No Destiny 3, No New Projects, No Safety Net

Zero greenlit projects. No Destiny 3 in development. Significant layoffs incoming. According to a Bloomberg report, Bungie's situation after Destiny 2's final update on June 9 is about as bleak as it gets for a studio Sony paid $3.6 billion to acquire in 2022.

The studio confirmed on its blog this week that Destiny 2's last live-service content update drops on June 9, 2026, ending nearly nine years of active development. The game will stay online, much like the original Destiny still is, but active support is done. What comes next is where things fall apart. Bloomberg's sources say Bungie developers are pitching and attempting to prototype new projects, including ideas set in the Destiny universe, but none have been approved for full production. Not one.

I've been covering Bungie's slow-motion unraveling for a while now, and this feels like the moment where the math stops being abstract. This isn't a studio winding down one game to ramp up another. This is a studio with Marathon underperforming sales expectations and nothing else on the board. The blog post's language about "incubating our next games" sounds aspirational until you pair it with the fact that no game has actually been greenlit. Incubation without approval is just a pitch deck and a prayer.

$765 Million in Smoke

Sony's financial results for the year ending March 2026 revealed roughly $765 million in impairment losses against Bungie's assets, on top of a $204 million impairment the year before. That's nearly a billion dollars in writedowns on a $3.6 billion acquisition. Marathon, which Bloomberg says hasn't met sales expectations, is now Bungie's entire lifeline. The studio plans to invest more into it, including adding PvE content to broaden its appeal, and some Destiny 2 staff have already been shifted over to work on it.

But Marathon can't carry the weight of an entire studio that was built to run multiple projects simultaneously. Bungie laid off more than 200 employees in 2024 after cancelling a Destiny spin-off called Payback, and now Bloomberg reports another round of "significant" layoffs is planned as Destiny 2 development wraps up. The exact number isn't known, but the word "significant" doesn't leave much room for optimism.

Sony has already demonstrated it will shut down studios that aren't delivering. Bluepoint Games was closed earlier this year without releasing a single game as a first-party PlayStation studio. Bungie has more than Bluepoint did, given its legacy and the Marathon investment, but erodes fast when you're burning money with no second product in the pipeline. The cold reality is that Bungie's entire future now depends on whether Marathon can grow its playerbase and whether Sony greenlights something new before the studio shrinks past the point of being able to build it. I can't think of another major acquisition this decade that has gone this sideways, this fast.