Panthalassa Raises $140M Led by Peter Thiel for Wave-Powered Floating AI Data Centers

Portland-based Panthalassa raised $140 million in Series B funding led by Peter Thiel, with participation from John Doerr, Marc Benioff, Max Levchin, and others, valuing the company near $1 billion. Panthalassa is developing 85-meter floating nodes that generate electricity from wave turbines and use seawater for cooling, performing AI inference at sea with data transmitted via low-Earth-orbit satellites. Engineers from SpaceX, Tesla, and NASA designed the units. The company plans commercial deployments by 2027, with a pilot manufacturing facility near Portland and the Ocean-3 pilot series in development.