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We study the spatial clustering of 538 X-ray selected AGN in the 2 deg^2XMM-COSMOS field that are spectroscopically identified to I_{AB}<23 and spanthe redshift range z=0.2-3.0. The median redshift and luminosity of the sampleare z = 0.98 and L_{0.5-10}=6.3 x 10^{43} erg/s, respectively. A strongclustering signal is detected at ~18sigma level, which is the most significantmeasurement obtained to date for clustering of X-ray selected AGN. By fittingthe projected correlation function w(r_p) with a power law on scales ofr_p=0.3-40 Mpc/h, we derive a best fit comoving correlation length of r_0 = 8.6+- 0.5 Mpc/h and slope of gamma=1.88 +- 0.07 (Poissonian errors; bootstraperrors are about a factor of 2 larger). An excess signal is observed in therange r_p~5-15 Mpc/h, which is due to a large scale structure at z ~ 0.36containing about 40 AGN. When removing the z ~ 0.36 structure, or computingw(r_p) in a narrower range around the peak of the redshift distribution (e.g.z=0.4-1.6), the correlation length decreases to r_0 ~ 5-6 Mpc/h, which isconsistent with that observed for bright optical QSOs at the same redshift.  We investigate the clustering properties of obscured and unobscured AGNseparately. Within the statistical uncertainties, we do not find evidence thatAGN with broad optical lines (BLAGN) cluster differently from AGN without broadoptical lines (non-BLAGN).  The correlation length measured for XMM-COSMOS AGN at z~1 is similar to thatof massive galaxies (stellar mass M_*> 3 x 10^{10} M_sun) at the same redshift.This suggests that AGN at z~1 are preferentially hosted by massive galaxies, asobserved both in the local and in the distant (z~2) Universe. (shortened)

The spatial clustering of X-ray selected AGN in the XMM-COSMOS field