- CCP Games rebrands as Fenris Creations after CEO Hilmar Veigar Pétursson buys back the studio for $100M cash plus $20M in “token acquisition rights”—a steep discount from Pearl Abyss’s original $425M deal
- Google DeepMind will use EVE Online’s player-driven sandbox as a research environment for studying general-purpose AI, using offline versions that won’t affect live players
- The $20M in token rights linked to EVE Frontier’s blockchain tokens reflects CCP’s deepening web3 strategy and raises questions about the role of crypto in studio buyouts
EVE Online developer CCP Games is once again becoming an independent company under the new name Fenris Creations, with CEO Hilmar Veigar Pétursson buying back the studio for $100 million in cash and $20 million in “token acquisition rights”—less than half the $225 million in cash Pearl Abyss paid for it in 2018, with another $200 million in performance-related payouts that were part of the original deal.
The rebranded company also announced a research partnership with Google DeepMind focused on studying intelligence in “complex, dynamic, player-driven systems,” making EVE Online’s persistent sandbox one of the most unusual testbeds for AI research in the gaming industry.
A homecoming nearly three decades in the making
The name Fenris Creations is not random. CCP’s very first published game carried the name Fenris on the box, a nod to Norse mythology that the company says reflects its founding belief: “for a virtual world to have meaning, it must be shaped by risk, loss, renewal, and the people who inhabit it.”
In a letter published on the EVE Online website, Pétursson—signing as “FC Hellmar”—framed the transition as both a return to roots and a strategic decision for the long-term health of New Eden. “This transition does not involve restructuring or layoffs,” he wrote. “There are no planned changes to our organization.”
The company’s studios in Reykjavík, London, and Shanghai will continue operating as-is, and all current projects—EVE Online, EVE Frontier, EVE Vanguard, and EVE Galaxy Conquest—remain in development under the same leadership and creative direction.
The Pearl Abyss era ends at a steep discount
Pearl Abyss acquired CCP Games in 2018 for $225 million in cash plus up to $200 million in performance-related payouts. Eight years later, the Korean developer—now riding the success of Crimson Desert, which has reportedly sold over 5 million copies since its March launch—is letting it go for roughly $120 million total.
According to GamesIndustry.biz, which cited Korean outlet Digital Today for the financial figures, a Pearl Abyss spokesperson told Inven Global that “after exploring various mid-to-long-term growth strategies, we concluded that selling the company to its current management is in the best interest of both parties’ futures.”
The spokesperson added that the price was “determined objectively by comprehensively considering CCP Games’ current business structure and market conditions,” and that “the global gaming business environment and our company’s strategic priorities have shifted significantly since then.”
That shift is no mystery: Pearl Abyss’s own financial reports showed EVE Online delivering roughly a third of company revenues, with the rest coming from Black Desert and now Crimson Desert. CCP’s blockchain-adjacent spin-off EVE Frontier, backed by $40 million from Andreessen Horowitz in 2023, likely complicated the portfolio fit for a company focused on its core MMO franchises.
The $20 million crypto question
Perhaps the most intriguing detail is the $20 million in “token acquisition rights” included in the buyback price. GamesIndustry.biz reports these tokens are “believed to refer” to EVE Frontier, CCP’s blockchain-based survival game that is currently available in pre-release form for players who purchase Founder Access.
EVE Frontier’s Terms of Service reference “on-chain” tokens called “Alpha Tokens” while expressly disclaiming “to the fullest extent possible in law any liability regarding the nature or value of these Alpha Tokens or wallets.” The project raised $40 million in 2023 in a funding round led by Andreessen Horowitz’s crypto arm—a16z crypto. For context on how tokens function in these ecosystems, see our guide to cryptocurrency fundamentals.
The token component of the buyback price effectively means Pearl Abyss is walking away with crypto exposure rather than pure cash for a portion of the deal, an unusual structure that reflects CCP’s increasingly web3-adjacent strategy.
Google DeepMind sees a sandbox worth studying
The most forward-looking part of the announcement is the research partnership with Google DeepMind. Demis Hassabis, CEO and co-founder of Google DeepMind, provided a statement that frames EVE as a unique environment for AI research: “What the EVE community has created together with Hilmar and team is truly unparalleled in gaming. It is a one-of-a-kind simulation for testing general-purpose artificial intelligence in a safe sandbox environment.”
The research will initially use “controlled, offline versions of EVE that are not connected to Tranquility”—the game’s live server—so there is no immediate impact on active players. But the long-term implications are significant: EVE’s player-driven economy, political alliances, and emergent behavior represent a scale of complex social interaction that few other game environments can match. It’s the kind of unconventional research direction that aligns with a broader trend of top AI researchers leaving Big Tech to pursue new approaches outside corporate labs.
Google DeepMind’s previous gaming work includes AlphaGo and AlphaStar, which tackled Go and StarCraft II respectively. EVE, with its open-ended player politics and economic systems, presents a fundamentally different challenge—less about winning a defined game and more about understanding behavior in a system shaped by trust, betrayal, cooperation, and competition.
Pétursson will take the stage at EVE Fanfest 2026 next week to share more details about the partnership, according to the announcement.
Strong financials enable the split
Pétursson noted that EVE “closed 2025 with some of its strongest results in years, including a record-breaking November and one of the strongest quarters in EVE Online’s more than 20-year history.” The company remains profitable with “strong reserves,” which likely gave the leadership confidence that independence was financially viable.
For a game that launched in 2003 and has survived multiple ownership changes, expansion attempts, and cancelled spin-offs—including two shooter projects killed before the Pearl Abyss acquisition—EVE Online’s persistence is itself a kind of anomaly in the games industry.
The question now is whether independence, a rebranding to Fenris Creations, and a DeepMind partnership can sustain that momentum for another two decades. Pétursson, at least, is betting on it.
FAQ
What is Fenris Creations?
Fenris Creations is the new name for the company behind EVE Online, formerly known as CCP Games. The name references the company’s first published game, which carried the Fenris name on the box.
Will EVE Online change under Fenris Creations?
According to CEO Hilmar Veigar Pétursson, the transition involves no restructuring, layoffs, or changes to development plans. All studios and leadership remain in place.
What is the Google DeepMind partnership about?
The partnership will research intelligence in complex, player-driven systems using offline versions of EVE. It will not affect the live game server (Tranquility) in its initial phase.
What are the “token acquisition rights” in the buyback?
The $20 million in token acquisition rights is believed to refer to EVE Frontier, CCP’s blockchain-based survival game, which uses on-chain “Alpha Tokens.”
How much did Pearl Abyss lose on CCP Games?
Pearl Abyss acquired CCP for $225 million in cash plus up to $200 million in performance-related payouts in 2018. The company is selling it back for $100 million in cash and $20 million in tokens—a significant loss on the original acquisition.
