Transiting planets at young ages are key targets for improving our understanding of the evolution of exo-atmospheres. We present results of a new X-ray observation of V 1298 Tau with XMM-Newton, aimed to determine more accurately the high-energy irradiation of the four planets orbiting this pre-main-sequence star, and the possible variability due to magnetic activity on short and long timescales. Following the first measurements of planetary masses in the V 1298 Tau system, we revise early guesses of the current escape rates from the planetary atmospheres, employing our updated atmospheric evaporation models to predict the future evolution of the system. Contrary to previous expectations, we find that the two outer Jupiter-sized planets will not be affected by any evaporation on Gyr timescales, and the same occurs for the two smaller inner planets, unless their true masses are lower than ~40 M ⊕. These results confirm that relatively massive planets can reach their final position in the mass-radius diagram very early in their evolutionary history.