Xbox Series X top ventilation (source: Microsoft)
Clarification

It’s called Xbox, ‘Series X’ is the model name

Xbox Series X is not the actual name. The new console is called Xbox, and the "Series X" is the model name.

Microsoft recently unveiled the next generation of the Xbox console (Project Scarlett) at the Game Awards 2019, and during the event, the company gave us a glimpse of the new design, improved controller, and name, but as it turns out the “Xbox Series X” name didn’t resonate well with the Xbox community.

However, to clear up confusion, the company now explains that “Xbox Series X” isn’t the actual name of the console, instead the name of the console is just “Xbox.” According to a report from Business Insiders (via Neowin), the “Series X” define the model of the console like Xbox One where the “X” and “S” represent the variants of the console.

Using this approach adds some extra letters, but it allows the company to use the word “Xbox” and “X” without having too many “X” together to look better grammatically, and perhaps more importantly, it opens the door for additional versions of the console.

For example, even though, Microsoft didn’t make the announcement, there’s a rumor going around about another variant of the console that will be offered at a lower price, but it’ll be tweaked to be less powerful than the Series X, and without an optical drive.

The new console is expected to arrive before the end of 2020, and it’ll be a device sporting a custom AMD Zen 2 processor with Radeon RDNA graphics capable of 12 teraflops, which is twice as much power than the current Xbox One X.