It will cost £449 in the UK, $499 in the US, be available at the same time as the Series S - 10 November 2020 - and pre-orders will be available from 22 September.
In addition, you will be able to get it on the Xbox All Access program, which is expanding to 12 countries this holiday season. That means you can get one of the new next-gen consoles, plus Xbox Game Pass membership - which has just added EA Play at no extra cost - from £20.99 / $24.99 per month for 24 months. That's a very compelling offer.
The lower spec'ed Xbox Series S will cost £249 / $299 and be available at the same time from the same retailers.
It's quite a statement from Xbox, also beating PlayStation to the punch in announcing release date and pricing. There were rumours that Sony was also planning a big reveal this week, so we'll bring you more on the PS5 when we have it.
We have also been informed that Codemasters Dirt 5 will be a launch game for Xbox Series X and Series S.