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VELOCITY MEETS POTENCY: xAI ANNOUNCES MEMPHIS AS NEW HOME

Wednesday, 5 June, 2024

VELOCITY MEETS POTENCY: xAI WORKS TO MAKE MEMPHIS A NEW HOME
To be the Largest Capital Investment by a New-to-Market Company in Memphis History

 

MEMPHIS, TN, Wednesday, June 5, 2024 –xAI’s Gigafactory of Compute – the World’s largest supercomputer – would be located in Memphis, Tennessee. Representing the city’s largest capital investment by a new-to-market company in Memphis history, the company would occupy a former manufacturing facility. This project is pending approval by the Memphis Shelby County Economic Development Growth Engine (EDGE), Tennessee Valley Authority, and governing authorities.

The Greater Memphis Chamber’s economic development team, led by Chief Economic Development Officer Gwyn Fisher and Vice President of Global Business Development, Troy Parkes, moved at lightning speed to ensure xAI would make Memphis their top choice. This landmark achievement signals a new era of growth and innovation for Memphis.

“Our Chamber is built for this,” said Ted Townsend, President & CEO of the Greater Memphis Chamber. “In less than three weeks, the Chamber’s economic development team demonstrated remarkable coordination, swiftly providing solutions and rallying partners faster than any other community. From the initial three weeks until today, Memphis emerged as a global nexus where velocity meets potency, which are attractive attributes to the xAI team.”

This groundbreaking investment would not be possible without the support of building owners, Phoenix Investors, and the great partnership the Chamber shares with City of Memphis, Shelby County, and MLGW.

“Memphis is a city of innovators, so it’s no surprise that it feels like home to those looking to change the world,” said Memphis Mayor Paul Young. “We get things done here. We have great partners at the Greater Memphis Chamber and MLGW who were ready to make this happen. We had an ideal site, ripe for investment. And we had the power of our people who created new and innovative processes to keep up with the pace required to land this transformational project.”

“I am proud of our work to provide utilities for such a massive project and to do it quickly. The adaptive reuse of a former manufacturing space and its existing utility infrastructure are exactly the kind of economic development we have been seeking for our city,” said Doug McGowen, President & CEO, of MLGW. “The good-paying jobs, the cachet of hosting the world’s most powerful supercomputer, and the significant additional revenues for MLGW this project brings will help support our reliability and grid modernization efforts. These are all wins for our community.”

The company’s proposed unprecedented commitment underscores the tremendous potential and limitless opportunities that Memphis offers as a vibrant hub for business, technology, culture, and community. The company expects to create high quality jobs upon completion of Phase 1, with opportunities for more substantial investment in future phases.

“Memphis is the Digital Delta,” said Gwyn Fisher. “We are experiencing a dynamic wave of development across various sectors, including technology, infrastructure, healthcare, manufacturing, and education. This monumental recruitment investment marks a pivotal point in our city’s trajectory, and will drive continued entrepreneurship and ingenuity, propelling Memphis to the forefront of global innovation and competitiveness.”

“Historic opportunities like this are born of strong partnerships, and I am delighted that Shelby County Government through our health department and the Memphis & Shelby County Office of Planning and Development has played a significant role,” said Shelby County Mayor Lee Harris.

-MEMPHIS-

About The Greater Memphis Chamber

One of Memphis’ oldest institutions, dating back to 1838, the Greater Memphis Chamber is a privately funded nonprofit that serves as the region’s lead economic development organization and the “Voice of Memphis Business” on local, state, and national issues. The Chamber’s mission is to drive the Memphis business agenda for Greater Memphis. We do this by relentlessly pursuing prosperity for all — through economic and workforce development, pro-growth advocacy, and by providing support and resources to its investors, which include many of the region’s largest employers.

Media Contact:

Amy Daniels
901-569-4796
adaniels@memphischamber.com

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