Report: Palmer Luckey Values Retro Consoles at Billions

Following his departure from Oculus, which he sold to Facebook – now Meta – Palmer Luckey appears to be planning his next major venture. According to a new report, he is seeking investors for his existing company, ModRetro. This represents a shift in direction, as Luckey had previously described the development of new consoles for older games as a “hobby.”

Now, according to a report from the Financial Times, he is holding discussions with several investors to scale up operations at ModRetro. The newspaper reports that these discussions involve a “valuation of $1 billion.” It’s likely this figure doesn’t represent the full amount of funding being sought, but rather Luckey’s assessment of the company’s intellectual property and market potential.

ModRetro already has a product on the market, the Gameboy-clone “Chromatic.” Like similar products, such as those from Analogue, it replicates the original hardware using an FPGA. The Chromatic is compatible with game modules from the original Gameboy and Gameboy Color, but not the Gameboy Advance. ModRetro also releases new games on cartridge, often updated versions of classic titles. Unlike the Analogue Pocket, which also uses the Gameboy form factor, there isn’t a similarly active community developing “cores” for the FPGA to enable compatibility with other consoles and the execution of game ROMs.

M64 is ready, but not yet shipped

Next, ModRetro plans to launch the “M64”: a Nintendo 64 clone that will operate in a similar fashion to the Chromatic, using FPGA technology and cartridges. The company is currently accepting pre-orders for $199, which is cheaper than the already available and tested Analogue 3D for N64 cartridges. ModRetro has not yet announced a release date for the M64. They appear to have learned from Analogue, as that company was unable to meet its promised delivery date.

It seems Luckey is looking to invest more than just his own capital into ModRetro. As recently as July 2025, he said in a video on the company’s website that he didn’t intend to “make money” with this venture. According to other blog posts and photos from ModRetro, the M64, along with its new controller featuring the iconic N64 trident design, appears to be fully developed. The devices are slated to launch in multiple colors and the circuit boards shown look production-ready. In January 2026, the company reported it was already beginning “early production,” with mass production expected to initiate shortly thereafter.

Over the past two weeks, several previews have also appeared on Retro-focused YouTube channels. For example, Retro Dodo showcases the menus and gameplay of the early M64. As is typical with FPGA-based consoles, features may change with new software versions. Based on the devices some YouTubers are calling “prototypes,” a potential advantage of the M64 is that N64 games could load faster than on the Analogue 3D.

First M64, then Bluetooth controller

Following the launch of the ModRetro, a Bluetooth controller with promised low latency is also planned. No further details are currently available. Classic N64 controllers are compatible with the FPGA consoles, but the analog stick in particular is often worn out. However, the retro scene also offers rebuild kits to revive the old controllers.

Newly built retro consoles offer modern interfaces such as HDMI and are based on new hardware, unlike original hardware. The classics often show weaknesses due to age, such as with capacitors and power supplies. Restorations can be expensive, and good image quality on HD TVs usually requires additional devices such as HDMI upscalers, which are designed for the often poor image signals of the consoles. These devices can also replicate the familiar looks of CRT televisions, such as scanlines.

(nie)