The five-deck ship, named Epiphany, could cost in the region of €200 million (about £210 million) and €500 million (£420 million) to build, Waugh told Business Insider.
If the concept superyacht were to become a reality, it would be one of the world's largest, according to Architectural Digest.
But Epiphany's defining feature is the owner's deck - an entire floor dedicated to the superyacht's owner that comes with a private cinema room, office, hidden Jacuzzi area, and double-height living room with a balcony.
Andy Waugh
The swimming pool and outdoor lounging area on the main deck is visible from above.
On a "VIP deck" beneath, guests can stay in four luxurious cabins and enjoy sea views from the privacy of their own balconies. There's also a large communal lounge with games and a cinema, as well as a spa, gym, bar, and dining space.
Below, on the main deck, there's a swimming pool, an outdoor lounging area for sunbathers (which can also be used as a helipad), and more guest accommodation with two more VIP cabins and eight regular guestrooms.
For the crew, there's ample accommodation for 40 staff members on the upper and lower decks. The lower deck also has a beach club, yet another cinema, and a dive room to appeal to scuba diving enthusiasts.
While there are no designs for the interior of the extravagant yacht yet, the inside would be furnished, according to Waugh's design notes, to create "an enhanced sense of openness and space."