Steam breaks its own record: $11.1 billion in H1 2026

According to an estimate relayed by Notebookcheck, Steam would have generated $11.1 billion in gross revenue over the first six months of 2026 - a record semester in the history of Valve's platform.

The figure has made us look up: $11.1 billion in gross revenue for Steam in the first half of 2026 alone. This is reported by Notebookcheck, based on third-party estimates, calling it the best half-year ever recorded by Valve's platform.

What the figure says

$11.1 billion gross - that is, before payment to publishers and developers. The standard Steam commission is 30% (decreasing beyond certain sales thresholds: 25% after $10M, 20% after $50M). Applying the rough distribution key, this leaves Valve with between $2.5 and $3.3 billion in net revenue over six months - on a private company that does not publish its accounts.

To put it into perspective:

• 2024, full year: Steam was already estimated to be beyond $15 billion in annual gross.
• A half-year at $11.1 billion projects an annual trajectory well above $20 billion.
• Competitors: Epic Games Store, despite its giveaways and its 12% commission, remains far behind - less than $1 billion in annual spending according to Epic's latest figures.

Why it's still rising

The PC ecosystem has been in great shape for two years:

• The success of the Steam Deck has anchored Steam as a hybrid PC/portable platform.
• Hits inflate the average basket (the Baldur's Gate 3, Helldivers 2, Palworld, Path of Exile 2 catalogs, and more recently the strong return of Chinese free-to-play games that monetize well).
• Indies continue to find their best showcase there.
• The long tail of the catalog: Steam sells games that are 10, 15, 20 years old, with regular sales.

The counterpoint

Be careful not to overinterpret:

• These are estimates, not official figures from Valve.
• Gross is not net: developers receive 70%.
• An increasing share comes from microtransactions and cosmetics, particularly on Counter-Strike 2 and Dota 2. The health of the catalog differs depending on whether you look at new releases or cosmetic rent.

For whom it's a signal

For Microsoft and Sony, it's a reminder: the dominant PC platform is not theirs. For indie developers, it's confirmation that they need to be on Steam. For players, it's also a reason to stay vigilant - when an actor weighs so much, the question of competition and platform rules (returns, moderation, VAC) takes on particular importance.

To remember

Hot note: 8/10 for the signal - Valve maintains a colossal lead without spending a cent on public communication. We will wait for consolidated figures at the end of the year, but the trend is clear: PC gaming is not "dying" yet, contrary to what has been heard for twenty years.