The Rolex GMT-Master II "Pepsi" in steel appears to be finished. Multiple authorized dealers across Europe and North America have confirmed to watch publications that deliveries of the ref. 126710BLRO have stopped, and customers on waiting lists are being redirected to other models.
Rolex hasn't issued an official statement. The watch still appears on the company's website as of this morning. But the pattern is unmistakable: Bucherer, Ben Bridge, and William Barthman have all pulled the reference from their online catalogs, according to reporting from Fratello Watches and WatchPro in early March.
Eight years of the modern Pepsi
The steel Pepsi debuted at Baselworld 2018 as the first GMT-Master II on the Jubilee bracelet, powered by the then-new caliber 3285. It became one of the longest waiting-list watches in Rolex's lineup almost immediately. For most of its production run, the gap between retail price and secondary market value stayed stubbornly wide.
That gap is now moving in the opposite direction.
What the numbers say
Bloomberg reported in late March that secondary market prices have climbed roughly $3,000 since January 2026. WatchCharts data shows the 126710BLRO hovering above $23,000, up from just over $20,000 at its lowest point last year. Active listings tracked by Subdial have dropped about 25 percent in the same period.
The demand spike is dramatic. Chrono24 reported that purchase requests for the Pepsi surged over 500% compared to the 2025 average during the first week of March alone.
Timing points to Watches and Wonders
The discontinuation aligns with Watches and Wonders Geneva, which opens April 14. Rolex traditionally reveals its new lineup at the fair, and the pattern of pulling a reference before introducing its replacement is familiar. The green-dial Submariner (Starbucks) followed the Hulk. The new Explorer II replaced the older reference overnight.
The question now is what replaces the Pepsi. Speculation ranges from a revised movement to a new bezel material, or potentially a complete rethink of the GMT-Master II family. Monochrome Watches noted that leaked images from Reddit in March showed what appeared to be an "Albino" Daytona, suggesting Rolex may be in an experimental mood this year.
What this means for collectors
For anyone who already owns a 126710BLRO, the short-term value trend is clear. Discontinued Rolex sport references almost always appreciate in the months following their exit, particularly when demand was already outpacing supply.
For anyone still on a waiting list, the math has changed. If your AD hasn't already called, it may be worth asking directly. Some dealers report they're still receiving mixed signals about whether the cutoff is truly final or just a production pause ahead of a new reference.
Either way, the eight-year run of the modern Pepsi appears to be closing. Whatever Rolex announces in Geneva next week will tell us whether this is an ending or a transition.
Sources: Fratello Watches, WatchPro, Bloomberg via SwissInfo, Chrono24 Magazine
