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Panthalassa, a Portland-based startup, has raised $140 million in Series B funding at a valuation near $1 billion.
The company is developing floating, wave-powered platforms that run AI inference workloads at sea.
Each 85-meter lollipop-shaped node features a buoyant spherical head atop a long submerged tube, with no engines, hinges, or gearboxes that could fail in harsh ocean conditions.
As waves pass, the node bobs up and down, driving oscillating flow through internal turbines to generate electricity onsite.
Cold seawater cools the servers, and data transmits back to shore via low-Earth-orbit satellites.
Beyond powering AI compute, Panthalassa sees the open ocean as a planetary-scale energy resource capable of delivering tens of terawatts of clean power, alongside solar and nuclear.
Commercial deployments are targeted for 2027.