Most will be delivered to stores later this week, but due to high demand, some customers will not receive their new handsets until October, Apple said.
The latest model - taller, lighter and 4G-enabled - was launched in San Francisco last week.
Apple shares have risen more than 70% since the start of the year.
The pre-orders for the iPhone 5 are more than double those made for the previous model, the iPhone 4S.
"The customer response has been phenomenal," said Philip Schiller from Apple.
Customers in the UK, who have paid up to £699 for their new handset, will be able to pick them up from 0800 on Friday.
Sales of iPhones are crucial to Apple's fortunes, accounting for more than half its total net sales, according to the firm's most recent earnings report.
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