When Google initially announced Android Wear, they stated that there was and at the time would not be any compatibility with iOS devices. That remained true for quite some time up until just last month when developer Mohammad AG ended up hacking his Moto 360 to work with his iPhone to receive iMessage notifications. Even more recently he displays the Moto 360 receiving notifications for FaceTime calls, further showing that it is indeed possible for Android Wear to work with iOS devices, all it needs is a little time and effort in the development process.
While Google has yet to actually confirm that iOS development is underway with Android Wear, Mohammad AG posted a tweet this morning stating that "Android Wear 4.4W contains iOS related code, class name AncsHandler." This suggests that Google is working to make it possible officially for Android Wear devices to work with iPhones and iPads. When Google may actually announce the coming of this functionality is uncertain, but many of their most popular services already work with iOS devices so iOS compatibility for Android Wear just seems inevitable, and it would open up Google's smartwatch platform to many more users.
Another uncertainty with iOS compatibility for Android Wear is what apps will be able to send notifications to the Android Wear smartwatch. The possibility for iMessage and FaceTime voice calls has already been displayed, but what about other low key applications like iCal? Will Gmail receive the same compatibility treatment with iOS devices that it gets with Android? How will the voice functionality work in contrast to Android devices, if it's even present? For now there are lots of unknowns about how things will work, but speculation has already began stating that iOS users will have less of a robust experience on Android Wear as Android users due to the lack of third-party application support. It isn't really known how Google might tackle this area of development, but it could be a possibility that they might work with developers to open up application support for Android Wear smartwatches, although it could still be some time before official support is made available for those people using iPhones and iPads.