德雷克星全球游戏报告2025年第二季度-DrakeStar

Drake Star Securities LLC is regulated by FINRA and is a member of SIPC. All securities in the UK, are transacted through Drake Star UK Limited (FRN 942020) an appointed appointed representative of Razlin Ltd (FRN 730805), which is authorized and regulated by the FCASALE TOMobile / Online GamingSALE TOAAA Game DeveloperPower RangersMobile / Console GamesMobile GamesGame Review and AdvertisingSALE TO* Transactions executed by current Drake Star Partners employees while employed at other firms2 ******PartnerLos Angelesmohit.pareek@drakestar.comPartnerBerlinjulian.riedlbauer@drakestar.com**Managing PartnerLos Angelesmichael.metzger@drakestar.com*3Source: CapIQ, Pitchbook & DSP ResearchNote: Drake Star did not act as financial advisor on transactions listed on this page. Deal count includes announced and / or closed M&A, private placement, IPOs, SPACs, and public financing deals. Public Markets include IPOs, SPACs, and public financings.Public MarketsPPM&A•Following the strong rebound of public gaming equities in the first half of 2025, we expect a new wave of M&A activity throughout the remainder of 2025 and 2026, as gaming companies look to leverage their higher equity valuations for inorganic growth. Additionally, IPO activity is likely to pick up, supported by the broader market recovery.•Private equity participation in the gaming ecosystem is expected to remain very active, with some publicly traded gaming companies potentially being taken private and PE firms taking growth equity positions in large private gaming companies. •Key growth segments are expected to include AI and tech platforms. Later stage financings will likely continue to be challenging. •Public gaming stocks saw a strong rebound in the first half of 2025, with the Drake Star Gaming Index rising 28%, significantly outperforming the S&P 500’s 5% gain. The strongest overall performers were Square Enix, Roblox, and Konami. In Europe, leading stocks included CD Projekt RED, everplay group, and MTG, while in the US markets, Roblox, Corsair, and Take-Two stood out as the top performers.•Gaming M&A activity remained relatively stable in Q2’25, with 46 announced deals. The largest transaction was KRAFTON’s $516M acquisition of ADK, a Japanese company specializing in advertising and animation with some mobile game development. Other notable deals included Epic Games acquiring Loci, Apple purchasing RAC7, and PlayVS acquiring Generation Esports and PlayFly College Esports. PC and console gaming tied with blockchain gaming for the most M&A deals after a notable increase in blockchain gaming deal activity this quarter.•Q2’25 featured one of the largest and most successful exits for gaming VCs with CVC’s significant minority investment in Dream Games. The deal, comprising both equity and debt, totaled ~$2.5B at a $5B valuation. Overall, the quarter recorded 110 private placements with a combined disclosed deal value of $3B. Other notable financings included Tencen