- ModRetro is in talks to raise funding at a $1 billion valuation, per the Financial Times.
- Founder Palmer Luckey previously sold Oculus to Facebook for $2 billion and cofounded defense contractor Anduril.
- The company’s first product, the Chromatic, is a Game Boy-compatible handheld that launched in 2024 through GameStop.
- ModRetro’s next device, the M64, is an FPGA-based Nintendo 64 clone that plays original cartridges at 4K resolution, priced at $199.
- ModRetro has previously raised around $19 million and is led by former Anduril and Oculus engineer Torin Herndon.
From Hobby Project to Unicorn Bid
ModRetro is in early-stage talks to raise funding at a $1 billion valuation, the Financial Times reported, citing people familiar with the matter. That would be a dramatic leap for a retro gaming startup that has previously raised just $19 million and shipped a single product. The company was born as an online forum for video game console modifications that Palmer Luckey started as a teenager in Long Beach, California — long before he sold Oculus to Facebook for $2 billion or cofounded Anduril Industries, now valued at $30.5 billion and reportedly in talks to nearly double that figure to $60 billion.
ModRetro’s first device, the Chromatic, launched in 2024 at $199. It plays original Game Boy cartridges on modern hardware, and The Verge’s Sean Hollister called it “the best version of the Game Boy ever made.” Luckey described the handheld as the result of “hundreds of irrational decisions” after spending 17 years trying to build the ultimate Game Boy-inspired device. The company is now led by former Anduril and Oculus engineer Torin Herndon, while Luckey remains closely involved.
ModRetro, a nostalgic gaming startup founded by Palmer Luckey (Oculus, Anduril), is reportedly in talks to raise at a $1B valuation, per FT.
— Analytics India Magazine (@Aborty) March 9, 2026
ModRetro revives classic consoles with modern tech, most recently launching the Chromatic, a Game Boy-style handheld. Its next product,… pic.twitter.com/4mGqJlzpbE
The M64: A $199 FPGA Nintendo 64 That Plays Original Cartridges
The unicorn bid coincides with ModRetro’s most ambitious product yet. The M64 is an FPGA-based console that plays original Nintendo 64 cartridges and outputs at 4K over HDMI. Unlike software emulators, FPGA hardware replicates the original chip logic directly, delivering higher accuracy and lower latency — a critical distinction for retro gaming purists shopping for the best N64 console alternative in 2026. The M64 runs an AMD FPGA chip with a modified version of the open-source MiSTer N64 core, making it more open to third-party development than its main rival, the Analogue 3D.
ModRetro priced the M64 at $199 — matching the Nintendo 64’s original 1996 launch price and undercutting the Analogue 3D by $70 after Analogue raised its price to $270 citing tariffs. The console launches in three translucent colorways — Arctic White, Jungle Green, and Grape Purple — with a red variant added after community feedback. Mass production is underway with a spring 2026 launch window expected. A waitlist is open on ModRetro’s site. Whether a retro gaming company with one shipped product deserves a billion-dollar valuation is an open question — Blizzard’s bet on a new Diablo 2 expansion after 25 years suggests the retro market is real. With Luckey’s track record, investors appear willing to bet on nostalgia at scale.
