The targeted plasma parameters of the compact spherical tokamak (ST) Globus-M have basically been achieved. The reasons that prevent further extension of the operating space are discussed. The operational limits of Globus-M together with an understanding of the limiting reasons form the basis for defining the design requirements for the next-step, Globus-M2. The recent experimental and theoretical results achieved with Globus-M are discussed, the operational problems and the research programme are summarized and finally, the targeted Globus-M2 parameters are presented. The magnetic field and plasma current in Globus-M2 will be increased to 1 T and 0.5 MA, respectively. The plasma dimensions will remain unchanged. With auxiliary heating at a high average plasma density, the temperatures will be in the keV range and the collisionality parameter with ν* ≪ 1 will define the operational conditions. Noninductive current drive will be a major element of the programme. The engineering design issues of Globus-M2 tokamak are discussed and the technical tokamak parameters are confirmed by thermal load and stress analysis simulations. The experimental results obtained on Globus-M2 and the limits of its performance should clarify the feasibility of an ST-based super compact neutron source.