The name itself carries history: Fenris Creations was the studio's original name when founded in the 90s, and this transition returns the studio to the independent structure it operated under before its acquisition by Pearl Abyss.
Fenris Creations is now governed by its own Board of Directors, returning to a model similar to how the company operated before 2018, and one designed to support strategic decision-making for persistent live games and long-running virtual worlds. The ownership group comprises Fenris Creations’ senior management and long-term investors aligned with the company’s future as a developer, publisher, and operator of player-driven online experiences. As disclosed in Pearl Abyss’ regulatory filings, the transaction value is $120 million USD, with consideration comprising both cash and non-cash elements.
The change reflects a shift in ownership and governance only. Fenris Creations will continue to operate as a standalone studio, responsible for its strategy, operations, and creative direction. Fenris Creations’ leadership team, studios, products, and ongoing development plans remain unchanged, with the same people who have guided the EVE universe for many years continuing to lead the company.
Alongside this transition, Fenris Creations is entering into a research partnership with Google DeepMind, focused on advancing understanding of intelligence in complex, dynamic systems. The collaboration will explore areas including long-horizon planning, memory, and continual learning, using EVE Online as a uniquely rich environment for study. Google DeepMind will work with an offline version of EVE Online running on a local server to test and evaluate models in a controlled setting. Together, the partnership will also explore new gameplay experiences enabled by these technologies.
Google has invested in Fenris Creations as part of this transition, taking a minority stake in the company.
“EVE is built to endure – and it only works if you’re willing to keep pushing into the future. This transition gives us direct ownership, clear accountability, and the independence to invest in worlds that grow over decades,” said Hilmar Veigar Pétursson, CEO of Fenris Creations. “We’re grateful to Pearl Abyss for their partnership and for the consistent support they’ve shown us over the past seven and a half years. EVE Online exists today because of pioneering thinking, patience, and trust between developers and players. Our new structure and partners enable us to carry that legacy forward – continuously evolving a living universe and actively exploring what it can become, with forever in mind.”
“Games have always been a huge part of my life – I’ve been a gamer since I was a kid, and I started my career designing and programming complex AI simulation games like Theme Park. They’ve also been at the heart of many of Google DeepMind’s breakthroughs – like Atari DQN, AlphaGo, AlphaStar and SIMA – because they’re the perfect training ground for developing and testing AI algorithms,” said Demis Hassabis, co-founder and CEO Google DeepMind. “I’ve known Hilmar for many years and long admired his work, and I’m thrilled to partner with him and the fantastic team at Fenris Creations to explore new gaming experiences and advance AI research safely inside a player-driven universe as amazingly complex as EVE Online.”
“I’ve followed CCP’s progress closely over the past several years and have great respect for what the company has achieved,” said Birgir Már Ragnarsson, Co-founder and Partner at Omega Ventures, and Chairman of the Board at Fenris Creations. “As Chairman, I’ve seen firsthand how this company performs when its leadership is set up to focus and execute. We’re entering this next phase from a position of strength, with experienced leadership and strong partners in place. I’m looking forward to playing a part in that journey and supporting Fenris Creations as it continues to make history.”
For employees and the local community in Iceland, Fenris Creations emphasized that this transition does not involve restructuring or layoffs. There are no planned changes to the company’s organizational structure, and its headquarters will remain in Vatnsmýrin, Iceland. Studios in Reykjavík, London, and Shanghai will continue to operate as they do today.
Since 2018, CCP Games and Pearl Abyss have worked closely together while evolving as companies. Following a joint review of long-term strategy, both parties concluded that the company is now best supported through independent ownership as Fenris Creations, while Pearl Abyss continues to focus on the growth of its own core titles and IP portfolio. Broader differences in operating context, current strategic focus, and long-term priorities were among several factors considered in this decision.
Fenris Creations enters this next phase with strong momentum across its sci-fi universe. EVE Online closed 2025 with some of its best results in several years, including a record-breaking revenue month in November and a standout Q4 that became the second-highest revenue quarter in the game’s more than 20-year history. The iconic spaceship MMORPG exceeded internal expectations and demonstrates sustained strength as a live service in its third decade of continuous operation. Adding to this strong position are two upcoming titles in development: EVE Vanguard, an extraction-adventure FPS, and EVE Frontier, an online space survival game. The company remains profitable, with over $70M in reported revenue for 2025 and strong reserves, reflecting sustained player engagement and enabling continued investment in the long-term health of the EVE Universe.
Pearl Abyss and Fenris Creations part ways with mutual respect following a partnership that supported the company’s growth during an important period in its history. Both companies now move forward with clear direction on their respective priorities.
Aream & Co. and Arion Bank are acting as financial advisors to Fenris Creations, and LOGOS is providing legal counsel.
Fenris Creations will continue to communicate openly as it moves forward under this new model, with a clear focus on the future of the EVE universe.