Panthalassa nets $140M Series B for wave‑powered ocean AI data centers

Panthalassa, a Portland-based renewable energy and ocean technology startup, has raised $140 million in a Series B round to develop its wave-powered offshore AI data center infrastructure. The financing was led by Peter Thiel and prices the company at a valuation close to $1 billion, according to investor commentary describing the deal as $140 million invested at roughly a $1 billion valuation. Panthalassa is building autonomous Ocean-3 nodes—floating, wave-powered structures designed to generate renewable energy from ocean waves and use it to run AI computing at sea. The company plans to use the capital to complete a pilot manufacturing facility in Oregon and begin producing and deploying its first commercial series of offshore AI data center units.

The Series B attracted a broad syndicate of new and returning investors. The round was led by Peter Thiel, with participation from high-profile investors including John Doerr, Marc Benioff’s TIME Ventures, Max Levchin’s SciFi Ventures, Susquehanna Sustainable Investments, Hanwha Asset Management’s venture fund, Anthony Pratt, Fortescue Ventures, Future Positive, WTI, Nimble Partners, Super Micro Computer, Sozo Ventures, Dylan Field, Planetary VC, Leblon Capital, Resilience Reserve, Portland Seed Fund, and the Intrepid Oregon Fund. Existing backers such as Founders Fund, Gigascale Capital, Lowercarbon Capital, Unless, and WovenEarth Ventures also joined the round. The new funding positions Panthalassa as a prominent player in the emerging field of ocean-based AI infrastructure, aiming to relieve onshore data center constraints by tapping into abundant offshore wave energy while providing scalable computing capacity for AI workloads.