Krafton’s Subnautica 2 launch could define whether the gaming giant can finally break its dependence on PUBG and build a true multi IP future.
Korean gaming powerhouse Krafton is preparing for a major milestone as it launches the highly anticipated survival adventure title Subnautica 2 in early access on May 15.
The release is widely seen as a critical test of whether the company can expand beyond its globally successful but highly concentrated reliance on PUBG: Battlegrounds.
Developed by U.S.-based Unknown Worlds Entertainment acquired by Krafton in 2021 the sequel builds on the success of the original Subnautica, which has sold over 18 million copies worldwide since its 2018 debut.
The franchise has remained a strong performer in the global gaming ecosystem, with Subnautica 2 consistently ranking at the top of Steam’s global wish lists for months.
The new installment shifts the survival experience to an alien ocean planet and introduces a major gameplay evolution four-player cooperative multiplayer for the first time in the series.
Unlike the original built on Unity, the sequel is developed using Unreal Engine 5, and will launch on PC as well as Xbox Series X and S platforms, signaling a broader push for cross-platform reach. The road to release has not been smooth.
The project became embroiled in legal disputes between Krafton and the founding leadership of Unknown Worlds.
Krafton previously removed the studio’s former management, citing insufficient development commitment to Subnautica 2. The executives responded with a lawsuit, alleging wrongful dismissal.
The dispute saw partial resolution earlier this year when a US court ordered the reinstatement of former CEO Ted Gill, clearing the path for the early access launch.
The company continues to face investor concern over its heavy dependence on PUBG-related revenue and its limited success in establishing new global IP.
“Krafton remains heavily concentrated on the PUBG-based IP within its game portfolio, while the performance of multiple new titles based on global mega-IP has yet to become clearly visible.”
“The company needs to demonstrate a higher corporate value through the establishment of a multi-IP structure backed by major new game releases,” he said.
Kim estimated that Subnautica 2 could sell up to 5 million copies in its second quarter alone, potentially generating around 168.5 billion won in revenue based on its 33,700 won price point.
However, profitability remains uncertain, particularly given Krafton’s reported milestone-based bonus commitments of up to $250 million to Unknown Worlds.
The early access phase is expected to last two to three years, with the full release likely priced higher, offering additional long-term revenue upside.
Analysts suggest that if the title succeeds, it could significantly strengthen Krafton’s valuation and investor sentiment, especially as the company’s stock has recently fluctuated from its 52-week high of 393,000 won down to the 270,000–280,000 won range. As anticipation builds, Subnautica 2 is no longer just a sequel. It has become a strategic turning point.
For Krafton, the deep sea adventure may ultimately determine whether its future remains anchored in PUBG, or finally expands into a broader universe of global gaming IP.
