CUPERTINO, Calif.—Apple has entered the foldable game, announcing its first foldable iPhone at the Steve Jobs theatre on Apple’s campus on Wednesday. The long-rumored phone vaults Apple into its next era and caps one of its most consequential product launches in recent memory.

In a packed theater, New Chief Executive John Ternus unveiled the foldable through a video presentation. The phone has a 7.6-inch display when opened and 5.-inch outer display when closed. It will also work with Apple Pencil, and it can be placed in several display modes, including half-folded on a table. The announcement came nearly 20 years after Steve Jobs upended the consumer hardware space by introducing the world to the iPhone, propelling Apple to unprecedented heights. The phone when open is 50% larger than iPhone pro max.

The phone will cost $1,999 for the 256 gigabyte version and be available Oct. 23.

The phone is the thinnest Apple has made when open, and Apple packed it with new software that enables features like usability even when half-folded. The phone can also be used as a display monitor for calendars or clocks, like how people use Amazon’s Echo display products. The front-facing FaceTime camera is hidden within the screen.