Xbox: "We’ve established a strategic, multi-year agreement with AMD to co-engineer silicon across a portfolio of devices, including our next-generation Xbox consoles. Together, we’re delivering deeper visual quality, immersive gameplay, and AI-powered experiences - grounded in a platform designed for players, not tied to a single store or device, and fully compatible with your existing Xbox game library."

(https://www.gematsu.com/2025/06/xbox-and-amd-announce-partnership-for-multiple-devices-including-next-generation-xbox-consoles)

TL;DR: Xbox next gen console will be fully backwards compatible and will have access to Steam and free online, also several third party manufacturers will make Xbox branded PC/Consoles