The time is the distant future, where by far the most precious commodity in the galaxy is water. The last surviving water planet was somehow removed to the unreachable centre of the galaxy at the end of the galactic trade wars. The galaxy is ruled by an evil emperor (John Carradine) presiding over a trade oligarchy that controls all mining and sale of ice from asteroids and comets.
Old and decrepit Krank (Daniel Emilfork) has lost his capacity for dreaming and is attempting to fight death by stealing the dreams of children. Krank’s cadre of cloned henchmen (Dominique Pinon) snatch 5-year-old Denree (Joseph Lucien) to subject him to the horrific dream-retrieval process. The boy’s father, One (Ron Perlman), the hulking strongman of a traveling circus, and his precocious 9-year-old friend, Miette (Judith Vittet), join forces to defeat Krank’s minions and save Denree.