Radar.

An offline mode requirement is where this actually bites, because for a live-service game that's a build decision taken years before anyone plans a closure. One member's bill becoming law is a long shot, but NBA 2K25 already sits in the position that clause describes, and the cost of that build is the number nobody has put on paper.

Twenty million monthly users, $193m raised over five years, and a Chapter 11 filing. At $20m from Disney plus offers to at least 60 staff on roughly $60m a year in salary, the money is going to the team rather than the platform. Nobody else has bid for the platform at all, and that's the difference between a wind-down and a hiring round with paperwork.

Selling a fixed window at a fixed price is how television has sold its biggest moments for fifty years, and Meta is right that advertisers will pay for certainty. The 5% reach tolerance is the part television never offered: a guaranteed number on what used to be an auction, with a frequency cap of one on top. If Meta misses on a date it has already sold, whether that returns as inventory or as cash decides how real the guarantee is.

Replit was one of Anthropic's five biggest customers, and most people using Replit Agent will never open the model picker, so a meaningful amount of spend changes hands without a single customer choosing anything. Enterprise went from 2% to 15% of Replit's revenue in a year, and that's the business the default setting is really competing for.

Anthropic took $1.70 for every dollar it spent on compute in Q3, at an 11% adjusted operating margin before stock compensation. Against revenue going from $4.8bn in Q1 to $16.8bn in Q3, that's a company getting bigger and more efficient at the same time, which is rare enough to be worth noticing. Distillation was 5% to 7% of revenue until it was cut back hard, and that forgone revenue doesn't show up in an investor briefing.

Funcom calls this a narrowing to two live games, which is sensible housekeeping, though the organisation is smaller a year after Dune: Awakening, the biggest launch in its 32-year history. Running live games and building new ones need different people, so the question is how much of this is Dune's post-launch tail and how much is the projects that never got announced.

Without EA's $55bn, the other 53 deals average a little over $50m each. Aream's split underneath is the more useful half: seed rounds at a five-year low, late-stage money at $2.0bn, the best since 2021. Those numbers look the same whether investors are choosing fewer, larger bets or founders simply can't get a first one.

Supercell has shut down soft-launched games before, so a cancellation on its own isn't news. This one shipped worldwide, and the in-app purchases went off in October 2025, more than a year before the servers follow. Running a game for a year with no revenue is either a very long goodbye or time bought for one more attempt, and nobody has said which.