Palmer Luckey wants $1B to bring back 90s game consoles
What's the story
Palmer Luckey, billionaire founder of Anduril Industries and former Oculus creator, is pitching a $1 billion plan to revive 1990s gaming consoles, Financial Times reports. His new venture, ModRetro, aims to modernize classics like the Game Boy and Nintendo 64. Luckey envisions devices that blend nostalgia with updated technology, targeting both retro enthusiasts and a new generation of gamers hungry for tactile, handheld experiences.
Scenario
ModRetro's launch and vision
In 2024, ModRetro debuted its first device, the Chromatic, a Game Boy-inspired handheld preloaded with Tetris. Luckey calls it his "ultimate tribute" to the original Game Boy's form, tech, and cultural impact. His interest in reviving vintage consoles isn't new, he's been tinkering with the idea for 17 years, turning a personal hobby into a start-up pitched at a $1 billion valuation.
Journey
Luckey's entrepreneurial journey
Luckey co-founded Anduril in 2017 after selling Oculus to Facebook for $2bn in 2014. Known for Hawaiian shirts, flip-flops, and a mullet, he became a high-profile Silicon Valley figure. Anduril, backed by Peter Thiel, builds AI-powered drones and autonomous weapons for the Pentagon, competing with giants like Lockheed Martin and Raytheon. ModRetro represents his pivot from defense tech to nostalgic gaming hardware.
Goal
Expanding the retro ecosystem
ModRetro plans more than hardware, aiming to release remastered classics and original titles. The venture's name harks back to Luckey's teenage forum for hardware hackers blending vintage consoles with modern tech. While the company hasn't commented publicly, investor talks suggest confidence in retro gaming's market potential, positioning ModRetro as a fusion of tech innovation, gaming nostalgia, and a billion-dollar Silicon Valley gamble.