Chris Roberts said Cloud Imperium raised $46 million from investors Clive Calder and Keith Calder in 2018, selling approximately 10 percent of its US and UK companies. He said the money was intended to help fund marketing and release needs for Squadron 42; crowdfunding would continue to support development of both Squadron 42 and Star Citizen. This was a private investment, not a new crowdfunding milestone.
What the $46 million deal was
In a December 20, 2018 letter, Roberts announced that Cloud Imperium had closed a minority investment from Clive Calder’s family office and Keith Calder’s Snoot Entertainment. He described the deal as $46 million for approximately 10 percent of the company’s US and UK operations.
Roberts said he remained chairman, CEO and majority shareholder, and that control of the company and its board remained with him. GamesBeat’s contemporaneous interview report put Roberts’s stake at 75 percent and the company’s valuation at $496 million. Those are figures reported in 2018, not current ownership or valuation disclosures.
Why Roberts said Cloud Imperium took the investment
Roberts’s stated priority was financing the marketing and release of Squadron 42 without handing the company’s future to a publisher or asking existing backers to fund marketing. He argued that a strong single-player game would need substantial marketing to compete for attention with major releases. He said the investors were chosen because he believed they understood Cloud Imperium’s direct relationship with its audience and its long-term entertainment business. These are Roberts’s explanations for the decision, not independent evidence about the company’s finances or the investors’ motives.
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“Taking in like-minded partners helps us solve the need of funding the marketing and release of Squadron 42, but also stay attuned to what makes us special.”
Roberts also described crowdfunding as the basis for setting the scale of development. In the GamesBeat interview, he said: “We’ve told everyone on our backer side that the money we raise dictates the level of development spending and scope of what we’re trying to do with Star Citizen.” The investment and crowdfunding therefore had different stated roles: the private deal was aimed at marketing and release needs for Squadron 42, while backer funds continued to support development of both games.
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Why there are two different $46 million milestones
The 2018 private investment is easy to confuse with a separate crowdfunding milestone. Roberts Space Industries’ official funding-goals page records a $46 million Star Citizen stretch goal as accomplished on June 12, 2014. That was a crowdfunding goal, four years before the investment announced by Roberts.
| Amount | What it refers to | Date and source |
|---|---|---|
| $46 million | Private minority investment in Cloud Imperium’s US and UK companies, associated with approximately 10 percent of shares | Announced December 20, 2018 by Roberts in his letter |
| $46 million | Star Citizen crowdfunding stretch goal | Marked accomplished June 12, 2014 on the RSI funding-goals page |
What the interview said about funding—and what it did not establish
At the time of GamesBeat’s 2018 interview, the outlet reported that Star Citizen had raised $211 million from 2.2 million fans over the preceding five years, alongside the additional $46 million in investment. Those totals are a 2018 snapshot, not current funding figures. In the transcript, Roberts described community concerns in the words, “How much are they spending? Do they have enough money to finish the game?” The interview does not present those questions as the result of a poll or measured audience study.
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The announcement explains how Roberts said he intended to use the investment; it does not demonstrate that the money was sufficient to complete either game, prove the company’s financial health, or establish eventual delivery. A reported valuation and a stated funding purpose are not evidence of completion.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.The 2020 forecast was superseded
In the 2018 GamesBeat interview, Roberts said the team was looking toward a 2020 release for Squadron 42. That was a forecast made at the time, not a current release date. PC Gamer reported on August 27, 2026, that Roberts had moved the target from Q4 2026 to Q2 2027, citing his RSI statement and his concern about competing for attention with GTA 6. Q2 2027 is the latest reported plan, not a guaranteed launch date.
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| Schedule statement | When it was reported | How to read it |
|---|---|---|
| Looking toward a 2020 release for Squadron 42 | GamesBeat interview, December 20, 2018: interview | Historical forecast; it did not hold |
| Q2 2027 target, revised from Q4 2026 | Reported August 27, 2026 by PC Gamer | Latest reported target, not confirmation of release |
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