If a new estimate is correct, and we suspect it is, then Apple is paying dramatically more to produce each iPhone 18 Pro Max compared to its predecessor, and that will mean price rises of $200 or more.
The current iPhone 17 Pro Max
Apple left all iPhone models untouched in its recent and unprecedented price rise, but it was already likely that the forthcoming iPhone 18 Pro range would be affected. Now according to estimates from Counterpoint Research, the bill of materials (BOM) that Apple will pay for the iPhone 18 Pro Max is $300 more than for the current model.
Component costs are always increasing, which is why the iPhone 15 Pro Max cost 12% more than its predecessor, and the iPhone 16 models also had a slight rise. But because of the global chip shortage, Apple is having to pay significantly more for certain components.