Microsoft’s next console, codenamed Project Scorpio, will be called Xbox One X, the company said today. It will be out on November 7 worldwide and cost four-hundred-ninety-nine U.S. dollars (aka $500).

Microsoft has promised that their next console, Scorpio, will be “the most powerful console ever,” and today the company delivered on that promise, revealing a set of beefy specs that, in terms of raw power, surpass any video game console on the market today.

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

Microsoft is preparing at least two new Xbox models for release in the next two years, sources tell Kotaku. Later this year we’ll see a cheaper, smaller Xbox One, and next year Microsoft will release a more powerful version of their premiere console.