Starbreeze announced today that their next game, Project Baxter, will be based on the Dungeons and Dragons (D&D) intellectual property (IP). The game will be made under a license from the D&D IP-holder Wizards of the Coast. Starbreeze also reiterated that they will act as both the developer and publisher of the game.

Project Baxter (internal codename) will be a co-operative multiplayer action-adventure game. The game will utilize a Games as a service model and will launch on all major platforms in 2026. The game will also include cross-play. Starbreeze has previously stated that the game’s development and marketing budget is estimated to exceed USD 45-50 million.

The Dungeons & Dragons intellectual property traces back to the iconic tabletop role-playing game introduced in the 1970s. Over the years, numerous video games have been developed under its license, drawing on the vast lore and imaginative elements of D&D. The recent success of games like Baldur’s Gate 3 (2023) and the movie Dungeons & Dragons: Honor Among Thieves (2023) has given a further lift to D&D’s IP.

Licensing a well-known IP for a new game provides some key advantages. It brings, among other things, instant recognition, a ready-made fan base, and an established lore. The trade-off naturally is the cost associated with licensing the IP, which often consists of an upfront fee and a share of future revenues. In this case, we believe choosing a well-known IP is a good risk management strategy for Starbreeze. Launching a game with a completely new IP involves the inherent risk of uncertain market reception. Players may hesitate to invest time and money in an unfamiliar brand; therefore, new IPs often require significant marketing efforts to generate awareness.