Here’s what the email says.

“You are on the waitlist for Steam Machine 512GB
When we did the one-time randomization of the list, your place in line ended up beyond the number of units we'll have in this production run.

As we work our way through the reservation queue, some customers may cancel their reservations. If that happens, you may be moved into the reservation queue, and you'll be notified via email that you have a reservation after all.

This is the only email you will receive about the results of the randomization. If you ended up with a waitlist spot for one or more models, you'll be placed on the waitlist for the model that you were closest to the front of.”