11 bit studios in 2026: after Frostpunk 2 and The Alters - the Warsaw-based mWIG40 studio enters the monetisation phase of two hits

11 bit studios in 2026: two AAA launches in 18 months - Frostpunk 2 and The Alters now monetising in parallel

Warsaw-based 11 bit studios enters 2026 with two fresh AAA-tier launches under its in-house publishing label: Frostpunk 2 (released 20 September 2024), the sequel to the studio's flagship franchise, and The Alters (released summer 2025), an original science-fiction game about resource management built around a single astronaut split into many copies of himself. It is the first year in the studio's history when two own-label launches monetise in parallel - Frostpunk 2 has entered the DLC and seasonal-discount phase, while The Alters launches at the full premium price.

Frostpunk 2 sold over one million copies in its first two weeks after launch (per the studio's official October 2024 announcement) - for a Polish company in the mWIG40 mid-cap index, a single launch on a scale comparable with the best episodes of CD Projekt's Witcher franchise during that brand's first decade.

11 BIT Studios

WARSZAWA · KRS 0000350888 · SPÓŁKA AKCYJNA

Revenue

19.2 M PLN

Praga-Północ, ul. Brzeska 2: a Warsaw studio with 16 years on the public market

11 bit studios S.A. is headquartered in Warsaw at ul. Brzeska 2 (postcode 03-737, Praga-Północ district) - the official KRS address since 2014, when the studio relocated from a smaller office in Mokotów. The company has operated in its current legal form since 10 March 2010, the date of its initial KRS registration under number 0000350888, and has been publicly listed since the same year (first on NewConnect, later on the WSE main market). 2026 thus marks 16 years on the public market.

The company has a registered electronic-delivery address (ADE: PL-45990-11116-CTJHT-25), confirming compliance with the e-delivery requirement that became standard for KRS-registered entities on 1 January 2026. Two corporate bodies operate: a five-member management board (CEO plus four members) and a five-member supervisory board. This is the standard structure for a publicly listed joint-stock company at this scale - requiring independent supervisory members and auditor rotation.

Under Polish PKD codes the principal activity is classified as 5821 (publishing of computer games) - the code under which essentially the entire Polish game-development industry operates, from large public companies to micro-businesses.

Polish gamedev mWIG40: a handful of issuers, one direct mid-cap rival

Poland's game-development industry on the WSE has a clearly layered structure: at the top, a single giant - CD Projekt in the WIG20 - with a three-track pipeline covering Witcher IV, Cyberpunk Orion, and a remake of the original Witcher trilogy. The middle is occupied by a group of mWIG40 issuers - with 11 bit studios as one of three or four clear leaders alongside Ten Square Games (mobile, Wrocław), Huuuge (mobile, casino-style), and publisher-houses such as Movie Games / PlayWay (farming and simulation titles).

Three structural features of the 11 bit studios model that explain its mWIG40 positioning:

• Premium single-player on proprietary IP - unlike mobile issuers whose revenue model relies on free-to-play with microtransactions, 11 bit studios sells games at full premium price points of USD 30–60, on PC (Steam) and consoles (PS5, Xbox Series). A single successful launch generates a meaningful spike of revenue that then decays exponentially over subsequent years - a model close to CD Projekt's, on a smaller scale.
• In-house publishing arm ("11 bit publishing") - the studio also publishes external developers' games (Children of Morta by Dead Mage, Moonlighter by Digital Sun). This diversifies revenue and adds a steady publishing-house income - small relative to own hits, but with lower costs and higher margin.
• Shorter production cycle than the top tier - 11 bit studios releases a full title roughly every 2–3 years, versus the 5–8 years required by titles in the CD Projekt class. This makes cash flows more regular and limits the "single-launch" risk that hit CD Projekt in 2020 (Cyberpunk 2077).

Implication for valuation: two hits → two monetisation cycles overlapping in 2026

“The 11 bit studios model - premium single-player on proprietary IP plus a smaller publishing arm - gives the studio a unique position in Poland's mWIG40: insulation from mobile-market trend swings combined with the scale to self-finance the next AAA project. After two hits in 18 months, the company enters 2026 in a phase where two monetisation cycles overlap - the strongest cash-flow environment the Warsaw studio has ever operated in.”

Three expected consequences for the company's 2026 financial profile:

• Overlapping monetisation cycles - Frostpunk 2 is in its second post-launch year (seasonal discounts, console sales after the delayed console release), while The Alters is in its first (full premium price, marketing campaign, industry-critic awards). This is the first such configuration in the studio's history.
• Pipeline of next titles - the studio has publicly confirmed work on its next major project (codenamed "Project 8") plus two smaller titles in the external-publishing line. An average 2–3-year cycle implies a realistic launch window in 2027 or 2028.
• Dividend policy - the studio has historically paid symbolic dividends (on the order of PLN 0.5–1 per share) or none at all, channelling capital into financing new projects. After a year with two launches, room opens for a meaningful return to payouts - though the management board signals a preference for reinvestment.

In the Mazowieckie voivodeship, 11 bit studios is one of the visible companies operating under PKD 5821, but Warsaw as a Polish gamedev hub does not dominate as clearly as Wrocław (Techland, Ten Square Games) or Kraków (Bloober Team) - the capital counts above all on two players: 11 bit studios and CD Projekt.

What you'll find in the 11 bit studios profile

The 11 bit studios S.A. profile in our database carries the full picture of the company: the composition of the five-member management board and the five-member supervisory board, the KRS registration history since March 2010, the registered address at ul. Brzeska 2, e-delivery status, and the assigned PKD codes classifying the activity as computer-game publishing. The profile is also available in English - useful for foreign investors, for whom the company is one of the more recognisable Polish gaming issuers alongside CD Projekt.

Data: Polish KRS Court Register (KRS 0000350888); 11 bit studios S.A. - Frostpunk 2 sales announcement of October 2024; industry outlets (gamesindustry.biz, IGN, eurogamer) - 2024–2025 launch analyses; PKD classification 5821 (publishing of computer games), as of 2026-05-01.