Project Debater is the first AI system that was shown to debate humans in a meaningful manner in a full live debate. Developing this system started in 2012, as the next AI Grand Challenge pursued by IBM Research, following the demonstration of Deep Blue in Chess in 1997, and Watson in Jeopardy! In 2011. The Project Debater system was demonstrated for the first time in San Francisco in June 2018, in two full live debates vs. expert human debaters, and correspondingly received massive media attention. This talk will present the challenges in developing this system, its current capabilities and present limitations, as well as how we envision its future.