The next disc to come out holds those elaborate drawstring moorings—and behind it, the main logic board.

Chipwise, we spy:

Apple A8 APL1011 SoC (we’ve seen this before, but doing a different job), likely paired with 1 GB RAM (layered on top in typical PoP configuration)

Toshiba THGBX4G7D2LLDYC 16 GB NAND flash

USI 339S00450 WiFi/Bluetooth module, likely with a Broadcom BCM43572 trapped inside

Apple/Dialog Semiconductor 338S00100-AZ PMIC

Interestingly, the reverse has some unpopulated SMD pads, for a few chips and several passives. Maybe the HomePod underwent some last-minute design changes?