The X-ray dot: Exotic dust or a late-stage Little Red Dot? JWST’s “little red dots” (LRDs) are increasingly interpreted as active galactic nuclei (AGN) obscured by dense thermalized gas rather than dust as evidenced by their X-ray weakness, blackbody-like continua, and Balmer line profiles. Key questions are how LRDs connect to standard UV-luminous AGN, whether transitional phases exist, and whether they are observable. We present the “X-ray dot” (XRD), a compact source at z = 3.28 observed by the NIRSpec Wide Guaranteed Time Observation survey. The XRD exhibits LRD hallmarks: a blackbody-like (Teff ≃ 6400 K) red continuum, a faint but blue rest-UV excess, falling mid-IR emission, and broad Balmer lines (FWHM ∼ 2700–3200 km s−1). Unlike LRDs, however, it is remarkably X-ray luminous (L2−10 keV = 1044.18 erg s−1) and has a continuum inflection that is blueward of the Balmer limit. We find that the red rest-optical and blue mid-IR continuum cannot be reproduced by standard dust-attenuated AGN models without invoking extremely steep extinction curves, nor can the weak mid-IR emission be reconciled with well-established X-ray–torus scaling relations. We therefore consider an alternative scenario: the XRD may be an LRD in transition, where the gas envelope dominates the optical continuum but optically thin sight lines allow X-rays to escape. The XRD may thus provide a physical link between LRDs and standard AGN, offering direct evidence that LRDs are powered by supermassive black holes and providing insight into their accretion properties. 1000 1 IOP Publishing application/pdf