Microsoft has dropped new details about the Xbox Series X. Microsoft exec Phil Spencer revealed on Wednesday on the official Xbox Series X website the price and release date of the upcoming video game console, building the hype around what Microsoft dubs as “the fastest and most powerful console ever.”

Pre-orders for the Xbox Series X and the Xbox Series S will open on Sept. 22, ahead of their Nov. 10 release. The Xbox Series X will hit the market for $499, but those who wish to purchase the console through Microsoft’s Xbox All Access program can avail of the product for $34.99 each month for 24 months.

The Xbox Series S, on the other hand, will cost $299 but will also be available on the Xbox All Access payment plan for $24.99 a month for 24 months. That means those who cannot pay for both consoles upfront can still have access to them as the Xbox All Access offers the opportunity to pay for the consoles in installments.

Spencer’s big reveal did not come as a surprise for Xbox fans, as previous leaks had already hinted that the Xbox Series X would launch around the first or second week of November. Its price tag of $499 is also good enough for everything that the console has to offer.

The Xbox Series X is widely touted as having specs that are comparable to a gaming PC. It is poised to be the most powerful system in the Xbox family, resembling a PC gaming tower with its vertical orientation and all-black finish. It also features a custom-designed CPU based on AMD’s Zen 2 and Radeon RDNA architecture, as well 8K support and a frame rate of up to 120fps, ray tracing, and variable refresh rate support.

The console does not only boast of its jaw-dropping design but also its solid-state drive for faster than ever loading times. With under-the-hood specs that exceed all expectations, the Xbox Series X is sure to offer a unique gaming experience to its users.

Meanwhile, Sony is yet to reveal the price and release date of the Xbox Series X’s rival, the PlayStation 5 console. The PS5 is set to launch this winter and will be available in two iterations.

Xbox Logo IN PHOTO: A Microsoft Xbox video game logo is seen at E3 2015. REUTERS/Lucy Nicholson