GMagAO-X is a visible to NIR extreme adaptive optics (ExAO) system that will be used at first light for the Giant Magellan Telescope (GMT). GMagAO-X is designed to deliver diffraction-limited performance at visible and NIR wavelengths (6 to 10 mas) and contrasts on the order of \(10^{-7}\). The primary science case of GMagAO-X will be the characterization of mature, and potentially habitable, exoplanets in reflected light. GMagAO-X employs a woofer-tweeter system and includes segment phasing control. The tweeter is a 21,000 actuator segmented deformable mirror (DM), composed of seven individual 3,000 actuator DMs. This new ExAO framework of seven DMs working in parallel to produce a 21,000 actuator DM significantly surpasses any current or near future actuator count for a monolithic DM architecture. Bootstrapping, phasing, and high order sensing are enabled by a multi-stage wavefront sensing system. GMT's unprecedented 25.4 m aperture composed of seven segments brings a new challenge of co-phasing massive mirrors to 1/100th of a wavelength. The primary mirror segments of the GMT are separated by large >30 cm gaps so there will be fluctuations in optical path length (piston) across the pupil due to vibration of the segments, atmospheric conditions, etc. We have developed the High Contrast Adaptive-optics Testbed (HCAT) to test new wavefront sensing and control approaches for GMT and GMagAO-X, such as the holographic dispersed fringe sensor (HDFS), and the new ExAO parallel DM concept for correcting aberrations across a segmented pupil. The CoDR for GMagAO-X was held in September 2021 and a preliminary design review is planned for early 2024. In this paper we will discuss the science cases and requirements for the overall architecture of GMagAO-X, as well as the current efforts to prototype the novel hardware components and new wavefront sensing and control concepts for GMagAO-X on HCAT.