For years, the tech industry has been waiting on a unicorn device: a great, low-priced smartphone.

While most other technologies keep getting cheaper, many of today’s high-end smartphones cost upward of $650, which is more than the price Apple slapped on its very first iPhone, way back in 2007.

That price is usually hidden inside a carrier plan; you generally pay only $200 or so when you sign up for the phone, and then pay the rest over the course of your contract. Still, the full price is nothing to sneeze at. If you keep your new iPhone 6 or Samsung Galaxy S5 for two years, you are looking at a minimum of $27 a month just for the device. Top-tier smartphones cost more than most laptops and desktops, more than a lot of TVs and home appliances, and more than the fanciest dinner for two in New York (probably).

Isn’t it time high-end smartphones were cheaper? Are they worth all that much money? Is there any way around the sticker price?

Well, a unicorn just galloped onto the horizon. This month, OnePlus, a start-up based in Shenzhen, China, will begin taking pre-orders for the One, a fantastic low-price phone that tech enthusiasts across the globe have been lusting after for months. (Until the pre-order system goes live, the only way to get a One is by snagging a coveted invitation.)