Panthalassa Raises $140M Series B Led by Peter Thiel to Build Wave-Powered Floating AI Data Centers

Portland-based Panthalassa raised $140 million in a Series B round led by Peter Thiel's Founders Fund, with participation from John Doerr and Supermicro, bringing total funding to $210 million. The company is developing autonomous floating AI data centers powered by ocean wave energy. The floating platforms generate electricity from wave motion using spherical buoys, run AI inference workloads onboard, use seawater for cooling, and transmit results via LEO satellite. Panthalassa plans to deploy Ocean-3 pilot systems in the Pacific Ocean in 2026 with commercial launch targeted for 2027. The company has tested three hardware generations and has 120 employees.