From the interview in Details:
It goes like this: Friedman wants to establish new sovereign nations built on oil-rig-type platforms anchored in international watersfree from the regulation, laws, and moral suasion of any landlocked country. They'd be small city-states at first, although the aim is to have tens of millions of seasteading residents by 2050. Architectural plans for a prototype involve a movable, diesel-powered, 12,000-ton structure with room for 270 residents, with the idea that dozensperhaps even hundredsof these could be linked together. Friedman hopes to launch a flotilla of offices off the San Francisco coast next year; full-time settlement, he predicts, will follow in about seven years; and full diplomatic recognition by the United Nations, well, that'll take some lawyers and time.
Only $1.25 million? It buys a few years of studies and modeling at best. Might as well believe that he's going to build a libertarian space elevator out of Legos.