Palmer Lucky raises $1 billion for a retro game and console restoration project

Short news

When Palmer Lucky (founder of Oculus VR) pivoted to the defense industry after selling the company to Facebook, Pentagon, Anduril Industries plans to raise $1 billion for startup ModRetro, which revives classic gaming consoles and apps in 2024 United States

Who is Palmer Lucky?
* Former head of Oculus VR – after selling the business to Facebook, the company began servicing Pentagon defense orders through Anduril Industries.
* Despite the new profile, he has not forgotten his youthful passion for games.

ModRetro – from forum to business idea
Stage | Description
2009 | Lucky founded startup ModRetro. The name came from a specialized forum he started in school years and moderated. The forum focused on modifying 90s gaming consoles to add modern features.
2024 | The startup released its first mobile gaming device Chromatic.

What’s happening now
* According to *Financial Times*, Palmer Lucky is negotiating with investors to raise up to $1 billion for ModRetro.
* The goal is to develop new devices and adapt retro games to them.
* In 2025, Lucky admitted that he has long dreamed of creating a portable device in the spirit of Game Boy as a tribute to the legendary console.
* Besides porting old games, ModRetro plans to support modern titles as far as the hardware platform allows.

Conclusion
Palmer Lucky combines defense work with his “retro-gaming” passion. He intends to invest significant capital in ModRetro to bring classic gaming consoles back to life and make them accessible to new generations of players.