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Fanny Zafraka-Themelidis
I remember very clearly when the first Speedmaster 38 models were launched, with the number 38 signifying that the legendary chronograph’s diameter had been reduced to 38 mm. It was 2017, and the talking piece of the collection was the two-tone “Cappuccino”, featuring an ivory dial, brown oval subdials and pink-gold details in Sedna™ Gold. The oval subdials had been designed to echo the shape of OMEGA’s Ω logo. The collection also featured an oval date window at 6 o’clock, while inside the watches was the self-winding Co-Axial Calibre 3330.
That launch appeared to be aimed primarily at women. The Speedmaster 38 was a more elegant, delicate and feminine interpretation of the stricter, more masculine Moonwatch, the first watch worn on the Moon. Only one model from that initial 38 mm generation made a more obvious claim to a place on men’s wrists: the stainless-steel chronograph with a black dial and more conventional round subdials.
Almost a decade later, OMEGA returns to the 38 mm format, while noticeably shifting the balance. The OMEGA Speedmaster Milano Cortina 2026 offered an early indication of this change, already combining a 38 mm case with round subdials and a sportier aesthetic. The seven new Speedmaster 38 models that have just been released bid farewell to oval subdials, adopt more design elements from the Moonwatch and acquire a decidedly sportier, more gender-neutral character.
OMEGA has not simply added a few new colours to the Speedmaster 38 collection. The seven models presented for 2026 mark a substantial design update, bringing the family’s smaller self-winding chronograph closer to the aesthetic codes of the Moonwatch.
The diameter remains unchanged at 38 mm, preserving the model’s versatile character and proportions that are particularly well suited to smaller wrists. Its overall appearance, however, has changed noticeably. The oval subdials of the previous versions have been replaced by classic round ones, the amount of wording on the dial has been reduced and the bezel is now wider, making it far more reminiscent of the Speedmaster Professional.
The tachymeter scale also welcomes back the characteristic Dot-Over-Ninety detail, with the dot positioned above the number 90. This is one of the design features closely associated with historic Moonwatch models and carries particular significance for collectors.
“The Speedmaster 38 mm has always taken its cues from the Moonwatch, while keeping size, colour, and simplicity in mind,” says Raynald Aeschlimann, President and CEO of OMEGA. “With this latest update, we’ve taken the Moonwatch inspiration even further, helping to enrich the Speedmaster DNA while still retaining the refined and unique nature that the 38 mm range is known for.”
Of the seven new versions, the one that most faithfully captures the character of the Moonwatch is undoubtedly the stainless-steel model with the black dial. It combines a black aluminium bezel with a tachymeter scale, a matt black varnished dial and white Super-LumiNova on the hands and hour markers.
ts most significant difference from the other six models is the absence of a date display. The clean dial, round subdials and black-and-white colour scheme create a Speedmaster that resembles a smaller, self-winding alternative to the Moonwatch. The same black-and-white contrast also took centre stage on the Reverse Panda Speedmaster Moonwatch unveiled by OMEGA in early 2026.
Its dimensions also evoke the Speedmaster Reduced, a model much loved by collectors that was introduced in 1988 with a 38.5 mm case. The new watch is certainly not a reissue, since the arrangement of its subdials and several technical details are different. Nevertheless, it revives the idea of a more compact self-winding Speedmaster, adapted to contemporary expectations. Price: €6,600
Alongside the black version, there are two additional models featuring stainless-steel cases and bracelets. The first has a white lacquered dial and a blue ceramic bezel, with its tachymeter scale rendered in white enamel. The hands and hour markers have a blue CVD coating, matching the shade used for the numerals in the date window. Price: €7,100
The second combines a silvery opaline dial with a warm grey aluminium bezel. The main hands and elongated hour markers have a Sedna™ Gold-coloured PVD coating, while brown and gold tones alternate on the subdials. It is perhaps the most discreetly elegant of the three stainless-steel models. Price: €6,700
Two additional Speedmaster 38 models combine stainless steel with gold, expressing the more luxurious side of the collection. The first features a silvery opaline dial and a polished 18K Moonshine™ Gold bezel with a green aluminium ring. The same gold alloy is used for the crown, chronograph pushers and smaller bracelet links, while the hands and hour markers adopt the same golden hue. OMEGA’s distinctive gold alloy was also recently featured in the limited-edition MoonSwatch Mission to the Moon 1969, created to commemorate the first Apollo 11 Moon landing. Price: €11,800
The second two-tone version continues the collection’s signature “Cappuccino” aesthetic. Its ivory dial is complemented by brown subdials and a brown aluminium bezel, while the Sedna™ Gold details add a warm pink-gold tone. The smaller links of the bracelet are also crafted from 18K Sedna™ Gold. Price: €11,800
Completing the collection are two stainless-steel models with 52 diamonds set into the bezel, totalling 1.53 carats. The first features an ice-blue PVD-coated dial, while the second has a white mother-of-pearl dial. In both versions, the rhodium-plated hands and elongated hour markers glow with white Super-LumiNova. The diamonds give the Speedmaster 38 a more precious character without taking away the practical functions of a sports chronograph. Prices: €12,400 for the ice-blue dial and €13,200 for the white mother-of-pearl version.
A common feature across all seven new chronographs is the new five-row bracelet, inspired by the modern Moonwatch bracelet. Depending on the version, the central links are either polished or brushed. The bracelet tapers from 18 mm at the case to 15 mm at the clasp and incorporates a two-position micro-adjustment system, offering a total extension of 2.3 mm for greater comfort on the wrist.
The stainless-steel case measures 38 mm in diameter, 44.96 mm from lug to lug and 14.75 mm in thickness. It is protected by a sapphire crystal and offers water resistance to 100 metres. The solid screw-in caseback is distinguished by OMEGA’s embossed Seahorse medallion.
The black model without a date is powered exclusively by the new self-winding Co-Axial Calibre 3332. The remaining six versions, all of which feature a date display at 6 o’clock, are equipped with the Calibre 3330.
Both movements are COSC-certified chronometers, operate at a frequency of 4 Hz and provide a power reserve of 52 hours. The chronograph mechanism is controlled by a column wheel, while the Co-Axial escapement reduces friction and contributes to stable performance.
With this year’s changes, the Speedmaster 38 gains a clearer identity within the wider OMEGA family. It remains smaller, self-winding and more adventurous in its use of colour than the Speedmaster Professional, but its relationship with the Moonwatch is now immediately recognisable. For those who love the Speedmaster chronograph but find the classic Moonwatch’s 42 mm case too large for their wrists, the black no-date version is likely to be the most compelling proposition in the new collection.
The oval subdials, after all, had never entirely convinced Speedmaster purists. Although they gave the collection a recognisable and more elegant identity, they created a greater aesthetic distance between the Speedmaster 38 and the original Moonwatch and, for many enthusiasts, remained a controversial design element. By returning to classic round subdials, a wider bezel and the Dot-Over-Ninety detail, OMEGA now appears to be addressing precisely that divide. It has not turned the Speedmaster 38 into a miniature Moonwatch, but it has restored a design connection that many felt should have been more apparent from the outset.
And what about women? The models with the ice-blue or white mother-of-pearl dials and bezels set with 52 diamonds preserve the more radiant and precious side of the Speedmaster 38. Personally, however, I believe the real strength of the new collection lies elsewhere: the models can no longer be divided so easily into “men’s” and “women’s” watches. The white dial with the blue ceramic bezel, the silver version with Sedna™ Gold details and the new “Cappuccino” can all be worn equally convincingly by men and women.
The round subdials and the new, more substantial bezel introduce the sporty character that several previous versions lacked, while the 38 mm diameter sits squarely within the contemporary trend towards smaller, more versatile watches. In this respect, OMEGA has not simply created a smaller Moonwatch, but a Speedmaster that can appeal far more equally to both men and women.
We would, of course, have liked to see the aesthetic update accompanied by a similar evolution in the proportions of the case. At 14.75 mm, it remains rather thick for a watch with a diameter of 38 mm. Moreover, despite their reliability and COSC certification, the 3330 and 3332 movements do not belong to OMEGA’s latest generation of Master Chronometer calibres. These two technical observations do not undermine the success of the redesign, but they do indicate that there is still room for further development.
In terms of appearance, however, the Speedmaster 38 is now more complete than ever. It has enough Moonwatch DNA to be considered an authentic member of the family, while retaining the dimensions, colours and elegance that allow it to follow its own path.
