CD Projekt shares fell 5.8% on Tuesday after joint CEO Michal Nowakowski set a 2028 target for the release of The Witcher 4, the next main entry in the company's flagship franchise.
The Warsaw-based developer's stock declined to 242.40 zloty, down 14.80 zloty from the previous close, as investors weighed the long-term development timeline against near-term milestones. Nowakowski confirmed the 2028 release window in a video posted on X during the Opening Night Live broadcast at the Gamescom trade fair in Cologne.
The CEO described The Witcher 4 as "the biggest, boldest and most ambitious" project in CD Projekt's history, with more than 500 staff members currently assigned to development. The announcement follows the company's confirmation earlier this month that it had reduced staff working on Project Sirius, a multiplayer spinoff set in the Witcher universe.
In addition to the mainline sequel, CD Projekt outlined plans for Songs of the Past, the third expansion to The Witcher 3: Wild Hunt, which is scheduled for release in 2027. The expansion, co-developed with Fool's Theory—a studio composed of veterans from the original Witcher 3 team—will launch on PC, PlayStation 5, and Xbox Series X|S.
The Witcher 3: Wild Hunt, released in 2015, has sold over 60 million copies and earned more than 250 Game of the Year awards, contributing to the franchise's total sales of 85 million units across all titles. The series' sustained popularity has underpinned CD Projekt's market position as Poland's largest game developer, though the extended development cycle for The Witcher 4 introduces execution risk for the company's long-term growth strategy.
