MagAO-X is an entirely new extreme adaptive optics system for the Magellan Clay 6.5 m telescope, funded by the NSF MRI program starting in Sep 2016. The key science goal of MagAO-X is high-contrast imaging of accreting protoplanets at H$alpha$. With 2040 actuators operating at up to 3630 Hz, MagAO-X will deliver high Strehls (>70%), high resolution (19 mas), and high contrast ($< 1times10^{-4}$) at H$alpha$ (656 nm). We present an overview of the MagAO-X system, review the system design, and discuss the current project status.