Panthalassa raises $140M from Peter Thiel to build wave-powered floating AI data centers

Panthalassa, a Pacific Northwest climate-tech startup, secured $140 million in Series B funding led by Peter Thiel, valuing it at nearly $1 billion. The company is developing 85-meter floating data center nodes that generate electricity from wave turbines and use seawater for cooling. The units are designed by engineers from SpaceX, Tesla, and NASA, and drift with ocean currents transmitting data via satellite. Plans include a pilot manufacturing facility near Portland, Oregon, with commercial deployments planned by 2027. This is one of the largest investments in wave-energy tech and addresses AI's growing power and cooling challenges.