Palmer Luckey's ModRetro Eyes $1B Valuation for Retro Console Play
The defense tech billionaire's retro gaming venture ModRetro is raising funds at a billion-dollar valuation.
Palmer Luckey is at it again. The Oculus founder turned defense tech mogul is now chasing a $1 billion valuation for ModRetro, his venture that builds updated versions of classic 1990s gaming consoles.
ModRetro's pitch: take beloved hardware like the Nintendo 64 and Game Boy, then rebuild them for modern players. Think retro soul, fresh guts.
The company is currently in talks to raise a funding round at that eye-popping ten-figure number, according to sources cited by the Financial Times.
It's a wild pivot narrative. Luckey made his first fortune in VR, then built Anduril into a major AI-powered defense contractor. Now he's betting nostalgia gaming can be a billion-dollar business too.
Details on round size, lead investors, and timeline remain under wraps. But a $1B valuation for retro consoles? That's one expensive trip down memory lane.