According to Bloomberg, the Cupertino-based company is years away from launching a device for consumers, as it's only working on the display at this point and hasn't begun the rest of the phone. The first prototypes are apparently a lot like foldable screens already available from manufacturers such as Samsung and Motorola, and others. But Apple wants to a mostly "invisible hinge”.
One screen would unfold to around the size of the iPhone 12 Pro Max, though several screen sizes are being discussed, however.
Bloomberg also said the 2021 iPhone could come with an in-screen fingerprint sensor. Keep in mind Bloomberg has been claiming since 2019 that Apple is exploring the feature. However, considering Face ID doesn't quite work with face masks, perhaps Apple is now serious about adding it. The company hasn't said whether it's interested in in-display Touch ID, let alone folding phones.
Finally, Bloomberg said Apple has talked about removing the Lightning port and sticking to wireless charging only on some iPhone models. Also, Apple’s long-rumored AirTags will reportedly launch this year, and the iPad Pro could be refreshed with a Mini LED display.
Add it all up, and Apple could be planning some serious product updates, some more far off than others, of course.