A whaling vessel, The Rocinater, strays into treacherous waters, lured by the promise of immense wealth in hunting the mythical Kraken. However, the Captain's obsession leads to catastrophic consequences as the Kraken devastates the ship and its crew. The survivors wash ashore near an isolated lighthouse, where they meet the enigmatic keeper and his daughter Elizabeth, who harbour secrets about the monster. As the survivors regroup, the tensions within the crew deepen, uncovering betrayals and past traumas. Together, the group devises a desperate plan to kill the creature. However, personal rivalries, guilt, and the unrelenting horror of the Kraken threaten their very chances of survival.