As hyperscalers like Alphabet look to the skies as the next frontier of data centers, Peter Thiel is looking to the seas.
Panthalassa, a U.S.-based start up betting on ocean waves to power a fleet of floating data centers, announced $140 million in funding earlier this month led by Thiel.
The funding pushes Panthalassa’s valuation close to $1 billion, the Financial Times reported, citing a person familiar with the terms of the deal.
Panthalassa didn’t immediately respond to Fortune’s request for comment.
“The future demands more compute than we can imagine,” Thiel said in a statement announcing the funding. “Extra-terrestrial solutions are no longer science fiction. Panthalassa has opened the ocean frontier.”
