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SAVRN Research · Capital Atlas · Frontier AI lab

xAI Data Center Capex and Sites

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.

Updated October 8, 2026 5 named sites 18 financing transactions 6 sourced facts 35 sources
xAI (now operating under SpaceX / "SpaceXAI") logo
xAI (now operating under SpaceX / "SpaceXAI")
Frontier AI lab
Financing regimeventure/strategic equity rounds plus project debt for Colossus 2; self-powered merchant fleet now monetized via GPU rental and capacity contracts
Named sites
5
Site-level commitments the atlas ties to xAI (now operating under SpaceX / "SpaceXAI")
Disclosed site capital
$71.6B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
1,892 MW
Sum of named sites with a stated megawatt figure
Financing transactions
18
Transactions naming xAI (now operating under SpaceX / "SpaceXAI") or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
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 (now operating under SpaceX / "SpaceXAI") builds

Tennessee
4 sites · $35.8B disclosed
Open the Tennessee investment tracker →
Mississippi
1 site · $35.8B disclosed
Open the Mississippi investment tracker →
SiteStatePlaceCapitalMWStatusSources
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 (now operating under SpaceX / "SpaceXAI") as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
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 (now operating under SpaceX / "SpaceXAI")

  • 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.
Sources

Sources for xAI (now operating under SpaceX / "SpaceXAI")

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

Frontier AI lab: one page each

Anthropic 5OpenAI (Stargate) 8xAI (now operating under SpaceX / "SpaceXAI") 5

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
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.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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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.
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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.
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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.
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