Steam has reportedly already brought Valve $11.1 billion in revenue in 2026 so far, and I bet that makes you feel even better about that Steam Machine price point.
Alinea Analytics has released its mid-year analysis of Valve's platform, saying, "In the first half of 2026, we estimate that games on Steam generated $11.1B in gross revenue, the platform’s highest-ever half-year."
The firm adds, "That’s up 14.5% on H1 2025, and up 8% even on the holiday-heavy H2 2025, which is the more remarkable comparison given the back half of the year usually wins on seasonal sales and holiday buys."
As for why Steam did especially well this year, Alinea notes a "surge in Asian players (China especially), higher prices on releases, viral co-op hits, smarter back-catalogue strategies from the big publishers" and "third-party publishers quietly returning to Steam after their own-launcher experiments, tails between legs."
The report notes that the first half of 2026 was roughly four times as big as the first half of 2017. However, a more shocking metric is that Steam has reportedly generated more in the first half of 2026 than in the entirety of 2020 – a year when everyone was inside playing games and dodging COVID.
While massive AAA games like Resident Evil Requiem, Crimson Desert, and 007 First Light – as well as indie hits like Mewgenics and Mina the Hollower – have blown up this year, the percentage of Steam revenue coming from new games actually appears smaller than in the past as backlog sales grow.
Alinea notes that 29% of game sales in the first half of 2024 came from games released that year, while 27% of H1 2025 sales were from new releases. Of course, 2025's first half had Monster Hunter Wilds, which sold 11 million copies in 2025, with 8 million of those selling in the first three days. The first few months of 2024 were also stacked with anticipated games that undoubtedly bumped those numbers up. So far, Alinea is tracking 2026 Steam sales at just 21% from new releases.
This success is maybe a bit harder to swallow given that the 1TB Steam Deck OLED just got a price hike to be almost a grand, while Steam Machine pricing starts at $1,049. RAM shortages and US tariffs are obviously major weights, but when a company is printing money like this, you might expect it to eat some costs. However, Valve made it perfectly clear that subsidizing hardware "doesn't align with our beliefs."
