Panthalassa Secures $225M Funding, Valuation Approaches $2B for Ocean-Powered AI Data Centers
Panthalassa is raising $225 million, aiming for a valuation near $2 billion, as it seeks to establish offshore AI data centers powered by ocean wave energy. The company’s innovative approach addresses AI infrastructure challenges by colocating computing resources with electricity generation at sea.
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Panthalassa, based in Portland, Oregon, is reportedly raising $225 million, increasing its valuation to nearly $2 billion. This follows a $140 million funding round just three months earlier, which brought its valuation close to $1 billion.
The startup has developed autonomous floating structures called nodes, designed to convert wave energy into electricity to power AI servers directly at sea. Each node can generate approximately 1 megawatt of power, with a projected cost of around 2 cents per kilowatt-hour.
The company plans to deploy its Ocean-3 generation in the northern Pacific in 2026, with commercial operations anticipated in 2027. Potential challenges include issues related to corrosion, maintenance, and environmental regulations, which could impact the viability of this novel approach to AI infrastructure.
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