Update: Check out our hands on: iPhone 5 review!
The announcement came during Apple senior vice president of worldwide marketing Phil Schiller's presentation for the newest iOS device Wednesday in San Francisco.
All carriers will have 4G LTE capability, making Apple's newest iPhone the fastest one yet.
The phone, in both black and white, will come in 16GB, 32GB and 64GB flavors.
16GB runs $199, the 32GB $299 and, drum roll, please, the 64GB at $399, all on a two-year contract.
It'll also be coming to "select Apple resellers," though who those are Apple didn't specify.
"Changing phones forever"
Dubbed the "phone that's changed phones forever," the iPhone 5 is an all glass and aluminium smartphone, Apple's thinnest yet.
Measuring 7.6mm thick, it's 18 percent thinner than previous iterations. It features "Ultrafast Wireless," thanks to GPRS, EDGE, EV-DO, HSPA, HSPA+, DC-HSDPA and LTE.
With a new, faster A6 processor and the world's fastest connectivity, the "Five" will likely leave the competition in the dust.
Pre-orders start Friday, Sept. 14 with shipping to the U.S. hitting the ground Sept. 21. U.S. retailers will have the phone on their shelves that same day.
Sprint and Apple are both taking pre-orders at 12:01 a.m. PDT Friday, while Verizon is getting a (slightly) earlier start at 12 a.m. PDT. AT&T hasn't made an announcement as to when its pre-orders will begin.
Oh, and for those who've been waiting patiently for a iPhone 4 or iPhone 4S, the "Four" is now free on two-year contract while the 4S is a low, low $99.