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The Marshall Grazing Incidence X-ray Spectrometer (MaGIXS) is a sounding rocket experiment that carries an X-ray slitless imaging spectrograph to observe spectrally dispersed soft X-ray (SXR) images of the solar corona over a wide field-of-view. The first flight of MaGIXS occurred on 30 July 2021, during which several emission lines from coronal structures including X-ray bright points were observed. Analysis of MaGIXS-1 data demonstrated the application of new inversion techniques and opened a new arena of inverting complex spectroheliogram data, which has spatial-spectral information overlapped. The second flight of MaGIXS, with a simplified optical design, is scheduled for 2024. The goal of MaGIXS-2 is to observe high temperature diagnostic emission lines within an active region core. MaGIXS-1 discovered dominant missing emission lines near 15Å wavelength region, which hosts several closely spaced satellite lines of Fe XVII, Fe XVI, and Fe XV ions, arising from relatively cool plasma that peaks near 2MK. These lines are expected to be enhanced at lower temperatures and offers one of the most unique diagnostics to measure electron temperature, as well as signatures of equilibrium state of the plasma in active regions, which has not been studied so far. The science goal of the third sounding rocket flight of MaGIXS is to determine coronal heating parameters, such as the spatial and temporal properties of coronal heating events, by measuring discriminating observations, such as electron temperature, effective temperature, density, abundance, and departures from thermal equilibrium of the plasma, by observing the Sun in the SXR wavelength range. For this, the MaGIXS instrument will be upgraded with a new X-ray telescope mirror that will provide higher spatial and spectral resolution and throughput, allowing for spectral lines to be observed at the relevant spatial and temporal scales. In addition, MaGIXS-3 will also carry The Resolving Inversion Context X-ray Spectrometer (TRICXS), a high dispersion Bragg crystal spectrometer to spectrally resolve the lines near 15Å, critical to unlock the full diagnostic potential of this wavelength range. Here we will present the preliminary concept design of MaGIXS-3 and discuss the potential observations.