The powerful next-gen Xbox Series X console will cost $499 and release November 10, 2020, Microsoft today confirmed. Pre-orders will go live on September 22.

The Xbox Series X will offer higher-end 4K 60-120FPS gaming in an accessible, all-in-one package for $499. This price point is great news for consumers; The Series X has the same MSRP as the Xbox One X in 2017 but offers tremendous power gains for the same cost.
The Series X is twice as powerful with a 12TFLOP Navi 2 GPU for hardware-accelerated ray-tracing and gaming perf at native 4K 60FPS, complemented with a 3.8GHz 8-core Zen 2 CPU for fast, efficient processing and a revolutionary PCIe 4.0 SSD with 2.4GB/sec data transfer speeds. RAM is also upped to 16GB of GDDR6 memory over the One X's 12GB of GDDR5.
The result is a highly synergized hardware set that's greatly amplified thanks to built-in architectures and software optimization suites, including DirectX 12 Ultimate and the new Velocity Architecture.
Both of these offer huge performance potential via DirectStorage (data control/acceleration), Sampler Feedback Streaming (granular control in how data is streamed to the GPU), and feature sets like variable refresh rates for 120Hz displays, variable rate shading, which boosts frame rates by lowering resolution in areas not noticable by gamers.
The Xbox Series X will also let users custom-install games as they see fit. As long as devs support it, gamers can pick and choose what portions of games they want to install, e.g. multiplayer-only without campaign.
The Series S is also coming on November 10 with a lower $299 price. The Series S is an all-digital console with reduced specs to match the price. Sources say the Series S will have just a 4TFLOP Navi 2 GPU and 10GB of GDDR6 RAM, but the CPU will remain the same.
The Xbox Series X and Series S will both release simultaneously on November 10, 2020 for $499 and $299 respectively.
Check below for full specs of the new generation, as well as a side-by-side comparison of all current Xbox consoles:

