Valve's Steam platform is having a record-breaking year. According to a new mid-year analysis from Alinea Analytics, games on the platform generated $11.1 billion in gross revenue during the first half of 2026. This figure marks the highest-ever half-year for the store, representing a 14.5% increase over the first half of 2025.

Quick Facts

  • H1 2026 Revenue: $11.1 billion.
  • Growth: Up 14.5% compared to H1 2025 and 8% higher than the holiday-heavy H2 2025.
  • New Release Contribution: Only 21% of sales in H1 2026 came from games released this year.
  • Historical Context: H1 2026 revenue is roughly four times larger than the first half of 2017 and surpasses the total revenue generated during the entirety of 2020.

Drivers Behind the Record Growth

Alinea Analytics attributes this surge to several key factors. A noticeable increase in the Asian player base, particularly in China, has bolstered numbers. Additionally, publishers have shifted toward higher price points for new releases and are employing smarter strategies for their back-catalogues. Interestingly, the report highlights that third-party publishers are returning to Steam after previously attempting to operate their own proprietary launchers.

While big-budget titles like Resident Evil Requiem, Crimson Desert, and 007 First Light, alongside indie hits such as Mewgenics and Mina the Hollower, have performed well, they make up a smaller slice of the total revenue pie than in previous years. New games accounted for 29% of sales in the first half of 2024 and 27% in the first half of 2025, but that number has dropped to 21% so far in 2026 as older titles continue to drive significant income.

Hardware Costs and Valve's Stance

The platform's massive financial success comes at a time when hardware prices for the ecosystem are climbing. The 1TB Steam Deck OLED has seen a price increase, pushing it toward the $1,000 mark, while the Steam Machine now starts at $1,049. Factors such as RAM shortages and recent US tariffs have contributed to these higher costs.

Despite the platform's ability to generate billions in revenue, Valve has remained firm on its pricing strategy. The company has made it clear that it does not believe in subsidizing the cost of hardware, meaning consumers should not expect significant price drops or loss-leader tactics to offset the current market conditions.