'We're now ready': Peter Thiel-backed company raises $1bn to send data centers out to sea to harness 'tens of terawatts of new capacity potential' in the power of the open ocean

A test of the Panthalassa Ocean-2 wave energy converter, which would generate electricity to power sea-based data centers. .

• Panthalassa's valuation now sits near $1 billion after fresh funding
• Peter Thiel led a $140 million investment round into the ocean tech company
• Investors see ocean energy as a vast, untapped computing resource

A US-based ocean technology company, Panthalassa, is advancing its plan to relocate data processing into open waters, backed by fresh funding that places its valuation near $1 billion.