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| ModRetro's M64 Translucent FPGA retro console pictured |
In a move that blurs the lines between defense contracting and pixel-perfect nostalgia, Palmer Luckey—the controversial founder of Oculus and current CEO of defense tech giant Anduril—is doubling down on his retro-gaming passion project. And if the latest funding talks are successful, his side hustle could soon be worth more than the valuation of some of the gaming industry’s most established players.
According to a report from the Financial Times, Luckey’s retro hardware company, ModRetro, is in the early stages of raising a staggering $1 billion in funding. This represents a monumental leap from the $19 million the company has secured since its founding in 2023. The news signals that what began as a nostalgic hobby for the billionaire inventor is quickly becoming a serious contender in the lucrative retro gaming market.
You can read the full exclusive report on the funding talks here: Financial Times - ModRetro in talks to raise $1bn.
From the Chromatic to the M64: A New Hardware Era
ModRetro first captured the hearts of purists with the release of the Chromatic, a Game Boy-inspired handheld that flew off shelves due to its robust, metallic build quality and unwavering commitment to hardware accuracy. Now, the company is setting its sights on the living room with a console that aims to dethrone the current king of high-fidelity retro gaming: Analogue.
The device generating all this buzz is the ModRetro M64, a modern reimagining of the iconic Nintendo 64. Scheduled for a Spring 2026 release, the M64 is already moving into high-volume production, with hands-on demo units reportedly appearing at select retailers like GameStop in New York.
Pixel-Perfect Performance at a Killer Price
The secret sauce inside the M64 is an AMD FPGA chip running a tweaked version of the open-source MiSTer N64 core. For the uninitiated, this means the console is hardware-accelerated to replicate the original N64’s architecture cycle-for-cycle. Unlike standard software emulation, which can introduce lag and graphical glitches, the M64 allows gamers to plug their original N64 cartridges directly into the console and play them with flawless accuracy.
While the final verdict on "cycle-accuracy" won't be confirmed until the Spring 2026 launch, ModRetro is making bold promises. The M64 boasts pixel-perfect precision, minimal input lag, and the ability to upscale classic games to crisp 4K resolution via HDMI.
Perhaps the most compelling aspect of the M64 is its pricing strategy. ModRetro has locked in early-bird pricing at just $199. This deal, initially available only via the waitlist, has now been extended to all initial orders. This price point is dripping with irony, as it matches the exact launch price of the original Nintendo 64 in 1996.
Giving Analogue a Run for Its Money
The retro community is already drawing direct comparisons between the M64 and Analogue’s long-awaited Analogue 3D. While both consoles aim to deliver FPGA-powered N64 experiences, the numbers tell a stark story.
Analogue’s 3D console launched with a base model priced at $249.99, but after tariffs and delays, the standard MSRP has crept up to $269.99. The translucent Limited Edition models are even pricier, currently sitting at $300—and are perpetually out of stock.
ModRetro is seizing this opportunity. At $199, the M64 undercuts the Analogue 3D base model by $70 and offers a significant $100 saving over Analogue’s limited translucent variants.
To sweeten the deal, the M64 will be available in four translucent colorways that pay homage to the N64 era:
- Arctic White
- Jungle Green
- Grape Purple
- Atomic Red (a community-requested fan favorite)
The console ships with a matching translucent recreation of the iconic three-pronged N64 controller, ensuring the aesthetic nostalgia is fully intact.
An Open Future for Retro Gaming
Unlike some competitors who maintain a "walled garden" approach, ModRetro is positioning the M64 as an open platform. The company has confirmed that the console will remain accessible for third-party core developers down the line. This means that beyond the native N64 cartridge slot, the community will eventually be able to develop cores for a vast library of arcade classics, shoot-em-ups (shmups), and other retro systems.
The Bottom Line
With $1 billion in potential funding on the horizon and a product that directly challenges Analogue’s dominance on both price and performance, Palmer Luckey is proving that his ventures outside of defense technology are far more than vanity projects. The ModRetro M64 is shaping up to be the retro console to beat in 2026.
For those looking to secure the $199 early-bird pricing, you can check availability and the official specs on the ModRetro website here: ModRetro M64 Official Page.
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| A picture of ModRetro's white M64 controller |