IP-XACT is an XML format that defines and describes individual, re-usable electronic circuit designs (individual pieces of intellectual property, or IPs) to facilitate their use in creating integrated circuits (i.e. microchips). IP-XACT was created by the SPIRIT Consortium as a standard to enable automated configuration and integration through tools. IP-XACT is an XML format that defines and describes individual, re-usable electronic circuit designs (individual pieces of intellectual property, or IPs) to facilitate their use in creating integrated circuits (i.e. microchips). IP-XACT was created by the SPIRIT Consortium as a standard to enable automated configuration and integration through tools.