The stock market witcher is sharpening swords again, while investors are shaking hands. CD Projekt recorded an impressive rally, rising almost 17% in just one month. Analysts are already dissecting the fundamentals of this growth, from rumors of an unexpected return to The Witcher 3 to moves by former studio veterans.
Unconfirmed reports about a possible third DLC for The Witcher 3: Wild Hunt have been circulating in gaming media for several weeks.
CD Projekt shares are waiting for Geralt’s return? Rumors of a DLC for The Witcher 3 drive the market
The first source of this leak was an episode of the podcast Remigiusz Maciaszek and Borys Nieśpielak, in which they revealed behind‑the‑scenes news about an as‑yet undisclosed project being developed by Fool's Theory.
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Although the third part of the Witcher trilogy has already celebrated its tenth anniversary, its unwavering popularity is a boon for the board at Jagiellonian kuroliszkiem that takes golden eggs.
Speculation suggests the unannounced add‑on will bridge the story of Geralt the Witcher with the upcoming adventures of Ciri in The Witcher 4.
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The trailer released at the end of 2024 clearly shows that Ciri is already a full‑fledged witcher, so it is speculated that the third DLC for The Witcher 3 would showcase this path, and the series would ultimately say goodbye to Geralt as the main protagonist.
It is worth noting that Geralt has been the face of this gaming series since 2007, the release of The Witcher 1.
Mateusz Chrzanowski, an analyst at Noble Securities, estimates that the paid add‑on could cost 30 USD and would comfortably sell over 11 million copies.
For Red would be a sensible move, because instead of telling fans to wait in the void, they would give them a reason to reach for their wallets again and return to the track.
The expert told FXMAG when a potential DLC for The Witcher could surprise the market.
“If it comes to the CDR itself, we can probably expect some information in May around the anniversary of W3’s release, but further marketing materials will probably appear in the first week of June at an event organized by Xbox,” he added.
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Read more in the article: CD Projekt shares before the breakthrough? GPW waits for a DLC for The Witcher 3. The expert points to potential dates
Chart. CD Projekt share price
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Source: TradingView
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Read also: CD Projekt competitor shares at a 50‑percent discount! Expert: “The release is an undeniable disappointment”
Rebels throw down the challenge. Dawnwalker will arrive on September 3
During the game, CD Projekt flexes muscles on the Warsaw court, its former employees do not idle.
Studio Rebel Wolves, founded by veterans responsible for Red’s biggest successes, announced yesterday the release date of its debut title – The Blood of Dawnwalker.
This event is world‑scale for the entire Polish gaming sector. The game is set in a dark, vampiric atmosphere of 14th‑century Europe (specifically the Carpathian border).
Although the budget for Rebel Wolves’ debut project is incomparably smaller than The Witcher 4, the upcoming title (or rather its entire IP) will be the most serious competition for Red’s productions.
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For the market and investors this is a double‑edged signal. On one hand, strong interest in Dawnwalker confirms that Polish gamedev is at world level when it comes to creating RPG and action‑RPG games. On the other hand – Rebel Wolves is catching the attention of both players and investors, even though the company is not yet listed on the exchange.
See also: CD Projekt shares will ignite the market again? New game is coming! Expert says when they expect a DLC for “The Witcher 3”
Will The Witcher 4 lift the weight of player and investor expectations?
The market in the coming months expects concrete news about The Witcher 4. At least they are not just wishful expectations from fans, because the production pipeline is swelling, and investment costs for the title could reach even astronomical 430 million PLN in 2026.
CD Projekt is entering a phase where every concept art or even a short teaser will be worth millions in the company’s market valuation.
Switching to the Unreal Engine 5 engine and optimizing processes with AI will make the game production faster, but also less risky than the problematic launch of Cyberpunk 2077. It is worth adding that the new Witcher trilogy’s budget is estimated at a gigantic 3,2 billion PLN.
With the current dynamic rate heading toward 300 PLN, the market and investors are already valuing not only future successes but also the potential of the new Witcher saga and the upcoming sequel to Cyberpunk 2077.
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Paradoxically, the release of The Blood of Dawnwalker by former studio veterans helps the market leader’s share price.
For players and investors the coming months will be exceptionally rich in emotion.
See also: The 2026 market is preparing a surprise? “Investors should ensure their portfolios are ready for an upward trend”
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