Peter Thiel leads $140 million Series B financing round for Panthalassa to advance ocean wave-powered AI computing infrastructure

Type: Financing · Technology: Data Center · Country: United States · Value: $140M · Announced: 2026-05-05

Panthalassa, a clean energy and ocean technology company based in Portland, Oregon, raised $140 million in a Series B financing round led by PayPal and Palantir co-founder Peter Thiel to advance its ocean wave-powered AI computing infrastructure. The funding will enable the company to complete its pilot manufacturing facility near Portland and accelerate deployment of its Ocean-3 series of nodes, planned for the northern Pacific Ocean in 2026, with commercial deployments targeted for 2027. Panthalassa’s technology captures wave energy to generate clean electricity and power AI computing onboard floating nodes, transmitting data via low-Earth-orbit satellites while leveraging ocean supercooling for thermal management. The company’s Ocean-1 and Ocean-2 prototypes were deployed in 2021 and 2024, respectively, demonstrating the feasibility of offshore AI infrastructure as terrestrial data centers face constraints from grid capacity, water scarcity, and permitting delays. Investors in the round included high-profile tech and sustainability-focused backers such as John Doerr, Marc Benioff’s TIME Ventures, and Fortescue Ventures, reflecting growing interest in alternative energy solutions for AI infrastructure amid surging electricity demand.

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