Palmer Luckey’s retro gaming venture seeks $1bn 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 and Valuation

Palmer Luckey is reportedly in talks with investors to raise capital 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 funding request a significant increase.

M64 Console Overview

The M64 is an open FPGA‑based Nintendo 64 clone designed to play original N64 cartridges and output video at 4K resolution over HDMI.

Key technical details:

• Uses an AMD FPGA chip running a modified version of the open‑source MiSTer N64 core (Tom’s Hardware source).
• Provides higher accuracy and lower latency than traditional software emulators because the FPGA replicates the original hardware’s chip logic.
• Positioned as more open to third‑party cores compared with the Analogue 3D’s proprietary implementation.

Pricing and Availability

• Early‑bird price: $199, matching the original 1996 U.S. launch price of the Nintendo 64.
• Waitlist: Open at modretro.com.
• Launch window: Mass production is underway with a spring 2026 target.
• Color options: Arctic White, Jungle Green, Grape Purple, with a community‑driven fourth red variant.
• Controller: Includes a recreation of the N64’s iconic three‑pronged controller, contrasting with Analogue 3D’s partnership with 8BitDo for a modern gamepad design.

Competition with Analogue 3D

• Analogue 3D, which began shipping in late 2025, raised its price from $250 to $270 (citing tariffs) – giving ModRetro a $70 price advantage (Tom’s Hardware article).
• Analogue 3D is currently sold out, positioning the M64 as a potentially more accessible alternative.