While players and investors eagerly await new details about "Song of the Past", the market buzz around the Warsaw studio is picking up speed.
Brain‑dance around mysterious projects from the Reds
The latest report "Monthly Portfolio June 2026" from Erste Brokerage sheds new light on undisclosed projects from CD Projekt Red. The company’s board officially confirmed that it currently has two undisclosed gaming projects and one non‑gaming project in an advanced production stage.
Key for investors, the definition of "advanced production" directly refers to projects already capitalised in the company’s balance sheet.
CD Projekt CFO Piotr Nielubowicz during a recent earnings video conference outright declared that although these secret projects do not match the scale of the upcoming expansion of Geralt’s adventures, the studio plans to release them on the market later this year.
The Erste Brokerage report goes a step further and puts forward an exceptionally bold market thesis: these mysterious gaming titles are nothing more than new smaller DLC for Cyberpunk 2077, launched on the older REDengine engine.
See also: CD Projekt shares at a steep discount. Expert: "Witcher 4 will not debut before 2028." The disappointed market awaits financial results and the anniversary stream of CDR.
Cyberpunk twist against X statements?
This theory immediately caused a stir in the industry. After all, in March of this year a clear, decisive message appeared on the official X profile of Cyberpunk 2077. The studio no longer plans any additional DLC or expansions for this part of the game.
It’s worth noting that before the disastrous launch of Cyberpunk in 2020, the Reds announced that their latest game would receive two full‑blown expansions, similar to Stoneheart and Blood and Wine.
Unfortunately, the dreadful state of optimisation on first‑generation consoles, and the questionable state of the game on PC forced the Reds to change their publishing plans.
Interestingly, revelations about a new add‑on for V’s adventures and Johnny Silverhand did not come from nowhere. Even before the mentioned March X post, independent market analysts specialising in the gaming sector spotted serious anomalies in the company’s financial reports.
Spending on so‑called maintenance, i.e. ongoing upkeep of Cyberpunk, rose suddenly to the highest levels since the spectacular launch of the hit "Ghost of Freedom". This suggests that intense development work may be underway behind the scenes.
From a cold, mathematical market analysis perspective, Erste’s report brings a certain dose of disappointment for shareholders. Official confirmation that the big expansion "Song of the Future" will reach players only in 2027 turned out to be a negative surprise for some investors.
The market heavily speculated that the launch of the new DLC would support the achievement of the motivational programme’s performance goals for 2023‑2026, amounting to 2 billion PLN. Moreover, Erste analysts estimate that the awaited Witcher 4 will see the light of day only in 2028.
It’s worth following upcoming gaming events, such as the starting today’s Summer Game Fest, where some information about upcoming CD Projekt games may appear.
On Friday’s close, CD Projekt’s share price fell 0.13% to 277,8 PLN.
Chart. CD Projekt share price
Source: TradingView
See also: CD Projekt shares react to financial results and forecasts! Did CDR meet GPW expectations?
Source: X.
