Pilot Rocky Waddle wants to enter the Superchase Space Race, and when the penguins rescue a racing spaceship, and the owner tells them to keep it, he gets his chance--but the Space Race is a dangerous event, and some pilots will do anything to win.
Pursued by their former crewmate, turned enemy, the space penguins splash-land on an ocean planet, and find themselves in the tentacles of a monstrous squid--can they find a way to extract themselves and their ship before it is too late?
When the space penguins answer a distress signal, they find themselves captured by a predatory space station run by a former crewmember who deserted several years before--and who has now transformed himself into a super mechanical pengbot.