The GTC is a high performance 10-m class telescope to be installed at the Roque de los Muchachos Observatory (ORM), on the island of La Palma. First light is planned for end 2002 and the start of full scientific operations for end 2003. The GTC top level science requirements are to achieve: (1) a major improvement in limiting magnitude between 0.3 and 25 microns; (2) excellent image quality over a reasonably large field of view; (3) the simultaneous availability of imaging and spectroscopic capabilities over a wide wavelength range (0.3-2.5 microns); and (4) high operational efficiency and reliability. The contract for the primary mirror blanks has recently been awarded. This constitutes the first main contract awarded and is the beginning of a list of major contracts planned for the current and next year. The selection of the first generation science instruments is proceeding and will be known shortly.