Sea of Thieves' next update is called The Hungering Deep, it's due on May 29, and if its trailer isn't misleading anyone, it'll add some vicious new sea monsters.
Said trailer features an almost comically cockey pirate regaling the viewer with stories of the sea from a campfire (a tried and true venue for regaling). He tells us of ships disappearing without a trace, and sightings of something "impossible" - according to the devs' content roadmap, Hungering Deep will "bring with it a new AI threat to the world", which you will have to work together to discover and defeat in a unique event.
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The pirate tells us further of ancient people who learned to fear and respect the denizens of the deep, and even to "summon" them by performing sacrifices. Animated cave paintings indicate that one of those creatures is a giant shark, perhaps a megalodon. If you want to believe Sea of Thieves players are about to get the ability to summon megalodons and sic them on rival crews, who are we to take that away from you?
Further into the summer are two more content updates, one of which will add a new ship type, and the other an expansion to the world map. Both these updates and the Hungering Deep will also add new gameplay mechanics and new rewards.
You can watch the trailer for yourself below, or check out the latest content plans on the Rare blog here.