Elon Musk’s artificial intelligence company to be located in Memphis

MEMPHIS, Tenn. (NBC, KYMA/KECY) - A multi-billion dollar project, backed by Elon Musk, is coming to Memphis, Tennessee.

The Greater Memphis Chamber made the announcement during a news conference on Wednesday, saying the company, xAI, will build the world's largest supercomputer.

"What does it mean to be home to the world's largest, most powerful supercomputer? I think it is a defining moment for Memphis to be recognized globally. When you consider that we're going to have some of the world's top data scientists and computational engineers that are attracted here that are working here with a supercomputer. I'll give you perspective. You take the two largest supercomputers in the world and you combine them and you multiply that by four. That's what we're building here. In Memphis. And so I think that what it takes to do that is going to shape and form who we are as a community and really recognize in the global consciousness of of Memphis and we're going to be seen as that go to market and we're going to be highly attractive."

Ted Townsend, President and CEO, Greater Memphis Chamber

The project is pending approval by the Memphis City Council and other government authorities, and is expected to represent the largest investment, by dollar amount, in Memphis history.

Musk announced earlier this year that xAI had raised $6 billion to develop artificial intelligence.

The factory is expected to open sometime this year.