FPGA-Based N64 Clone Aims for $1B Valuation
ModRetro is launching an FPGA-based N64 clone that supports original game cartridges and outputs in 4K. The project, backed by Palmer Luckey, is reportedly seeking a $1 billion valuation, serving as a high-profile case study for using FPGAs to create consumer hardware products.
The $1 billion valuation sought by ModRetro follows a previous funding round of approximately $19 million. This significant jump in valuation is being tested as the company prepares for the spring 2026 launch of its second product, the M64. The venture is a side project for founder Palmer Luckey, who previously sold Oculus to Facebook for $2 billion and now runs defense technology firm Anduril Industries. ModRetro's first device was the Chromatic, an FPGA-based Game Boy-compatible handheld that launched in 2024 and was sold through retailers like GameStop. The upcoming M64 utilizes an AMD FPGA chip and a modified version of the open-source MiSTer N64 core. This open approach is a key differentiator from its primary competitor, the Analogue 3D, which uses a proprietary, closed-software implementation. Priced at $199 for early birds, the M64 matches the Nintendo 64's original US launch price from 1996. This positions it competitively against the Analogue 3D, which recently saw a price increase from $250 to $270 and is currently sold out. The M64 will initially ship in three translucent colors: Arctic White, Jungle Green, and Grape Purple. A major design choice setting the M64 apart is its controller. While Analogue partnered with 8BitDo for a modernized gamepad, ModRetro is producing a faithful recreation of the original N64's controversial three-pronged controller. This decision signals a focus on delivering a more authentic, purist hardware experience.
