Phase One's announcement comes hot on the heels of similar news from Hasselblad, who recently confirmed the existence of the H5D-50C, which also sports 50MP of resolution.
The digital IQ250 offers the highest ISO range of any medium format system, 100-6400. It also offers an enormous range of exposure times, from 1/10000sec to one hour.
Phase One says that the IQ250 will offer up to 14 stops of dynamic range, and comes equipped with a high-resolution 3.2-inch touchscreen with responsive Live View. The IQ250 also boasts built-in Wi-fi.
Some photographers have already taken the IQ250 out for a test drive, and Phase One released some short videos of how they got on:
The IQ250 is available on the Phase One partners website now, for those who have $34,990 (£21,131) going spare somewhere.