Giving Pledger Elon Musk has committed $100 million to launch a project-based, STEM-focused university in Austin, Texas.

According to an October 2022 application to the Internal Revenue Service for tax-exempt status—first reported by Bloomberg—the new institution, named The Foundation, will initially focus on developing STEM-focused primary and secondary schools, enrolling 50 students to start, before launching a larger university. The organization received its tax-exempt status in March, CNN reported.

According to the filing, “the school is being designed to meet the educational needs of those with proven academic and scientific potential, who will thrive in a rigorous, project-based curriculum” and expects to be funded through donations and tuition fees and to offer scholarships. The organization intends to seek accreditation from the Southern Association of Colleges and Schools Commission on Colleges.

The Foundation’s board includes close associates of Musk, including his longtime money manager, Jared Birchall, as president, and Ronald Gong and Teresa Holland of Catalyst Family Office, a wealth management firm, but has yet to name an executive director or hire teaching and administrative staff.

(Photo credit: Wikimedia/Justin Pacheco)