During their press conference at E3 2016, Microsoft announced their development for the beefed-up iteration of the Xbox ONE, then called "project Scorpio."
"Lose yourself in worlds built for immersive true 4K gaming, where action is brought to life with 2160p frame buffers. Enjoy brilliant graphic details in lights, shadows, and reflections with High Dynamic Range and Wide Color Gamut. Experience premium audio that puts you in the center of 3D spatial sound. Stream and record game clips in 4K at screaming-fast 60FPS. With 6 teraflops of processing power and 12GB GDDR5 graphic memory, Xbox One X is 40% more powerful than any other console. Feel true power." - [via Xbox]
The Xbox One X is available world wide on November 7, 2017 for $499.