CD PROJEKT RED

What CD PROJEKT RED does

CD PROJEKT RED is a Polish independent video game development studio, founded in 1994 and headquartered in Warsaw, with additional development studios in Kraków, Wrocław, Vancouver (Burnaby), and Boston. The company specializes in story-driven, open-world role-playing games across three intellectual properties: The Witcher (with The Witcher 3 having sold 65M+ copies since 2015 and earned 250+ Game of the Year awards), the Cyberpunk franchise (Cyberpunk 2077 sold 35M+ copies following a post-launch turnaround), and the in-development Project Hadar. The studio employs over 933 developers and is publicly traded on the Warsaw Stock Exchange under the ticker CDR.

The studio is transitioning from its proprietary REDengine (used for The Witcher 3 and Cyberpunk 2077) to a customized Unreal Engine 5 for all future titles, a move explicitly intended to shorten development cycles to support a planned six-year, three-Witcher-game cadence and parallel production of Cyberpunk 2 (Project Orion), The Witcher 1 Remake, Project Sirius (a free-to-play Witcher spin-off), and Project Hadar (a third new IP). Technology partnerships are central to its current roadmap: co-development with Nvidia on RTX Mega Geometry path tracing for The Witcher 4, integrations with Samsung (HDR10+ GAMING) and Apple (Mac sessions at GDC 2026), and co-development with Fool's Theory (a ~190-person Polish studio founded by former CDPR developers) on Witcher 3: Songs of the Past and The Witcher 1 Remake.

CDPR's commercial model is anchored in premium AAA one-time-purchase sales (~$59.99 base, $20-$30 for major expansions) supplemented by licensing/merchandise (VITURE XR glasses, Corsair peripherals, Cyberpunk TCG via Kickstarter at $26.95M raised, Falcon's Beyond themed entertainment, Zero Latency VR experiences across 150+ venues, vinyl/apparel via gear.cdprojektred.com) and platform fees from digital storefronts including Steam, PlayStation, Xbox, Nintendo Switch 2, and Game Pass/PS Plus inclusions. In December 2025, the company divested its GOG.com distribution platform to co-founder Michał Kiciński for $25.2M as part of a strategic narrowing back toward first-party development. The company reported PLN 191M in Q1 2026 net sales (up 6% YoY) at a 56% net profit margin with a PLN 1.4B cash position, and is led by Co-CEO Michał Nowakowski.

Name

CD PROJEKT RED

Legal name

CD PROJEKT RED

Website

https://en.cdprojektred.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

CD PROJEKT RED is a Polish independent AAA video game developer (publicly traded on the Warsaw Stock Exchange, ticker CDR) building story-driven open-world RPGs across The Witcher and Cyberpunk franchises, with 933+ developers across five studios in Poland, Canada, and the United States.

Ownership category

akta.pro rank

Product category

Video Game Development

NAICS

Doll, Toy, and Game Manufacturing (339930), Hobby, Toy, and Game Retailers (45912)

SIC

Retail-Computer & Computer Software Stores (5734), Retail-Hobby, Toy & Game Shops (5945)

akta.pro primary industry

AAA & Premium Game Studios (PC/Console) (MPAFAAAA)

akta.pro secondary industries

Full-Service Game Publishers (1st/2nd/3rd-Party Publishing) (MPAFABAA), Publisher-Owned Direct-to-Consumer Stores (MPAFACAK)

Keywords

• Video game development
• Story-driven RPGs
• AAA open world games
• Game expansions DLC
• Video game publishing

Headquarters

HQ city

Warsaw

HQ country

Poland

HQ region

Europe

Offices5 records

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Premium Game Sales: CDPR's primary revenue stream is full-price sales of AAA video games and expansion packs/DLC. Cyberpunk 2077 and its Phantom Liberty expansion accounted for 72.4% of Q3 2025 revenue. Cyberpunk 2077 has sold 35M+ copies as of Q3 2025, recovering faster than The Witcher 3. The Witcher 3 has sold 65M+ copies since 2015.
2. Expansion/DLC Sales: Major story expansions for flagship titles, such as the Witcher 3: Blood and Wine ($20) and Cyberpunk 2077: Phantom Liberty. The Witcher 3: Songs of the Past expansion is planned for 2027, estimated at $30 price point. DLC sales historically constitute 13% of PC gaming revenue industry-wide.
3. Licensing and IP Partnerships: CDPR licenses its IP (Cyberpunk, Witcher) to third parties for physical merchandise, accessories, themed experiences, and media adaptations. Examples include VITURE XR glasses, the Cyberpunk Trading Card Game (Kickstarter), Falcons Beyond themed experiences, Zero Latency VR experiences, and a Cyberpunk board game.
4. Physical Merchandise and Collectibles: Direct sales of branded merchandise including vinyl soundtracks (Cyberpunk 2077: Ronin at ~$53), apparel, and limited-edition collectibles through CDPR's own storefront (gear.cdprojektred.com). Corsair also produces Witcher-themed gaming peripherals.
5. Platform Sales and Game Pass: Revenue from sales through platforms including Steam, GOG (sold to co-founder Dec 2025), console digital stores, and inclusion in subscription services such as PS Plus, which boosted Cyberpunk 2077 sales in 2025.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels8 records

Core offering

CD PROJEKT RED develops and publishes premium story-driven role-playing video games built around deep narrative, branching player choices, and large-scale open worlds. Its flagship franchises are The Witcher (with The Witcher 3: Wild Hunt having sold 65M+ copies) and Cyberpunk 2077 (35M+ copies sold), and the studio also licenses its IP for tabletop games, VR experiences, concerts, and branded merchandise.

Product overview

CD PROJEKT RED is an independent Polish video game developer with studios in Warsaw, Kraków, Wrocław, Vancouver, and Boston. The company develops story-driven RPGs across three main intellectual properties: The Witcher (including The Witcher 3, upcoming Witcher 4, Witcher 1 Remake, Project Sirius multiplayer spin-off, and Songs of the Past expansion), Cyberpunk (Cyberpunk 2077, upcoming Cyberpunk 2/Project Orion, Phantom Liberty expansion, Cyberpunk Trading Card Game, and VR experience), and the newly established Project Hadar. The portfolio spans core AAA titles, story expansions, a mobile game (Reigns: The Witcher), merchandise events (The Witcher in Concert), and licensed products including a trading card game and VR experience. The company transitioned from its proprietary REDengine to Unreal Engine 5 for future development.

Differentiator

Problem solved

Functional benefit

Brands

• Project Sirius: A free-to-play co-op action-RPG set in The Witcher universe, set in year 1230 with Geralt as a young Witcher.
• Project Hadar
• Cyberpunk Trading Card Game

Products and services

• The Witcher 3: Wild Hunt Award-winning open-world action RPG starring Geralt of Rivia, set in a dark fantasy universe with branching narrative, monster hunting, and hundreds of hours of gameplay. Sold 65M+ copies since 2015 and is the 8th best-selling video game of all time.
• Cyberpunk 2077 Open-world first-person RPG set in Night City, featuring Keanu Reeves as Johnny Silverhand. Has sold over 35 million copies across PC, PlayStation, Xbox, and Nintendo Switch 2.
• Phantom Liberty Story expansion for Cyberpunk 2077 featuring new missions, a new area (Dogtown), a lifepath system overhaul, and Idris Elba as Solomon Reed. Final major expansion for Cyberpunk 2077.
• The Witcher 4 Upcoming mainline entry in The Witcher series and first game of a planned new trilogy, with Ciri as the protagonist. Built on Unreal Engine 5 with Nvidia RTX Mega Geometry integration for path-traced open worlds.
• Cyberpunk 2 (Project Orion) Sequel to Cyberpunk 2077, currently in pre-production at CDPR's North American studios. Expected release no earlier than 2030.
• Project Sirius Free-to-play co-op action-RPG set in The Witcher universe in year 1230, with a young Geralt as an NPC and players creating custom characters drawing from different Witcher schools.
• Project Hadar Third intellectual property in development at CD PROJEKT RED, positioned as an open-world, emotionally driven game experience distinct from the Witcher and Cyberpunk franchises.
• The Witcher 3: Wild Hunt - Songs of the Past New story expansion for The Witcher 3: Wild Hunt co-developed with Fool's Theory, featuring Geralt of Rivia as protagonist and serving as a narrative bridge to The Witcher 4. Estimated ~$30 price point.
• The Witcher 1 Remake Modern remake of the original 2007 The Witcher game, being developed in partnership with Fool's Theory using Unreal Engine 5.
• Cyberpunk Trading Card Game Official physical trading card game based on the Cyberpunk 2077 and Edgerunners universes, co-developed with WeirdCo and funded via Kickstarter. Uses a unique Gig system with dice replicating Cyberpunk 2077 gameplay.
• Cyberpunk 2077 VR Experience Location-based immersive VR experience based on the Cyberpunk 2077 universe, developed in partnership with Zero Latency VR using wireless free-roam technology at 150+ venues worldwide.
• The Witcher in Concert Live orchestral concert series performing music from The Witcher 3: Wild Hunt, touring globally with a return to Europe in Fall 2026 and expansion into Asia.
• Reigns: The Witcher Premium dark fantasy mobile game with card-based decision mechanics, licensed by CD PROJEKT RED and developed by Devolver Digital and Nerial for broader mobile audiences.

Quantifiable outcome

• The Witcher 3: Wild Hunt has sold 65M+ copies since 2015, ranking as the 8th best-selling video game of all time, with consistent sales of 5M+ annually since 2019
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered minor, core and flagship.

• ScopelyminorChannel Partner/ Reseller/ Distributor · 4 June 2026Scopely may be developing an unannounced multiplayer Witcher game following CDPR's strategic partnership announcement in their FY 2024 earnings report. Multiple Witcher projects are in development including The Witcher 4, The Witcher Remake, Project Sirius, and Project Hadar, with Scopely potentially handling one multiplayer title.
• Fool's TheorycoreStrategic or Co-development Partner · 27 May 2026Fool's Theory, a Polish studio founded by former CDPR developers, is co-developing the Witcher 3: Songs of the Past expansion (2027) alongside CDPR. Approximately 190 developers from Fool's Theory work alongside CDPR's creative oversight. Fool's Theory is also developing The Witcher 1 Remake. The partnership represents a deep co-development relationship leveraging former CDPR institutional knowledge.
• Zero Latency VRcoreStrategic or Co-development Partner · 30 March 2026Zero Latency VR partnered with CDPR to develop an immersive, location-based VR experience based on the Cyberpunk 2077 universe. The experience utilizes Zero Latency's warehouse-scale, wireless free-roam technology and will be available at 150+ venues across 30 countries worldwide, allowing players to physically explore Night City together in a shared social environment.
• WeirdCo GamesflagshipStrategic or Co-development Partner · 17 March 2026WeirdCo Games, a Seattle-based tabletop studio, partnered with CDPR to develop the official Cyberpunk Trading Card Game. The game features characters from Cyberpunk 2077 and Cyberpunk: Edgerunners, uses a unique Gig system with dice replicating Cyberpunk 2077 gameplay, and was funded via Kickstarter raising $26.95M — the most funded TCG in Kickstarter history. Set 1 is 'Welcome to Night City' and Set 2 introduces Edgerunners characters.
• NvidiaflagshipTechnology or Integration · 11 March 2026Nvidia is collaborating with CDPR to integrate RTX Mega Geometry foliage technology into The Witcher 4, enabling fully path-traced dense forest environments for the first time. The Witcher 4 demo ran at ~80 FPS on RTX 5090 at 4K and ~58 FPS on RTX 4070. Nvidia also demonstrated this technology at GDC 2026 and announced DLSS 4.5 support. The Witcher 4 is among 20 new path-traced games announced at GDC 2026.
• Devolver Digital / NerialminorOEM/ Whitelabel/ Licensing Partner · 27 February 2026Reigns: The Witcher is a premium dark fantasy mobile game developed by Devolver Digital, Nerial, and CD Projekt Red. This partnership licenses CDPR's Witcher IP to mobile game developers for a different genre application (card-based strategy) targeting a broader mobile gaming audience.
• VITUREminorOEM/ Whitelabel/ Licensing Partner · 10 December 2025VITURE partnered with CDPR to release the first-ever official limited-edition Cyberpunk 2077 XR glasses, limited to 10,000 serialized units priced at $549. The collaboration features Night City-themed design with SONY MicroOLED panels, 120Hz refresh rate, and compatibility with Steam Deck, ASUS ROG Ally, and Nintendo Switch 2. This marks CDPR's first partnership with an XR brand.
• Falcon's BeyondcoreStrategic or Co-development Partner · 3 November 2025Falcon's Beyond was appointed CDPR's global partner for immersive entertainment concepts based on Cyberpunk 2077. Falcon's Beyond is developing themed experience concepts and exploring locations for the first Cyberpunk 2077 immersive experience, leveraging expertise in storytelling and attractions. This extends the Cyberpunk IP into location-based entertainment.
• Epic GamesflagshipTechnology or Integration · 5 June 2025Epic Games showcased a Witcher 4 tech demo with CDPR at Epic's State of Unreal event. CDPR is transitioning to Unreal Engine 5 for all future game development. Epic also reported $722M paid to third-party creators and $2.1B paid to Epic Game Store partners, positioning UE5 as the engine powering CDPR's next-generation titles.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• BioWare: Developer of Mass Effect and Dragon Age. Comparable as a long-running story-driven Western RPG developer with a similar premium-narrative identity and franchise-led release cadence.
• Larian Studios: Developer of Baldur's Gate 3, the most direct recent competitor to CDPR in narrative-driven Western RPGs. Comparable premium single-player RPG positioning, PC-led audience, and award-driven reputation.
• FromSoftware: Developer of Elden Ring, Dark Souls, and Armored Core. Comparable as a critically acclaimed AAA studio whose action-RPGs define the upper tier of premium single-player and co-op experiences.
• Bethesda Game Studios: Developer of The Elder Scrolls and Fallout open-world RPGs and parent ZeniMax subsidiary. Closely comparable as a Western AAA open-world RPG studio whose releases anchor the same player demographic as The Witcher and Cyberpunk.
• Obsidian Entertainment: Developer of The Outer Worlds, Pentiment, and Avowed. Comparable as a narrative-focused RPG developer competing for the same premium single-player RPG audience.
• Naughty Dog: Developer of The Last of Us and Uncharted. Comparable as a Sony-aligned AAA studio specializing in cinematic, story-driven single-player experiences with similar scale and critical profile.

Regional players

• 11 bit studios: Polish game developer behind Frostpunk and This War of Mine. Comparable as a Warsaw-listed Polish game studio — a useful regional valuation and capital-markets benchmark for CD PROJEKT RED, though operating in strategy rather than RPGs.

Broad incumbents

• Ubisoft: Publisher of Assassin's Creed, Far Cry, and The Division. Comparable as a large AAA publisher/developer of open-world narrative franchises competing for the same premium gamer wallet share.
• Rockstar Games: Developer of Grand Theft Auto and Red Dead Redemption. Comparable as a narrative-heavy AAA open-world studio with similarly long dev cycles, large workforces, and tentpole release economics — and a direct competitor to Witcher 4 (GTA VI).
• Square Enix: Publisher of Final Fantasy, Kingdom Hearts, and Dragon Quest. Comparable as a global RPG-led publisher with similar premium franchise economics and long dev cycles.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• TikToktiktok.com/@cdprojektred
• LinkedInlinkedin.com/company/cd-projekt-red

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CD PROJEKT RED