After months of rumors and speculation, Nintendo is finally revealing their newest video game system: the Nintendo Switch.

Nintendo of America tweeted Wednesday night that the first preview trailer of the new video game system -- which before now had been code-named the Nintendo NX -- would be revealed at 10 a.m. Thursday.

Before now, what exactly the NX will be had been subject to much debate, with the latest reports indicating it would work as a home device with a mobile component users can take on the go.

According to The Wall Street Journal, Nintendo has started shipping software kits to developers to create games for the new platform. The console will reportedly feature high-end processing chips, potentially putting it on par with Sony's PlayStation 4 and Microsoft's Xbox One.

On Thursday morning, Nintendo revealed the new system and its new name: the Nintendo Switch. Their website almost immediately crashed upon the reveal, but a tweet shows off a preview video of its at-home or on-the-go compatibility:

Nintendo says the Switch "enables gamers to play the same title wherever, whenever, and with whomever they choose."

The video shows that at home, the Switch is a tablet-like device that rests in a Nintendo Switch Dock that connects the system to the TV and lets you play it like a traditional video game console. But by lifting the Switch from the gaming dock, it will reportedly transition instantly to portable mode with a high-resolution display.

The rumors of detachable controllers were also confirmed. When owners want to play on the go, they remove Switch from the dock, attaching two "Joy-Con" controller on the sides.

The Joy-Con controllers resemble small remotes, featuring a thumbstick and a variety of buttons. The controllers can detach and used in games by one player or serve as individual controllers for multiple players. They can also be slipped into an accessory that turns it into a more traditional controller.

Nintendo is pressing forward with a new leader at the helm, Tatsumi Kimishima. Nintendo named him president and CEO last month following the death of longtime chief executive Satoru Iwata this summer.

Entering three years on the market, Nintendo's current home console -- the Wii U -- has struggled to attract video game players. As of June, Wii U sales topped 10 million. Meanwhile, Nintendo's handheld DS platform continues to perform well. Sales of its 3DS topped 53 million, while its predecessor, the DS, has sold more than 154 million units to date.

Nintendo plans to launch the Switch in March of 2017.