When people think of different clean energy sources, ocean waves do not typically come to mind. Panthalassa, an Oregon-based startup, is looking to change that. The startup is harnessing the power of ocean waves to generate power for AI computing.

Founded in 2016, Panthalassa has spent years developing a system for using ocean waves to power floating AI data centers. The ocean technology and renewable energy company is headquartered in Portland, Oregon. Garth Sheldon-Coulson, the company’s co-founder and CEO, previously worked at the hedge fund Bridgewater researching the AI and energy sectors. Panthalassa was formed as a public benefit corporation, which is a type of for-profit corporation that must balance sustainability and financial goals.

The company’s technology consists of nodes, which are solid steel vessels that sit below the ocean surface. The bobbing motion of waves causes water to pass through turbines within the structure, and the turbines generate electricity. The nodes also have a tightly sealed contained for holding the AI server. Thus, the nodes can use the energy they generate to directly power the AI chips they hold. This is significantly more efficient than transmitting the energy from the noes operating in the distant ocean back to AI servers on land. The floating energy systems can run autonomously and can produce energy 24/7. The company currently is developing three series of nodes, known as Ocean-1, Ocean-2, and Ocean-3.

The Series B funding round raised $140 million in new capital for the company to continue advancing its technology. PayPal co-founder Peter Thiel led the Series B funding round. A number of other high-profile investors participated in the Series B round, including Marc Benioff’s TIME Ventures, Max Levchin’s SciFi Ventures, Susquehanna Sustainable Investments, and prominent venture capitalist John Doerr. The latest funding round, which closed in May 2026, values the startup at nearly $1 billion.

Panthalassa’s co-founder and CEO, Garth Sheldon-Coulson, is optimistic about the ocean’s