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I don't think it really stands for anything, but I could be wrong. The "X" signifies the SUV line of Lexus. The letter designation (R, G, and L) represents entry, mid-level, and top-of-the-line ==> RX350, GX470, LX570, with the LX being the most expensive SUV line. Similarly, the Lexus sedans are designated by the "S" ==> ES, GS, and LS.
IS - Intelligent Sport
ES-Executive Sedan
LS-Luxury Sedan
GS-Gran Sedan
SC-Sport Coup
LX-Luxury SUV
GX-Gran SUV
RX-Radiant SUV
NX - Nimble SUV
UX- Urban SUV