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
Source: Tom’s Hardware
Image credit: ModRetro
Funding Round
Palmer Luckey is reportedly in talks with investors to raise funds for ModRetro at a $1 billion valuation, according to the Financial Times. The company has previously raised around $19 million (PitchBook data), making the new ask a significant step up in scale.
M64 Specifications
The M64 is an open FPGA‑based console designed to play original Nintendo 64 cartridges and output at 4K over HDMI. Unlike traditional software emulators, the FPGA implementation replicates the original hardware’s chip logic directly, resulting in higher accuracy and lower latency.
- FPGA chip: Uses an AMD FPGA chip running a modified version of the open‑source MiSTer N64 core.
- Open architecture: More open to third‑party cores than Analogue’s platform, which relies on a proprietary closed‑software implementation.
- Controller: Comes with a recreation of the N64’s distinctive three‑pronged controller.
Pricing and Availability
- Early‑bird price: $199, matching the Nintendo 64’s original U.S. launch price in 1996.
- Waitlist: Open at modretro.com.
- Launch window: Mass production is underway with a spring 2026 target.
- Colors: Initially offered in Arctic White, Jungle Green, and Grape Purple, with a fourth red variant added based on community feedback.
Competition with Analogue 3D
Analogue’s 3D console, which began shipping in late 2025, recently raised its price from $250 to $270, citing tariffs (source). This gives ModRetro a $70 price advantage heading into its launch window. Analogue’s console is currently sold out.