A lubricant supported electric motor including a stator presenting a stator raceway, and a rotor extending along an axis and rotatable relative to the stator. The rotor presents a rotor raceway disposed in spaced relationship with the stator raceway to define a gap there between. A lubricant is disposed in the gap for supporting the rotor relative to the stator. The rotor includes a plurality of rotor poles arranged adjacent the rotor raceway in circumferentially spaced relationship with one another, and the stator includes a plurality of stator poles extending radially towards the rotor in circumferentially spaced relationship with one another along the stator raceway. A plurality of stator coil windings are wrapped around the plurality of stator poles and individually controllable for generating a magnetic force to center the rotor within the stator with carefully-timed adjustments to magnetic fields generated by the stator.