Lexus says that Radiant Crossover is what RX represents
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Lexus RX/RX L
The Radiant Crossover, or the Lexus RX, represents the automaker's envisioned future when it was launched at the start of the new millennium. The L suffix is used to denote the larger, seven-seater versions.

Lexus Explains What Each Of Its Model Designations Means
Lexus UK gives us a quick rundown of its model range and the real meaning behind those letters so you have something to talk about at parties.

The Radiant Crossover, or the Lexus RX, represents the automaker's envisioned future when it was launched at the start of the new millennium. The L suffix is used to denote the larger, seven-seater versions.