I plan to wire my outbuilding and am not sure of wire and panel size. I will get my feed from a 200 amp panel on side of my house. My building is 235 feet away. I want to run wire that is made for direct burial. Panel needs to hold (1) 230 amp circuit for a welder and (1) 220 amp circuit for an air compressor. I would also like to have no more than 3 15-20 amps circuits for lights and receptacles. Will I need one grounding rod or two?

(1) 230 amp circuit for a welder and (1) 220 amp circuit

Need to check you specs. I suspect you mean 30 amp for welder and 20 amps for compressor. The 230 and 220 are probably voltages.

30 amp for welder and 20 amps for compressor

To begin with, when you say the panel on the side of your home, do you mean a meter base and panelboard or do you mean an outdoor main service panelboard?

Next, you need to determine just what load you will need to service at the outbuilding. You know the distance.

The out building has to have its own grounding and bonding system. The feed from the residential main service panelboard must be a 4 conductor feed. The neutral of that feed must be isolated from the grounding system at the secondary panelboard.

It might be wise to contact several licensed electricians and get bids on this work because it is rather extensive and code specific work.