The DeepWind concept has been described previously on challenges and potentials, this new offshore floating technology can offer to the wind industry . The paper describes state of the art design improvements, new simulation results of the DeepWind floating vertical axis wind turbine concept, which implies a high potential for cost saving. The most critical aspects of the concept are addressed in proving feasibility, and if it can be scaled up to 20 MW. Applying structural mechanics, generator, floater & mooring system, control system design, and rotor design using detailed integrated models, results have evolved to a 5 MW baseline design. This important outcome will be used as a reference for further improvements. Emphasis in this paper is made on the interplay between different components and some trade-offs. One such example is the rotational speed which largely influences the design of both the generator and the aerodynamic rotor. Another example is aerofoil design affecting energy capture, stall behaviour, structural dynamics and control design. Finally, the potential for up-scaling to 20 MW is discussed.