xAI closed a $6 billion Series C on December 23, 2024, bringing total funding to over $12 billion, sought $12 billion in debt in July 2025 to fund Colossus 2, and reportedly raised a further $20 billion in equity in January 2026. The SpaceX combination valued SpaceX at $1 trillion and xAI at $250 billion, for a combined $1.25 trillion. It operates the Colossus 1 and Colossus 2 campuses in the Memphis area, providing on the order of 1 gigawatt of combined AI compute capacity by mid-2026, largely self-powered by gas turbines that have drawn permits, litigation, and regulatory friction. The fleet is now partly monetized as merchant capacity, with Google renting approximately 110,000 GPUs for $920 million per month and Anthropic contracting for more than 300 megawatts.
Named sites
5
Site commitments on record for xAI
Disclosed site capital
$71.6B
Named sites with a stated dollar figure. A floor, not a capex total
Disclosed capacity
1,892 MW
Named sites with a stated megawatt figure
Financing transactions
18
Transactions naming xAI or one of its sites
Prices tracked
8
8 confirmed on the provider's feed or page at the last check
Sources
36
Every cited page, listed below
Market
xAI is privately held, so there is no public market data to show.
Spending
Reported and guided spending
Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent, and guidance is what management expects. They sit side by side and are never combined.
| Period | Kind | Amount | As stated | Sources |
|---|---|---|---|---|
| Series C, Dec 23 2024 | raise | $6.0B | 'We have closed our Series C funding round of $6 billion' with participation from A16Z, Blackrock, Fidelity, Kingdom Holdings, Lightspeed, MGX, Morgan Stanley, OIA, QIA, Sequoia Capital, Valor Equity Partners and Vy Capital. |
|
| cumulative to Dec 2024 | raise | ≥$12.0B | Cumulative: 'making its total funding to date over $12 billion.' Includes the $6B Series C; do not sum with it. |
|
| Jul 2025 | debt sought | $12.0B | Debt sought, not closed in the source: 'xAI is working with a financier to secure $12 billion in debt to fund its Colossus 2 data center and its GPU compute,' working with Valor Equity Partners and following a $10bn raise; some lenders wanted repayment within three years and a cap on total debt. |
|
| Jan 2026 | raise | ~$20.0B | 'A further US$20 billion equity raise was reported in January 2026.' Reported, per IFR. |
Named sites
Where xAI builds
| Site | State | Place | Capital | MW | Status | Sources |
|---|---|---|---|---|---|---|
Colossus 2 first cluster online around January 2026; Epoch projection for Q1 2027 |
Tennessee | Memphis | $35.8B | 946 | operating | |
Colossus 2, Southaven Projections to Q1 2027 |
Mississippi | Southaven | ~$35.8B | 946 | construction | |
Colossus 1 with NVIDIA, Tesla |
Tennessee | Memphis | n.a. | n.a. | operating | |
Colossus, Memphis |
Tennessee | Memphis | n.a. | n.a. | operating | |
SpaceXAI Minihard data center (adjacent to Colossus 2, Tulane Road) with MZX Tech LLC |
Tennessee | Memphis (Whitehaven), Shelby County | n.a. | n.a. | announced |
Financing
Financing transactions
Transactions that name xAI as a party or attach to one of its named sites. Amounts are as stated, and overlapping commitments are never summed.
| Parties | Instrument | Amount | Date | Site | Sources |
|---|---|---|---|---|---|
MGX + BlackRock + Kuwait Investment Authority + Temasek + Nvidia + xAI + Microsoft + AI Infrastructure Partnership + GIP MGX is a founding partner of the AI Infrastructure Partnership (AIP), seeking $30 billion of equity scaling to up to $100 billion including debt financing. Kuwait Investment Authority joined in June 2025 and Temasek made an anchor investment at the October 2025 initial closing. |
platform | $30.0B | n.a. in source; KIA joined June 2025, Temasek anchored October 2025 initial closing |
n.a. |
|
xAI A $20 billion raise reported for xAI, per the summary table. |
equity raise | ~$20.0B | Per summary table |
n.a. |
|
xAI xAI seeks $12bn in debt to fund the Colossus 2 data center, per DCD. |
debt facility | $12.0B | Per summary table; first chips online in a few weeks per DCD headline |
Colossus 2, Southaven (MS) |
|
xAI + Valor Equity Partners xAI worked with a financier to secure $12 billion in debt to fund its Colossus 2 data center and its GPU compute, working with Valor Equity Partners. |
debt facility | $12.0B | July 2025 |
Colossus 2 (TN) |
|
xAI + A16Z + Blackrock + Fidelity Management & Research Company + Kingdom Holdings + Lightspeed + MGX + Morgan Stanley + OIA + QIA + Sequoia Capital + Valor Equity Partners + Vy Capital xAI closed its Series C funding round of $6 billion with participation from key investors, bringing its total funding to date over $12 billion. |
equity raise | ≥$6.0B | 23 December 2024 |
n.a. |
|
QTS Realty Trust + Blackstone + QTS Thunder Managing Issuer, LLC + JPMorgan + Morgan Stanley + Wells Fargo + KBRA QTS raised $3.25 billion of senior secured term loans under its master indenture structure, adding five newly built facilities totaling 214.5 MW in Dallas, Phoenix and Richmond. The pool now covers 12 contracted data centers totaling 493.5 MW in Richmond, Phoenix, Dallas, New Albany and Manassas with total senior secured debt of about $7.6 billion. Proceeds repay construction facilities and fund a debt service reserve |
debt facility | ≥$3.2B | Upsized loan reported 17 July 2026; KBRA rating 27 July 2026 |
n.a. |
|
Google + SpaceX On June 5, 2026, Google agreed to rent access to approximately 110,000 GPUs from SpaceX beginning October 2026 through June 2029 for $920 million per month, making xAI's Memphis complex function partly as merchant AI capacity. |
lease | ~$920M | agreed June 5, 2026; term October 2026 through June 2029 |
n.a. |
|
Crusoe Energy + Founders Fund + Fidelity + Mubadala + Nvidia + Ribbit + Valor + Crusoe Series D led by Founders Fund. |
equity raise | $600M | closed December 12, 2024 |
n.a. |
|
xAI affiliate An xAI affiliate purchased a large warehouse and adjacent parcels at 5420 Tulane Road in Whitehaven, Memphis for roughly $80 million. |
acquisition | ~$80M | February 2025 |
Colossus 1 (TN) |
|
Alpha Compute Corp. + unnamed seller (operating oil and gas business) Alpha Compute executed definitive real estate and asset purchase agreements for more than 300 acres of surface, mineral and gas rights in Pennsylvania covering the Utica and Marcellus formations, including more than 75 existing oil and gas wells, pump jacks, maintenance facilities, heavy equipment and gathering infrastructure, for a stated $5.5 million. The company said a planned data center there will replicate the design planned for its Northern Pennsylvania (Tioga County) site. The county was not disclosed; Marcellus Drilling News described it as a second site elsewhere in Pennsylvania. This is separate from the $55 million Tioga County land and gas rights deal already recorded. |
acquisition | ≥$6M | Definitive agreements announced 22 September 2026 (company release via GlobeNewswire) |
n.a. |
|
Anthropic + SpaceX More than 300 MW with SpaceX, per the summary table. |
other | n.a. | Per summary table |
n.a. |
|
Anthropic + SpaceX (xAI/Colossus fleet) Anthropic will get access to more than 300 megawatts of compute capacity from SpaceX's xAI/Colossus fleet, and expressed interest in working with SpaceX to develop multiple gigawatts of compute capacity in space. |
lease | n.a. | May 2026 |
n.a. |
|
SpaceX + xAI The SpaceX combination valued SpaceX at $1 trillion and xAI at $250 billion, for a combined total of $1.25 trillion; xAI now operates under SpaceX as SpaceXAI. |
merger | n.a. | n.a. (per Wikipedia SpaceXAI entry) |
n.a. |
|
Tennessee Valley Authority + MZX Tech LLC (SpaceXAI) + Memphis Light, Gas and Water The TVA board approved a service agreement for a load of more than 100 MW for MZX Tech LLC, the SpaceXAI affiliate that owns the Colossus 2 site on Tulane Road in Memphis and the Stanton Road power plant in Southaven. MZX Tech becomes a direct TVA customer under a new data center rate that the board also passed, a 10% increase for data centers above 5 MW, and SpaceXAI will build the needed transmission lines and transformers. At the meeting a SpaceXAI executive said the company had invested over $60 billion in its data center expansion |
power supply agreement | n.a. | Approved by the TVA Board of Directors 20 August 2026 |
Colossus 2 (TN) |
|
SpaceX (xAI) + Undisclosed customer SpaceX CFO Bret Johnsen said the company closed another hosting deal in early September 2026 worth about $1.11 billion a month, without naming the customer. The deal follows agreements to rent capacity in SpaceX's Colossus data centers in Tennessee and Mississippi to Anthropic and Google. SpaceX acquired the data center capacity when it merged with xAI |
compute hosting agreement | n.a. | Disclosed 10 September 2026 at a Goldman Sachs conference; reported by Business Insider 11 September 2026 |
n.a. |
|
Carrier Connect Data Solutions + PureColo Inc. + Carbon60 Operating Co. Carrier Connect Data Solutions, through its subsidiary PureColo Inc., completed the purchase of the principal business assets of the Saint John, New Brunswick data center operation from Carbon60 Operating Co. The company said the deal brought it to five data centers under management, with markets in Vancouver, Ottawa and Saint John. |
acquisition | n.a. | Asset purchase agreement dated 27 February 2026; completion announced 2 March 2026 (company release) |
n.a. |
|
xAI + Doosan Enerbility xAI confirmed it bought five 380 MW natural gas turbines from South Korea's Doosan Enerbility to power its Colossus AI supercomputing expansion around Memphis. Doosan had reported a contract for two 380 MW turbines with an unnamed major US technology company in October 2025 and an order for three more in December 2025. |
equipment order | n.a. | Purchase confirmed by Elon Musk in early January 2026 (Tech Times, 7 January 2026, single outlet); Doosan announced orders for two units in October 2025 and three more in December 2025 without naming the buyer |
Colossus 2 (TN) |
|
Goldman Sachs Alternatives (Infrastructure) + QScale + QScale founders and management Infrastructure at Goldman Sachs Alternatives completed its acquisition of QScale, a Quebec developer and operator of AI-ready data centers, with the founders and management reinvesting alongside it and continuing to run the business from Quebec. QScale's flagship Q01 campus in Lévis runs on Hydro-Québec's low-carbon grid with free cooling, and the company is expanding additional campuses across Canada. Former CoreSite and EdgeCore chief executive Tom Ray joined the board. Macquarie Capital and National Bank Capital Markets advised Goldman Sachs Alternatives; Scotiabank and TD Securities advised QScale. |
acquisition | n.a. | Backfill (not previously recorded). Completion announced 14 May 2026 (Pulse 2.0 summary of the Goldman Sachs release) |
n.a. |
The record
Sourced facts on xAI
- Colossus 1 was the world's largest AI supercomputer with 100,000 NVIDIA Hopper GPUs, fully operational in 122 days and running workloads 19 days after first server delivery, with plans to double to 200,000 Hopper GPUs; by mid-2026, 230k GPUs including 30k GB200s were operational for training Grok.
- As of mid-2026 the combined Colossus campuses provided on the order of 1 gigawatt of AI compute capacity.
- A permanent ~1.2 GW simple-cycle plant of 41 turbines received a Mississippi Prevention of Significant Deterioration permit in March 2026, with temporary units scheduled for phased removal by mid-2027 under a 2026 agreement with state regulators.
- xAI won a permit for turbines to power the Memphis supercomputer and in 2026 won an air permit for its makeshift power plant despite backlash; The Guardian reported the datacenter was generating extra electricity illegally, Senator Whitehouse called for answers about a pattern of operating illegal data center gas plants, and Earthjustice and the NAACP have litigated.
- Plans for an $80 million wastewater / greywater recycling plant near Colossus 1 were paused in 2026 while the company focused on completing and stabilizing Colossus 2, and a contractor publicly alleged non-payment on Colossus and Colossus II in August 2026; no cancelled xAI campus was identified, cancelled capacity n.a.
- The Memphis complex now functions partly as merchant AI capacity, with Google renting approximately 110,000 GPUs for $920 million per month and Anthropic contracting for more than 300 megawatts of compute capacity.
Tracked prices
xAI prices
Every price the Index tracks for xAI, in the provider's own words beside a normalized figure, with the date it was last checked. What AI Costs compares them across the market.
| Seller | Model | Input | Cached input | Output | Revenue per GPU-hour at list | Other published prices | Change | Checked |
|---|---|---|---|---|---|---|---|---|
| xAI | Grok 4.5Batch discount 20% | $2.00 | $0.30 | $6.00 | n.a. | Over 200K input tokens: $4.00 / $12.00 | No change | On pageOct 26, 2026docs.x.ai ↗ |
| xAI | Grok 4.6Batch discount 20%Priced up to 10% higher in some regions (us-central-1) | $2.00 | $0.50 | $6.00 | n.a. | Over 200K input tokens: $4.00 / $12.00 | No change | On pageOct 26, 2026docs.x.ai ↗ |
| xAI | Grok 4.7Batch discount 20%Priced up to 10% higher in some regions (us-central-1) | $2.00 | $0.50 | $6.00 | n.a. | Over 200K input tokens: $4.00 / $12.00 | New · Oct 5 | On pageOct 26, 2026docs.x.ai ↗ |
| xAI | Grok 4.20 0309 Non-ReasoningBatch discount 20% | $1.25 | $0.20 | $2.50 | n.a. | Over 200K input tokens: $2.50 / $5.00 | No change | On pageOct 26, 2026docs.x.ai ↗ |
| xAI | Grok 4.20 0309 ReasoningBatch discount 20% | $1.25 | $0.20 | $2.50 | n.a. | Over 200K input tokens: $2.50 / $5.00 | No change | On pageOct 26, 2026docs.x.ai ↗ |
| xAI | Grok 4.20 Multi-Agent 0309Batch discount 20% | $1.25 | $0.20 | $2.50 | n.a. | Over 200K input tokens: $2.50 / $5.00 | No change | On pageOct 26, 2026docs.x.ai ↗ |
| xAI | Grok 4.3Batch discount 20% | $1.25 | $0.20 | $2.50 | n.a. | Over 200K input tokens: $2.50 / $5.00 | No change | On pageOct 26, 2026docs.x.ai ↗ |
| xAI | Grok Build 0.1Batch discount 20% | $1.00 | $0.20 | $2.00 | n.a. | Over 200K input tokens: $2.00 / $4.00 | No change | On pageOct 26, 2026docs.x.ai ↗ |
Revenue per GPU-hour is SAVRN's calculation, not a price any seller charges: the 6.83 million input and 0.85 million output tokens one Vera Rubin GPU handles in an hour in CoreWeave's measured test, billed at this model's list prices. It puts a token price beside a GPU rental price; it says nothing about how fast this model actually runs.
Sources
Sources for xAI
Every source cited on this page, once each.
- en.wikipedia.orgWikipedia: Colossus
- epoch.aiEpoch AI
- datacenterdynamics.comDCD
- fox13memphis.comFOX13 Memphis
- aol.comMemphis Commercial Appeal via AOL
- x.aixAI
- giantswire.usatoday.comCommercial Appeal (USA Today network)
- aol.comAction News 5 via AOL
- blackrock.comBlackRock
- reuters.comReuters
- ropesgray.comRopes & Gray
- reuters.comReuters
- ifre.comIFR
- en.wikipedia.orgWikipedia: SpaceXAI
- finance.yahoo.comYahoo Finance
- finance.yahoo.comYahoo Finance (KBRA release)
- crusoe.aiCrusoe
- markets.businessinsider.comAlpha Compute release (GlobeNewswire via Markets Insider), 22 September 2026
- marcellusdrilling.comMarcellus Drilling News, 23 September 2026
- anthropic.comAnthropic-Google/Broadcom
- cnbc.comCNBC
- reuters.comReuters
- timesfreepress.comChattanooga Times Free Press
- businessinsider.comBusiness Insider
- finance.yahoo.comCarrier Connect Data Solutions release via Yahoo Finance (2 March 2026)
- techtimes.comTech Times, 7 January 2026
- pulse2.comPulse 2.0, 14 May 2026
- cnbc.comCNBC
- theguardian.comThe Guardian
- eenews.netE&E News
- theguardian.comThe Guardian
- epw.senate.govUS Senate EPW
- earthjustice.orgEarthjustice
- selc.orgSELC
- actionnews5.comAction News 5
- docs.x.aidocs.x.ai
Frontier AI lab
More in the Index
Capital figures come from the Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so each figure appears as its source states it and none are added into a single deployment number. Informational, not investment advice.
Sources
The SAVRN reference set
Seven references, one system
Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.
Capital Atlas
Who is funding AI data centers: capital providers, named sites, financing transactions, and the blocked-and-delayed record, state by state and company by company.
Open the atlas →
Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
Open the watchlist →
Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
Open the tracker →
Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
Open the water tracker →
Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
Open the watchlist →
Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
Open the permits tracker →
SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
Open the scarcity tracker →
Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding.
Check an address →