Xbox's new hardware plans begin with a gaming handheld in 2025 | Windows Central:
First up, Microsoft is working with a PC gaming OEM (think ASUS, Lenovo, MSI, Razer, etc.) on an Xbox-branded gaming handheld, surprisingly slated for later in 2025 if plans are met. Codename "Keenan," this gaming handheld will look unmistakably "Xbox" we're told, complete with an official Xbox guide button, and Xbox design sensibilities. Given that this is a partner device, similar to Lenovo's SteamOS partnership with Valve, I expect this handheld to be more PC-oriented. It'll most likely run full Windows, putting the Microsoft Store and PC Game Pass front and center, alongside the ability to install things like Steam. [...]

For now, I understand that Microsoft's next-gen hardware plans include a premium successor to the powerful Xbox Series X, alongside its own Xbox gaming handheld, and several new controller options. Tentatively, these new console devices are slated for 2027.