iPhone 18 Pro Pre-Orders Start Slow as Analyst Jeff Pu Calls Demand 'Lukewarm'

Most standard Pro models still showed launch-day delivery after pre-orders opened on September 12, and GF Securities cut its Pro and Pro Max build forecast to 72 million units.

Pravin KankanePublished 16 September 2026Updated 26 October 20264 min read

Apple's iPhone 18 Pro and iPhone 18 Pro Max opened for pre-order on September 12 without the usual rush. Thirty minutes in, every colour and configuration of the standard Pro still showed on-time delivery for launch day, September 18, which almost never happens in the opening minutes of a new iPhone cycle (MacRumors, BGR).

<blockquote><strong>Update, October 25:</strong> Nikkei later reported that Apple cut iPhone 18 Pro component orders by at least 15%, citing softer demand (<a href="/article/apple-reportedly-cuts-iphone-18-pro-component-orders-15-percent-nikkei">our report</a>). The iPhone Duo, by contrast, sold out within minutes when pre-orders opened on October 16 (<a href="/article/iphone-duo-preorders-sell-out-delivery-estimates-january-2027">our report</a>).</blockquote>

What the shipping dates show

Apple does not publish real-time sales, so delivery-date slippage on its order page has long served as an early demand signal. When a configuration sells faster than Apple can restock, its estimate slides from launch day to a week or two later, and how fast that spreads across colours and storage tiers has historically shown how hot a launch is.

Configuration	Delivery estimate (pre-order day, US)
Pro Max 256GB, Burgundy	September 18 to September 29 within 30 minutes; October 6 by one hour
Pro Max, Glacier, Silver and Black	Slipped more slowly
Pro 512GB, Silver	Two to three weeks
Other standard Pro configurations	Largely launch day
1TB and 2TB tiers	Available on schedule early on

By that measure the launch was muted. The 256GB Pro Max in Burgundy slipped first. Other Pro Max colours followed more slowly, while the standard Pro barely moved, and the top storage tiers, which often sell out first in a hot launch, stayed on schedule.

GF Securities analyst Jeff Pu called the wait times "lukewarm" in a note to clients and cut his build forecast for the Pro and Pro Max to a combined 72 million units, citing manufacturing constraints tied to the new variable aperture camera. He kept a Hold rating on Apple with a $369 price target (PC Guide, iPhone in Canada). He also cut his 2026 build estimate for the iPhone Duo from 7 million to 6 million units, pointing to hinge production challenges.

Why demand might be softer

Several explanations circulate, and they can all be true at once. Apple opened pre-orders on a Saturday rather than its usual Friday, which may have spread orders differently. Pu pointed to limited upgrades over the iPhone 17 Pro and higher prices, especially at larger storage tiers. And some buyers may be waiting for the iPhone Duo, Apple's first foldable, whose pre-orders opened on October 16.

Apple has also moved the standard iPhone 18 to spring 2027, so the Pro and Pro Max are the only new iPhones this autumn. In a normal year, budget-conscious demand goes to cheaper models such as the iPhone 17 rather than showing up in Pro pre-order data.

India pricing

In India the iPhone 18 Pro starts at ₹1,64,900 and the Pro Max at ₹1,79,900. Early US pre-order data does not show how the phones are selling in India.