The Build A Rocket Boy, developer of MindsEye, formally entered administration, a British insolvency process that places the company under the control of administrators while alternatives for the business are assessed. The procedure began on September 23, with professionals from Opus appointed to lead the case.
The most recent accounts help gauge the studio's financial deterioration. In the nine months ended September 2025, the group recorded an operating loss of £47.5 million and a loss of £37.35 million, against only £4.6 million in revenue. Operating costs reached £52.1 million in the period.
Cash fell from £52 million to £19.4 million
Build A Rocket Boy's cash fell from approximately £52 million at the end of 2024 to £19.4 million in September 2025. On the same date, the company had £25.3 million in obligations maturing in up to one year and another £36.5 million due in the long term.
The financial statements themselves already pointed to a risk to the business's continuity. Around £16.6 million in preferred shares had been reclassified as a short-term obligation, while the directors stated they depended on new financing and the commercial performance of projects planned for 2026. The auditors highlighted a material uncertainty about the group's ability to continue operating.
The deterioration occurred after a significant financing cycle. In January 2024, the company raised more than US$ 110 million in a round led by RedBird Capital Partners, with participation from investors such as NetEase Games and Galaxy Interactive. The capital would be used to market Everywhere, MindsEye and the Arcadia creation tools.
MindsEye launched in June 2025 and received mostly negative reviews from critics, as well as complaints about bugs and performance. A few weeks after launch, Build A Rocket Boy confirmed a staff reduction process.
The situation continued to deteriorate in 2026. In March, IOI Partners terminated the publishing agreement for MindsEye, leaving Build A Rocket Boy responsible for publishing the game. New layoffs were reported later, before the entry into administration.
The entry into administration does not automatically mean the closure of the company. Under British rules, the administrators take control of the business and may try to restructure it, sell it as a going concern or realize its assets to pay creditors. They must present their proposals normally within eight weeks.
