Quick Facts
- ModRetro is raising funds at a $1 billion valuation ahead of its M64 Nintendo 64 clone launch in spring 2026
- The M64 will retail for $199, undercutting competitor Analogue 3D by $70
- Company founder Palmer Luckey has a net worth of $3.5 billion and leads defense contractor Anduril Industries
Palmer Luckey’s retro gaming startup ModRetro is seeking funding at a $1 billion valuation, according to the Financial Times. The company is preparing to launch its second major product, the M64 Nintendo 64 clone, in spring 2026.
The funding discussions come as ModRetro enters mass production for the M64. The console will retail for $199, matching the original Nintendo 64’s 1996 launch price and undercutting primary competitor Analogue 3D by $70.
ModRetro launched its first device, the Chromatic Game Boy-compatible handheld, in 2024 through GameStop. The Verge’s Sean Hollister called it “might be the best version of the Game Boy ever made.”
The M64 uses an AMD FPGA chip running a modified version of the open-source MiSTer N64 core. This sets it apart from the Analogue 3D, which uses proprietary closed software. The ModRetro console will launch in three translucent colors: Arctic White, Jungle Green, and Grape Purple.
Luckey, who sold Oculus to Facebook for $2 billion in 2014, has a current net worth of $3.5 billion according to Forbes. His primary company, Anduril Industries, is raising $4 billion at a $60 billion valuation.
The $1 billion valuation represents an ambitious bet on the retro gaming hardware market. ModRetro has shipped only one product to date – the Chromatic handheld that launched in late 2024.
The M64 offers several competitive advantages over Analogue’s platform. It supports automatic firmware updates over WiFi, boots games faster than the Analogue 3D, and will be more open to third-party cores.
Luckey originally founded ModRetro as a teenager, running an internet forum popular with hardware hackers who modified vintage game consoles. He reestablished the company as a video game console manufacturer in June 2024.
The funding story has drawn controversy. Retro gaming website Time Extension refuses to cover ModRetro products due to the company’s use of Anduril’s defense weapons logo on the Chromatic console.
Read more: Palmer Luckey’s retro gaming startup ModRetro reportedly seeks funding at $1B valuation
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