This marks the first time Apple has increased the storage of the iPad since 2010. So far, you've been able to pick up the tablet in 16GB, 32GB and 64GB models.
“With more than 120 million iPads sold, it’s clear that customers around the world love their iPads, and everyday they are finding more great reasons to work, learn and play on their iPads rather than their old PCs,” said Philip Schiller, SVP Worldwide Marketing in the press release.
“With twice the storage capacity and an unparalleled selection of over 300,000 native iPad apps, enterprises, educators and artists have even more reasons to use iPad for all their business and personal needs.”
In other respects, it's consistent with the most recent iterations of the device: so it contains a 9.7-inch Retina display, Apple-designed A6X chip, FaceTimeHD camera, iOS 6.1 and support for additional LTE networks around the world.
The 128GB iPad is available in both black and white, and will set you back $799 (£639) for the Wi-Fi only model and $929 (£739) for the 4G model. Price points and release dates for other territories have yet to be confirmed.
Is more storage in keeping with the ethos of a tablet device? Have you run out of space on your current iPad? Let us know in the comments below.