Devolver Digital Moves to Go Private as Games Industry Financial Squeeze Hits

The games industry’s long-running financial squeeze is now pushing even smaller, creator-friendly publishers toward a more drastic corporate move: going private. Devolver Digital—known for publishing indie hits and owning a diverse roster that includes titles such as Enter the Gungeon, Reigns: The Witcher, Trek to Yomi, Weird West, and the Polish Shadow Warrior series—has asked shareholders to decide whether it should leave the stock exchange, a move driven by steep share-price declines and a claim that public-market pricing does not match the company’s real value.

Devolver Digital’s bid to leave the public markets

Devolver Digital entered public markets in 2021. Since then, its share price has reportedly fallen by about 96%. The article cites a valuation of roughly $950 million from under five years ago, contrasted with a current figure of $46.63 million. That collapse is central to the company’s rationale for seeking a return to private status.

Shareholders are set to vote on whether Devolver Digital should delist on September 8 of this year. The company argues that buying back shares from existing investors is favorable at the current price levels—an implicit acknowledgment that the market has already marked the company down heavily. If the move succeeds, Devolver Digital expects to save up to $1.6 million per year, according to the figures presented.

Crucially, the company says the stock exchange does not determine whether its games succeed. In its explanation, Devolver Digital’s representatives state that the current share prices “do not reflect the company’s actual market value.” A company spokesperson also framed the decision as being in the best interests of the business, its employees, its partners, and all shareholders, highlighting a desire to focus on long-term performance rather than meeting the expectations of public investors.

Why a delisting matters to players (even if games don’t ship “because of a stock chart”)

Devolver Digital’s leadership insists that exchange status has no bearing on game outcomes, but the financial reality behind a delisting can still affect players indirectly. When companies feel persistently undervalued—or pressured by public-market scrutiny—they often respond by changing how they manage risk, budgets, and timelines.

In this case, the numbers give context for why a private restructuring could be appealing: the reported 96% share-price decline since 2021 and the gap between a prior $950 million valuation and a current $46.63 million figure suggest the company believes it is operating under a market narrative that may not align with its strategic goals. If Devolver uses delisting savings (up to $1.6 million annually, as cited) to stabilize planning and long-term development, players could see fewer “panic” decisions tied to quarterly optics—though the article does not claim any direct gameplay or release schedule changes.

The wider pattern: other publishers facing similar public-market pressure

Devolver’s situation sits within a broader, industry-wide theme: multiple firms appear to be enduring long-term share-price declines, even when they are major players. The article frames this as a reluctance by large companies to openly admit that their market pricing may be disconnected from their perceived business value.

• Ubisoft reportedly conducted large-scale layoffs and has seen falling stock trends since 2022; in January of this year, the article says shares dropped by about 40%.
• Embracer Group is described as struggling as well, with the article stating that shares fell by roughly 70% since the start of 2025.
• CI Games (Poland) is cited as having declining performance in recent years, though the article notes its situation is not the worst of the group because its shares have been rising since the start of 2025.
• 11 bit studios is mentioned for a steep 50% stock drop during 2024, with the article stating the company has not yet recovered by the time of writing.

What to watch next: the shareholder vote and the “public vs. private” tradeoff

The immediate next step is a shareholder decision scheduled for September 8. If Devolver Digital is allowed to delist, the company’s stated intent is to prioritize long-term condition over the demands of the public market. The article also suggests that, at least from management’s perspective, the current share price makes buybacks particularly attractive—since repurchasing shares at a reduced valuation can reduce the cost of consolidating ownership.

For the wider industry, Devolver’s move is another signal that the financial stress affecting publishers is not limited to small or niche companies. Even well-known developers and major groups are described as facing persistent stock declines, layoffs, or both—factors that may increasingly push more firms to consider private restructuring as a survival strategy or planning reset.