Devolver Digital wants to quit the stock market

The Great Escape: Why Indie Publisher Devolver Digital Is Considering Leaving the Stock Market Behind

Five years after making a splash on the London Stock Exchange, indie powerhouse Devolver Digital is contemplating a radical shift: pulling the plug on public life and going private. This decision isn’t born out of simple financial panic, but rather a deep-seated frustration with the inherent mismatch between the wildly creative world of video games and the rigid demands of the stock market.

The board of directors has voiced a frank assessment, suggesting that their company is currently undervalued—a sentiment rooted in the fact that the volatility and unpredictable nature of game development simply do not align with how the public market measures success. In a statement, they put forward a rather stark philosophy: ‘creating value for shareholders is going to kill us all’.

The friction points are clear. When Devolver went public in 2021, CEO Douglas Morin aimed to secure continued growth and protect the company’s unique culture. However, the years since then have been defined by massive industry upheaval. The video game sector has endured widespread layoffs across studios and publishers, platform rationalization, and significant financial impairments. This industry-wide instability meant Devolver faced the relentless challenge of delivering market-friendly growth while navigating extreme volatility.

This environment exposed a core incompatibility: the valuation of a gaming company is inherently tied to unpredictable factors—the timing and scale of new game releases—which stands in stark contrast to the market’s insistence on predictable, sequential growth. The board noted that they often felt pressured to deliver short-term expectations that failed to reflect the true long-term value inherent in their development pipeline.

For Devolver, focusing on creativity means letting games breathe, not ticking financial boxes. Moving private is seen as a strategic maneuver to escape these market pressures and refocus energy where it matters most: building wonderful games. It is also an attempt to shelter the company from the typical consequences of public market scrutiny—the cancellations, layoffs, and studio closures that have characterized recent years in gaming.

Beyond emotional freedom, there are practical benefits. Becoming a private entity allows the core executive team, including finance, legal, and leadership, to concentrate entirely on the long-term health and creative trajectory of Devolver Digital, rather than satisfying external shareholder demands that often bear little relation to successful game publishing.

Furthermore, this transition offers immediate financial relief. The board estimates that operating as a private company could save approximately $1.6 million annually. Coupled with the limited trading action in its shares, the move appears to be less about maximizing market gains and more about securing long-term stability for the creative engine driving the business.

The decision now awaits a vote scheduled for September, positioning Devolver Digital to decide whether it will prioritize the chaotic, unpredictable joy of game creation or the calculated certainty of a private, focused existence.