Microsoft has finally announced the rumored next iteration of the Xbox One with Project Scorpio.

At its E3 conference on Monday, Microsoft unveiled an enhanced version of the Xbox One, code-named Scorpio, for release in holiday season 2017. This announcement comes directly on the heels of the Xbox One S, a system that is 40% smaller than the behemoth that is the original Xbox One, includes a 2TB hard drive and will support 4K video.

Where Scorpio differentiates itself from the other versions is that it will be able to play 4K games as well as output video and be primed for “premier VR” experiences the company has planned to release on Scorpio.

“Project Scorpio will be the next addition to the Xbox One family, and it is ultimately the next step in delivering our vision of gaming beyond generations,” Xbox head Phil Spencer said. “When it ships next year we believe it’ll be the most powerful console ever built.”

What was a concern for many was that this hardware “monster,” as someone in the demo reel called it, would leave those without it in the dust. Spencer assured viewers that every game in the Xbox One’s library would be playable on the original Xbox One, the Xbox One S and Project Scorpio.

“No one gets left behind,” he said.

Microsoft isn’t the only company that has plans to upgrade its latest console with a new model. The news of Scorpio comes just a few days after Sony announced the existence of its own more powerful system, which is code-named PlayStation 4 Neo.