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Foundation Models (FMs), AI models designed to replace task-specific models, are increasingly being recognized for their versatility across numerous downstream applications. These models, trained using self-supervised techniques on any type of sequence data, circumvent the need for large annotated datasets, a major bottleneck in traditional AI model development. FMs can be applied to downstream tasks using few-shot learning and fine-tuning, significantly reducing the need for large labeled training datasets and computational resources. However, the development of FMs requires substantial resources, including access to data and compute power, expertise in the latest models, and specialized scientific knowledge for systematic evaluation. It is challenging for a single group to possess all these capabilities. To address this, NASA IMPACT has initiated an open collaborative effort, leveraging partnerships with the private sector and other groups within and outside NASA, to jointly build FMs. The overarching goal is to develop a consistent and collaborative approach to building FMs for high-value science datasets. This initiative has fostered collaboration within NASA and with external partners, including IBM Research, Clark University, DOE’s ORNL, ESA, and USGS. The effort focuses on identifying key datasets with a wide range of downstream applications, pretraining and building FMs using modified transformer architectures, evaluating compute infrastructure needs, and sharing models, pretraining and fine-tuning code, and data with the community. Furthermore, it aims to train the Earth science community to fine-tune these models for various downstream applications. Our initial effort resulted in the creation of a 100 million parameter HLS Geospatial Model within six months, which was released on HuggingFace. We are now expanding our scope to include data from weather and climate models and investigating multimodal models. We invite those interested in participating in this effort to join us by sharing their use cases, expertise, or data.