Steam 2025 revenue surges toward $17B amid record users

Steam continues to post steady gains: according to Alinea Analytics analyst Rhys Elliott, platform sales in 2025 have already reached about $16.2 billion. That is 5.7% above last year’s $15.33 billion, with a month and a half still to go—major sales, holidays, and peak player spending are all ahead. At this pace, the final tally may well end above $17 billion.

The upward curve comes alongside a growing audience. A month ago, Steam set a new personal best with 41.6 million concurrent users. The platform keeps its edge thanks to a vast player base and familiar terms—habit remains a powerful moat—even as rivals try to reshape the market.

Valve takes a meaningful cut from every sale: 30% on the first $10 million in revenue, 25% from $10–$50 million, and 20% above that threshold. Competing stores, including Epic Games Store and Microsoft Store, court developers with a 12% commission, and Epic has also poured substantial funds into timed exclusives. Yet Steam remains in front and, judging by the numbers, shows no sign of fading interest.

By Alinea Analytics’ estimates, Valve has already earned around $4 billion in 2025 from store commissions alone. With sums like these, it’s little surprise that company president Gabe Newell can indulge in expensive hobbies. According to Boat International, Newell took delivery in early November of his new 111-meter superyacht Leviathan, a custom build by Dutch company Oceanco, which he also acquired earlier this year. The yacht can host 22 guests and 33 crew. Amenities include two gyms, a spa, a bar, a basketball court, a club, a small hospital, and a room outfitted with fifteen top-tier gaming PCs.

Against the backdrop of Steam’s upcoming ecosystem push—the launch of Steam Machine, Steam Frame, and a new Steam Controller is slated for early next year—Newell, who has said he lives at sea and manages projects remotely, looks unlikely to be done with yachts.