Palmer Luckey’s retro gaming venture seeks $1 billion valuation as FPGA-based Nintendo 64 clone launch nears — ModRetro's M64 console plays original N64 cartridges, supports 4K resolution

Palmer Luckey is said to be in talks with investors to raise funds for ModRetro at a $1 billion valuation, according to the Financial Times. The news comes as the retro gaming company prepares to ship its second product, an FPGA-based Nintendo 64 clone called the M64.

Luckey, who co-founded defense contractor Anduril Industries and previously sold virtual reality headset company Oculus to Facebook for $2 billion in 2014, has been building ModRetro since 2023 as a side venture. The company launched its first device, the Chromatic, in 2024, which is a Game Boy-compatible handheld that drew strong reviews and sold through GameStop. The M64 is a considerably larger project, both in product scope and financial ambition, however.

According to the FT, which cited people familiar with the matter, ModRetro is in early discussions about backing the business ahead of devices including the M64. The company has previously raised around $19 million, per PitchBook data, making a $1 billion ask a significant step up in scale.

The M64 is an Open FPGA-based console designed to play original N64 cartridges, outputting at 4K over HDMI. Unlike traditional software emulators, FPGA implementations replicate the original hardware's chip logic directly, which generally results in higher accuracy and lower latency.

ModRetro has confirmed the M64 uses an AMD FPGA chip running a modified version of the open-source MiSTer N64 core, well and truly setting it apart from the Analogue 3D, its primary competitor, which uses a proprietary closed-software implementation. Luckey has also said the M64 will be more open to third-party cores than Analogue's platform.

The M64’s “early bird pricing” is $199, matching the Nintendo 64's original U.S. launch price from 1996, and a waitlist is open at modretro.com. No firm release date has been set, though it’s understood that mass production is underway with a spring 2026 launch window expected. The console will initially come in three translucent colors — Arctic White, Jungle Green, and Grape Purple — with a fourth red variant added based on community feedback. Each comes with a recreation of the N64's distinctive three-pronged controller, a contrast to the Analogue 3D's controversial partnership with 8BitDo, which produced a more modern gamepad design.

The Analogue 3D, which began shipping in late 2025, recently raised its price from $250 to $270, citing tariffs, giving ModRetro a $70 price advantage going into its launch window. Analogue's console is currently sold out. ModRetro did not respond to requests for comment, the FT reported.

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