We thought we knew pretty much everything that the Xbox Series X had in store for us. However, Microsoft might be preparing to surprise us with an announcement of an alternative cheaper model — potentially the elusive Project Lockheart.
An application to the USPTO to trademark "Xbox Series" (note that there's no 'X' on the end of that) was found by Generación Xbox (via Inverse). This has added fuel to speculations that Microsoft is working on more next-gen consoles than just the Xbox Series X we've seen already.
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We've seen evidence of this before. An application to trademark the Xbox Series X logo shows the word 'series' arranged vertically, next to but separated from a large "X." This means it would theoretically be very easy to swap the letter out for a different one for other versions of the console.
Another key piece of information to consider is the rumor of "Project Lockheart," a lower-powered Xbox that will sell for far cheaper than either the Series X or the PS5. It may still outperform the Xbox One and PS4 with a rumored 4 teraflop GPU though, and will be compatible with the same games as the Series X, making it an ideal entry point for gamers on a budget.
We know that there will be a PS5 Digital Edition to rival a cheaper Series X, should it exist. Ironically, there were no rumors of a download-only console coming from Sony. However its existence makes sense given how common downloading games has become, and the expense that attaching a Blu-ray drive adds. We don't yet know the price of either the standard PS5 or its digital-only model.
We'll know for certain if there are any other Xbox models planned when the Series X and PS5 launch in November. But in advance of that, both camps are holding several online announcement events over the summer, with Microsoft slated to reveal some major new exclusives in July.