Panthalassa, the Portland startup that wants to run AI data centers on ocean waves, is reportedly raising about $225M at a post-money valuation near $2B, according to The Information. That would roughly double its worth three months after a $140M round pushed it toward the unicorn mark.
The financing is being discussed with 8090 Industries and Hanwha Asset Management as co-leads, with other investors expected to join. The company plans to park GPUs on autonomous floating structures, called nodes, that convert wave motion into electricity and use cold seawater for cooling, transmitting data via satellite instead of subsea cables.
Founder Garth Sheldon-Coulson has spent a decade on the concept. A full-size node would measure about 85 meters, generate roughly 1 megawatt continuously, and produce power for about 2 cents per kilowatt-hour, according to company projections. Ocean-2 completed sea trials off Washington state in 2024, with pilot deployment targeted for 2026.
Peter Thiel-backed Panthalassa has recruited engineers from SpaceX, Tesla and NASA. The valuation math is striking for a company whose floating data centers have not reached commercial deployment, but AI’s hunger for power and grid connections has investors betting on any credible source of new capacity.
