Veteran developers from PlayStation and Call of Duty just secured $100 million for their first game. That's No Moon Entertainment closed a massive deal with investor Smilegate this week. The funding signals a major shift for new studios in a market dominated by giants. They founded the company in 2021 but kept their work hidden until now. For four years, this group worked in silence while the industry changed around them.
They did not reveal their debut game until Summer Game Fest 2026 during the recent festival. That long wait marks a shift in how these creators operate. The money changes what these developers can actually do. It allows them to build a triple-A game without a publisher telling them what to make. This freedom is rare in a market where big studios often lose control of their projects.
While Sony bought Bungie for $3.6 billion in a massive consolidation move, this independent group chose a different path. They are not being absorbed; they are being empowered.
Veteran team secures $100m for first title
That's No Moon Entertainment closed its first major deal this week. The new studio secured more than $100 million in funding from investor Smilegate[1]. This capital arrives from a group of developers who once built hits for Sony and Activision. They left those stable jobs to build something of their own in Los Angeles.
The team includes veterans from Naughty Dog and the original Call of Duty studios. They did not reveal their debut game until Summer Game Fest 2026 during the recent festival[1]. That long wait marks a shift in how these creators operate.
The money changes what these developers can actually do. It allows them to build a triple-A game without a publisher telling them what to make. This freedom is rare in a market where big studios often lose control of their projects. While Sony bought Bungie for $3.6 billion in a massive consolidation move for a rival studio[2], this independent group chose a different path. They are not being absorbed; they are being empowered.
The immediate result is a shift from secrecy to active hiring. The studio is now looking for new staff to join the prototype build. This move signals that the team is ready to stop planning and start shipping. You, the player, might see a new genre-defining title from this team in the next few years. The landscape is changing because talent can now bypass the old gatekeepers.
But the silence was not empty time. It was a deliberate choice to build a foundation before the noise started. The founders knew that rushing a reveal often kills a game before it launches. They waited until the product was ready to stand on its own. Now that the funding is in place, the clock starts ticking on the release. The specific title remains unknown, but the work has already begun.
Why $100m changes the rules for new studios
Smilegate, the South Korean studio behind CrossFire, provided the capital. They chose a team of veterans over a faceless conglomerate. This deal signals a shift in how games get made. The money does not just pay for servers or marketing. It buys time and creative control, two things publishers rarely offer. In an industry where giants like Sony are buying up rivals, this independent path feels radical. The investors bet on people, not just a brand name.
The funding breaks down into two clear buckets. Most of the cash covers salaries for a large team over several years. The rest goes directly into production costs and prototyping. This split ensures the developers do not have to rush a game to meet a quarterly report. They can build what they want, not what a spreadsheet demands. It is a luxury few new studios can afford in the current climate. The money acts as a shield against the usual corporate pressure to cut corners.
Consider the choice a senior engineer made to join the project. They left a stable, high-paying job at a major publisher in Seattle. The security of that role was gone. In its place, they took a risk on a startup in Los Angeles. The decision was not about the paycheck. It was about the chance to finish a project without interference. Many veterans feel trapped by the slow, committee-driven process at big firms. This move offered a way out. They wanted to make a game that mattered, not just a product that shipped.
The team spent four years in silence before this reveal. They were not idle during that time. They built a working prototype and refined their core mechanics. They waited because they needed to prove the concept worked before asking for money. Releasing a game early often leads to a scramble for funds mid-production. By waiting, they entered the room with a finished demo. This patience gave them leverage. Investors saw a working product, not just a pitch deck. The silence was a strategy, not a delay.
Securing this level of funding is incredibly difficult right now. The gaming market has seen a wave of layoffs and cancelled projects. Investors are cautious and often prefer safe bets. They usually back established studios with a history of hits. A new studio asking for $100 million is a hard sell. The current economic climate makes risk a dirty word. Yet Smilegate looked past the trends. They saw a group of developers who had already proven they could deliver. The market says no to new ventures, but this deal says yes.
This model differs sharply from the traditional publisher deal. A standard contract often strips the creator of final say. The publisher controls the budget, the schedule, and the final cut. Here, the studio keeps the rights to their work. They decide when the game is ready. They decide what the game is. This creative freedom is the real value of the investment. It changes the power dynamic between the maker and the money. The developers are no longer just employees. They are partners with a voice in the process.
The industry is watching this experiment closely. If it succeeds, other veterans will follow. They will see that they do not need a giant publisher to survive. They can raise their own capital and keep their vision intact. This could break the hold of the major gatekeepers. The next wave of hits might come from small, independent teams. The path is open for those willing to take the risk. The rules are changing, and the old playbook is losing its value.
The studio has already posted its first job opening for a senior level designer. This small step marks the move from planning to building. The prototype is no longer a secret. It is a living thing that grows every day. The team is ready to work. The money is in the bank. The game will take shape in Los Angeles, far from the boardrooms of the past. The silence is over. The work has begun.
What this launch means for the next big game
The prototype is already running on a screen in Los Angeles. That's No Moon Entertainment is no longer just a plan on paper. The team that spent four years in silence is now building the game itself. This shift from secrecy to active development marks a real change for the industry. Gamers could see a new, genre-defining title from this group within two to three years. That timeline suggests a major shift in how big games reach the market.
The lead developers are back at work, not just in meetings. They are coding, testing, and refining the core mechanics of their debut title. This is the moment where the abstract idea of a "new studio" becomes a playable experience. The capital from Smilegate, which totalled more than $100 million, is fueling this rapid move from concept to code. It allows the team to hire talent and build the necessary infrastructure without waiting for publisher approval on every step. This independence is rare in a market where consolidation often slows down innovation.
The signal to other veterans
This deal proves that proven talent can still secure massive backing. Independent studios are not shut out if they have a track record. The investment signals a shift in how games are made and funded. Investors are looking at the people, not just the brand name of a giant publisher. This encourages other veterans to strike out on their own rather than waiting for a buyout. The success of That's No Moon Entertainment shows that the gatekeepers are not the only path to a AAA launch.
The specific game title and release date remain unrevealed to the public. The studio has not announced when the game will be ready for players. However, the development timeline is set and the work is moving forward. The team revealed their debut game at Summer Game Fest 2026, but the full product is still in progress. This uncertainty is normal for a project in early development, but the momentum is clear. The silence of the past four years is broken by the sound of keyboards and the hum of servers in their Los Angeles office.
The first public action from the studio was a job posting this week. They are actively hiring for roles that support the prototype's growth. This hiring spree confirms that the studio is scaling up for the long haul. It is a concrete sign that the $100 million investment is being deployed immediately. The industry watches to see if this model can be replicated by other groups. If it can, the landscape of game development could change faster than anyone predicted. The next big game might not come from a giant corporation, but from a team that decided to build it themselves.
The studio has already posted its first job opening for a senior level designer. This small step marks the move from planning to building. The prototype is no longer a secret. It is a living thing that grows every day.
