It all comes from YouTuber EverythingApplePro, who cited reliable leaker Max Weinbach as his source. Weinbach was able to provide the CAD files for the iPhone 12 Pro Max, although it was modified based on other information his source provided.
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Having mocked up the design on a 3D printer, we're able to see how the new iPhone 12 Pro Max compares to its predecessor. The iPhone 12 Pro Max will be slightly thinner than the iPhone 11 Pro Max, as well as have a larger display (6.7 inches, up from 6.5 inches), thanks to smaller bezels and an increased width.
There is an alternative set of specifications rumored, however, since Apple is still working on the design. This second design shows a shorter notch, while the design featured in the video is smaller horizontally, too, based on new information from Weinbach's source. These two designs also disagree on the curvature of the notch, with one being similar to the current iPhone 11 notch and the other being sharper.
The camera bump now makes room for the LiDAR sensor which first appeared on the iPad Pro 2020. This sensor will boost performance in augmented reality apps and presumably photography by providing better time-of-flight data. Also similar to the iPad Pro is how the lenses will be more embedded into the bump than they are currently on the iPhone 11 Pro, making the back look smoother.
The sides here are flat, something not seen on an iPhone since the iPhone 5, but much like those on the iPad Pro. Previous reports have said that the iPhone 12 Pro models will have these flat edges, with the standard iPhone 12 models being either flat also or curved like more recent iPhones.
In terms of colors, EverythingApplePro repeated the rumor that we'll see a navy blue color option on the iPhone 12 Pro models, likely replacing Midnight Green, while the standard iPhone 12 could come in light blue, violet and orange, with Apple picking two of these and discarding the third option depending on which it likes best.
The iPhone 12 is rumored to be Apple's first 5G iPhone, and to that end the antenna bands that punctuate the metal frame have been enlarged too, although hopefully not enough to spoil the design for people. The side buttons are being moved down the frame of the phone too, to help users access them more easily on the larger phone, while the SIM tray is moving sides, likely due to Apple repositioning the circuit boards.
A new addition is a Smart Connector, like the one on the iPad Pro, taking the spot that used to belong to the SIM tray. This means we could see an iPhone-compatible Apple Pencil (previously rumored to come to the iPhone 11) and other accessories that we've never seen before. Maybe a mini Magic Keyboard?
On the bottom edge, EverythingApple Pro reported that the iPhone 12 will be getting louder speakers, a welcome change after a few generations of Apple focusing on the audio quality rather than volume. Notably, the Lightning port remains, despite pressure for Apple to move to USB-C. Apple is rumored to be investigating wireless-only charging for future iPhones and maybe an iPhone with no ports at all.
EverythingApplePro also said that he will be doing a follow-up video in a few days' time, covering the leaked features for the iPhone 12 in more detail. So if this information has whet your appetite, keep your eyes peeled for his next video.
Aside from these many exterior changes, other rumors for the iPhone 12 tell us to expect a 120Hz refresh rate display and an upgraded CPU in the form of the A14 Bionic chip. In addition to the 6.7-inch iPhone 12 Pro Max, we're expecting a smaller 6.1-inch iPhone 12 Pro model, as well as 5.4-inch and 6.1-inch standard iPhone 12 models.
As far as we know, we're still likely to see the iPhone 12 line launch before the end of 2020, although this largest iPhone 12 Pro Max model may be held back until October.