Epic Games: the last confirmed valuation is four years old, and the secondary is down 40 per cent

By Unicorn Private Research. Published and last updated 26 September 2026.

Key takeaways

The last company-confirmed valuation is about 32 billion dollars, set by a 2 billion dollar investment from Sony and KIRKBI in April 2022.
Disney's 1.5 billion dollar investment in February 2024 was made without a disclosed valuation.
Nasdaq Private Market showed a price of 271.97 dollars a share on 11 September 2026, down 40.26 per cent since September 2024.
In March 2026 Epic cut over 1,000 roles, about 20 per cent of its workforce, with the chief executive saying the company was spending significantly more than it was making.

Epic Games is the best available illustration of a problem this site returns to constantly: a private valuation that is not refreshed does not become more reliable with age, it becomes less. The 32 billion dollar figure still circulates. It was set in April 2022, before the decline in the business the company itself has since described.

The valuation record

Figure	What it is	Source and date
About 32 billion dollars	2 billion dollar investment from Sony and KIRKBI	TechCrunch, 11 April 2022
Not disclosed	Disney invests 1.5 billion dollars; no valuation published	February 2024
271.97 dollars a share	Secondary market price, down 40.26 per cent since September 2024	Nasdaq Private Market, 11 September 2026

Two secondary venues disagreed materially on price at the same date, which is itself a warning about how thin the market is. No reliable current company valuation exists.

What the business actually looks like

The court record from Epic v. Apple gave an unusually detailed view: Fortnite produced 5.48 billion dollars of revenue in 2018 and 3.71 billion in 2019, roughly 95 per cent of game revenue over the two years, while Unreal Engine produced 124 million and 97 million. The Epic Games Store lost 181 million dollars in 2019 with larger projected losses in 2020 and 2021.

The company's own 2025 review reported 1.16 billion dollars of player spending on the store, up 6 per cent, while store gameplay hours fell 14 per cent. In March 2026 Epic cut over 1,000 roles, about 20 per cent of a roughly 4,000-person workforce, identifying over 500 million dollars of savings. Tim Sweeney said the downturn in Fortnite engagement that started in 2025 means the company is spending significantly more than it makes and has to make major cuts to keep itself funded. Fortnite playtime was down 29 per cent year on year.

The litigation, which cuts both ways

The Google case ended in Epic's favour and settled in March 2026, with Play revenue share cut and the Epic Games Store approved globally. The Apple case continues: the Supreme Court granted certiorari on 30 June 2026 on two questions arising from the contempt finding against Apple. A buyer is therefore exposed to a live constitutional-adjacent appeal whose outcome affects the economics of the company's distribution.

What a buyer is taking on before a listing

A four-year-old reference price against a business the chief executive describes as loss-making at current engagement.
Revenue concentration in a single title whose playtime fell 29 per cent year on year.
Platform dependence and unresolved litigation at the Supreme Court.
A large strategic holder, Tencent, reported at about 28 per cent, alongside founder control reported above 40 per cent, which leaves minority holders without influence.
Strategic shareholders who hold for commercial rather than exit reasons, which reduces the pressure for any liquidity event.

Exposure before a listing

Transfers require company approval, which Nasdaq Private Market manages on the seller's behalf, and buyers must be accredited or institutional. Any structure that avoids that consent does not deliver the share. Unicorn Private buys where consent is given and the price reflects the current business rather than an old headline, and Epic is the case where those two tests pull hardest against the number most people still quote.

The short answer

Epic Games last confirmed a valuation of about 32 billion dollars in April 2022. Since then Fortnite engagement has fallen, the company has cut a fifth of its workforce, and the secondary price is down about 40 per cent in two years. Anyone offered Epic at the old number is being offered a price the company has not endorsed since 2022.

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About the publisher

This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.

Unicorn Private is the first firm in the pre-IPO secondary market to create an open and entirely free research centre in nine languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, free to read at no cost, with every figure carrying a date and a link to a public source.

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