Does iPhone Ultra exist ? Is iPhone Ultra coming out ?

Does iPhone Ultra exist ? Is iPhone Ultra coming out ?

No, iPhone Ultra doesn't exist. There were rumors that iPhone Ultra can be released as a high-end model with the best featues.

You can even find some images showing how could iPhone Ultra look like. It was expected that it will have 4 cameras on the back side. But iPhone Ultra was never offcially announced.

The recent iPhone 15 has 4 models:
iPhone 15
iPhone 15 Plus
iPhone 15 Pro
iPhone 15 Pro Max

iPhone 15 Pro Max is the model with the best features.

If Apple will release new phone with the best features, I don't think they will name it "Ultra", because Ultra is used by Samsung for their high-end phones.