Sony has announced that the PlayStation 5 will cost $499.99 when it launches on November 12, alongside the $399.99 Digital Edition, The Verge reports.

Preorders will begin on September 17 at “select retailers.”

The pricing puts Sony squarely up against Microsoft’s next-gen consoles, with the company set to release its entry-level Xbox Series S at $299 and its flagship Xbox Series X for $499 on November 10th.

That November 12 release date will apply to the U.S., Japan, Mexico, Australia, New Zealand, and South Korea, with the rest of the world getting the new console on November 19. Sony also notes that it has yet to finalize a release date for China, which it’ll announce at a later time.

For comparison, the PlayStation 4 cost $399 at launch, although it currently sells for $299, while the PlayStation 4 Pro originally sold for $399, a price it still sells at today outside of major sales like Black Friday.