Microsoft has revealed the all-new, updated Xbox One console known as “Project Scorpio.”

Featuring 6 Teraflops of power, this new console will be compatible with all games and peripherals currently available for the Xbox One. It will be available starting Holiday 2017.

During the reveal, Microsoft’s Phil Spencer stressed that, despite the power of the Scorpio outdoing the Xbox One, all current console owners would not be left behind or excluded from content with original Xbox One consoles.

Xbox One S

Xbox One S Stand

The new Xbox is 40% smaller than the existing model, with an integrated power supply (finally!) and support for up to 2TB of storage space.

The Xbox One S will also support 4K Ultra HD Video, HDR gaming, and will ship with a redesigned controller starting at £249.99/$299 for 500GB, 1TB £299.99/$349 and 2TB for £349.99/$399