DirectX 11.1 has been with us for some time now and if the "11th" edition isn't clue enough that the API sees steady updates then it begs to reason that it would one day be replaced or updated by a 12th edition. The next edition of DirectX is now known to be "DirectX Blue" and it’s what Microsoft are using as the codename for their ninth major windows iteration.
The technology isn't exactly around the corner but both NVIDIA and AMD are working hard on future DirectX Blue compatible chips, just don't expect them any time soon. Either way it’s safe to say that the future of graphics hardware will be targeted to run on both the next edition of Windows and next generation of graphics hardware.
While few details are known at this time, it’s a good bet that this technology won't see the light of day until sometime in or after 2014, especially given that both AMD and NVIDIA have already plotted out their roadmaps for the next generation of graphics hardware, NVIDIA 8xx / 9xx and AMD HD 9xxx are safe bets and I personally can't wait to see what feature sets the big graphics houses will come up with for their future devices.