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Initially, Axiom planned to launch a habitation module to the ISS but given that the ISS is having all the issues that it currently has they have decided to launch a payload/power/thermal element first which will still initially attach to the ISS before separating. By 2028 the Axiom space station could be a possible third space station with the ISS and the Chinese station both orbiting. Axiom will follow up the first segment with its Habitat 1 module then the airlock, Habitat 2, and finally the research and manufacturing facility. In total this space station will have 5 segments!
Here is what the segments and station will look like when completed!