Apple's deprioritization of the Vision Pro line drives the 97.4% market-implied odds against a Vision Pro 2 release before 2027. Bloomberg's Mark Gurman reported in late September 2026 that the N224 successor project remains on life support with four early concepts under review, but no firm commitment or timeline before late 2028 or early 2029 at the earliest, as resources shift to lighter smart glasses targeted for 2027. The current M5-updated headset from 2025 represents only a minor refresh of the original 2024 design. While internal pushback, layoffs in the mixed-reality team, and design debates over weight and form factor reinforce the delay, an unexpected acceleration in development or surprise announcement could still shift the outcome before year-end 2026.