Shares of CD Projekt fell 6.96% to 239.30 zloty on Tuesday after Co-CEO Michal Nowakowski confirmed that The Witcher 4 would launch in 2028, the most ambitious project in the company's history.
The announcement came during a teaser at Gamescom’s Opening Night Live, where Nowakowski described the title as the biggest, boldest, and most ambitious project CD Projekt has ever undertaken. More than 500 employees are currently working on the game, which represents a significant expansion of the studio’s development capacity.
The news follows the company’s disclosure that Songs of the Past, the third expansion for The Witcher 3: Wild Hunt, is scheduled for release in 2027. The expansion is being co-developed with Fool’s Theory, a studio composed of veterans from the original The Witcher 3 team. The Witcher 3, released in 2015, has sold over 60 million copies and won more than 250 Game of the Year awards, contributing to the franchise’s total of 85 million units sold worldwide.
CD Projekt also confirmed that layoffs related to its Project Sirius multiplayer spin-off had been finalized earlier this month. The studio has emphasized the strategic importance of The Witcher 4 amid growing investor scrutiny over development timelines and resource allocation.
The stock decline reflects market concerns over the extended development cycle and the financial impact of delayed revenue from major titles. CD Projekt’s shares had previously surged on strong sales of The Witcher 3 expansions and the anticipation of new projects, but the prolonged timeline for The Witcher 4 has introduced uncertainty about near-term earnings growth.
