We re-describe Planctoteuthis levimana (Lönnberg, 1896), a poorly known species of oegopsid squid in the Chiroteuthidae, based on two specimens taken from near the type locality. We also designate a neotype for P. levimana. We demonstrate that P. levimana is a valid taxon through brief comparisons with other members of the genus, and we assess the importance of the funnel locking-apparatus as a species-level character in Planctoteuthis.