<p>Floating wind energy is a relatively new area that consists of harnessing wind energy from wind turbines that are supported by a floating foundation. This enables the installation of offshore wind turbines in deep seas, which means tapping into offshore wind resources that are unreachable with bottom-fixed wind turbines. Up to now, the feasibility of floating wind turbine technology has been demonstrated in small pilot farms. However, floating wind turbines are still subject to unexpected failures. Therefore, a better fundamental understanding of these turbines is needed to improve the technology to accelerate its deployment and reduce the cost of energy. Furthermore, the dynamics of floating wind turbines is different from those of their bottom-fixed counterparts. This presents challenges and opportunities across the different phases of their development and operation. This position paper addresses the fluid mechanics community and presents key challenges and research needs in the field of floating wind energy. Building on the <i>grand challenges</i> identified in the wind energy community, the manuscript addresses three focus areas and their interactions: the met-ocean conditions, the wind turbine, and the wind farm. Five groups of fluid mechanics driven challenges are highlighted: unsteady aerodynamics, high-speed flows, non-linear hydrodynamics, flow-induced vibrations, and wake dynamics. In addition, the kind of research methods and infrastructure needed to address these challenges are discussed, including cross-cutting themes such as digitalisation and co-creation across stakeholders and disciplines. Finally, the conclusions provide overarching recommendations to solve the upcoming challenges in floating wind energy and highlight the role that the fluid mechanics community could play.</p>