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Possibly, although the official explanation is that it's "just a word with no phonetic pronunciation". There's a "What does XKCD stand for?" section on the About page. https://xkcd.com/about/

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Randall wanted a unique short string associated with all his work. That way he could Google "xkcd" and find everything he ever did online. I believe he had a script that generated all possible 4-letter combinations and filtered out ones with any search results, and settled on "xkcd". But he became a victim of his own success when the comic became so popular and "xkcd" is now synonymous with the comic.

Source: talk by Randall, might be this one but I'm not sure: https://youtu.be/zJOS0sV2a24.

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