Highly collectable frame from Specialized back when they were making some cutting edge stuff.
This is an aluminium made-in-USA frame with some nice details. According to its stickers it is a 'Direct Drive' and 'M2 Metal Matrix X-BUTTED' frame. We don't really know what this means but this is surely a very well made and lightweight frame with compact geometry and sloping top tube.
This frame would have been among the first to feature the modern threadless 1 1/8" system, and in this case includes a very nice Cane Creek headset. Besides this it is currently fitted with some quality Manitou Skareb suspension forks with aluminium stanchions, but if you would prefer rigids that is definitely doable.