IO Interactive's Project Dragon seems to be an Xbox exclusive title

And it is listed as an "RPG Shooter".

Two years ago, it was rumoured that the Danish developer IO Interactive was working on a fantasy game for PC and Xbox, with the working title Project Dragon. This project was confirmed earlier this year without any information given, and it seems like it is still in the very early stages of development, meaning it's probably a couple of years away.

But now we've seen some new information thanks to the ongoing trial between FTC and Microsoft/Activision Blizzard, in which several secret documents have been made public. Thanks to this (page 33 in the linked PDF), we now know that Xbox Game Studios is the publisher of the game, which has PC and Xbox Series S/X specified as formats.

And not only that, it's also revealed what kind of game Project Dragon is, as it's listed as an "RPG Shooter". Interestingly enough, IO Interactive's site call the game Project Fantasy, which means Project Dragon (the name Microsoft uses in the linked PDF) might be an abandoned name. We don't know why the studio doesn't use Project Dragon or why this might have changed, but there is plenty of speculation already.

All we've officially seen from the game is the artwork below, and the description:

"A new world, a new IP--an online fantasy RPG. A world and a game built from the core to entertain players and expand for many years to come."