Before we get inside, put on your X-ray glasses for a sneak peek.

Many Bothans died to bring us this information. Just kidding. This image is courtesy of the friendly X-ray experts at Creative Electron.

While the overall layout is fairly unchanged from the original Apple Watch we tore down and X-rayed in 2015, it looks like there may be a few extra solder pads under the speaker (top right of this image).