CD PROJEKT S.A.

Is CD PROJEKT publicly traded?
Yes. CD PROJEKT S.A. trades on the Warsaw Stock Exchange under the ticker CDR and is part of the WIG20 blue-chip index. Shares are also available over the counter in the United States under the symbol OTGLY.

Who owns CD PROJEKT?
No single owner controls the company. Co-founders Marcin Iwinski and Michal Kicinski are the largest shareholders, holding roughly a third of shares combined, with the rest held by institutional and retail investors.

What games does CD PROJEKT make?
The studio CD PROJEKT RED develops and publishes The Witcher series and Cyberpunk 2077. The Witcher 4 and Cyberpunk 2 are in development, along with an early-stage original IP codenamed Hadar. The group also operates the GOG.com store.

When was CD PROJEKT founded?
Marcin Iwinski and Michal Kicinski founded the company in 1994 in Warsaw, originally as a game importer and localizer for the Polish market.

What is CD PROJEKT's revenue?
The company reported PLN 867 million in sales revenue and PLN 595 million in net profit for the 2025 financial year. 2025 was the second most profitable year in company history.

Does CD PROJEKT own The Witcher books?
No. The company licenses video game rights to Andrzej Sapkowski's novels. It owns the game franchise and related adaptations it produces, but Sapkowski retains rights to the books.

Marcin Iwinski and Michal Kicinski founded CD Projekt in 1994 in Warsaw. Both had grown up selling imported games at a stall in the Warsaw bazaar during the final years of communist Poland. Their first business imported and localized foreign games for the Polish market, which was dominated by piracy. The company's breakthrough came with an affordable Polish-language version of Baldur's Gate in 1999, which sold more than 18,000 copies on release day and proved Polish players would pay for properly localized games.

The localization work funded the studio's first original production. The team acquired rights to Andrzej Sapkowski's Witcher novels and began building a game in 2002 using a licensed BioWare engine. The Witcher released in 2007 to strong reviews and established the studio internationally.

The Witcher 2: Assassins of Kings followed in 2011, built on the studio's own REDengine. The Witcher 3: Wild Hunt arrived in 2015 and became one of the most acclaimed games ever made, winning hundreds of Game of the Year awards. The Witcher trilogy has now sold more than 85 million copies.

In 2009 the company went public on the Warsaw Stock Exchange via a reverse takeover of Optimus S.A. The acquisition of Metropolis Software in 2008 and the creation of the GOG.com store (originally Good Old Games, launched 2008) broadened the business beyond development.

Work on Cyberpunk 2077, based on Mike Pondsmith's tabletop game, began in earnest after The Witcher 3. The game released in December 2020 after three delays. Console performance problems triggered refunds, a Sony store delisting, and a class action lawsuit that settled for $1.85 million. The studio spent the next three years repairing the game through patches, the 2.0 overhaul, and the Phantom Liberty expansion in 2023, restoring its reputation and commercial momentum.

Through 2025 and 2026, Cyberpunk 2077 reached new platforms including Nintendo Switch 2 and Apple silicon Macs, and entered the PlayStation Plus and Xbox Game Pass catalogs. The company invested more than PLN 513 million in future releases during 2025, focused on The Witcher 4, Cyberpunk 2, and an early-stage original IP codenamed Hadar.

The launch of Cyberpunk 2077 in December 2020 generated the largest controversy in the company's history. The game shipped with severe performance problems on PlayStation 4 and Xbox One despite marketing that emphasized console play. Sony removed it from the PlayStation Store for six months, an unprecedented step for a major release, and both Sony and Microsoft offered refunds.

Investors filed a class action in the United States alleging the company misled them about the game's state. CD PROJEKT settled the suit for $1.85 million in 2023. Poland's consumer protection regulator UOKiK also opened a proceeding, which the company settled with commitments on refunds, patches, and communication.

The studio faced sustained criticism in 2021 over mandatory overtime during Cyberpunk's final stretch, after management had earlier said crunch would not be required. The company has since committed publicly to limiting mandatory overtime and introduced a dedicated sustainability role covering workplace practices.