace it with touch-sensitive inlays in the metal, Fast Company reported.

Apple is expected to release three new iPhones this year, according to KGI Securities analyst Ming-Chi Kuo. The company will roll out a 4.7-inch model, a 5.5-inch and all-new OLED model.

Other features expected to be included in the new iPhone 8 are a bigger battery, face recognition, improved 3D Touch, and dual lens cameras on the 5.5-inch iPhone and the 5.8-inch models.

When Does The iPhone 8 Come Out?

Full production of new iPhones usually starts in May and hits full stride in August, the source said, which means recent reports of Apple accelerating its manufacturing schedule might not be true.

Boutique research firm BlueFin Research Partners previously suggested Apple might start production on the new iPhones earlier than it usually does. However, the firm noted the company would not switch the release of this year’s generation to an earlier date. So expect the iPhone 8, or iPhone X, to have a September release date like previous iPhone models.