Project Scorpio is official, and it’s coming in the holiday of 2017. Microsoft is calling it “the most powerful console ever.”

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Of course, you already knew that—we broke news of the existence of Scorpio last month. But now it’s official. Microsoft pulled out a sizzle reel full of developers to talk about how excited they are to make games on Scorpio, and they’re saying that all future Xbox games will be compatible with both that and the older Xbox One and Xbox One S models.

Microsoft says the machine will run at a performance speed of six teraflops and support both 4K gaming and ‘high fidelity VR.’ They’re touting the new GPU’s power and speed, promising a major boost. “I think it’s gonna be magical,” Bethesda’s Todd Howard said.

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Scorpio will compete directly not just against the PC but against Sony’s high-end PlayStation, codenamed Neo. Kotaku first broke news of Neo back in March, and Sony confirmed it last Friday, saying that they wouldn’t be talking about the so-called PS4.5 at E3 this week.

Here’s a video of developers talking about Scorpio: