Polish analyst Mateusz Chrzanowski of Noble Securities told Eurogamer he is fully confident that CD Projekt Red will release substantial new content during 2026 — and that in roughly 90% of scenarios this will take the form of a story expansion for The Witcher 3: Wild Hunt.
In December, Chrzanowski publicly predicted a not-yet-announced third expansion for The Witcher 3 timed for the game’s eleventh anniversary. He forecast the add-on would be priced at about $30, sell some 11 million copies over 2026 and serve as the opening salvo of a broader promotional campaign for The Witcher 4.
Chrzanowski bases his certainty on CD Projekt Red’s financial targets and the company’s shareholder incentive programme. One of the programme’s three goals calls for a combined net profit target of 2 billion zloty across 2023–2026; according to his calculations, CD Projekt Red still needs roughly 700 million zloty (about $194 million) to meet that first target.
Given that shortfall, Chrzanowski argues, the studio will likely need to ship something more substantial than a minor patch or a niche-platform port. He reasons that only a sizable, revenue-driving release could plausibly make up the remaining gap and help deliver the promised financial outcome to shareholders.
CD Projekt Red itself hinted in a November corporate report that it could release some form of "new content" as part of its plan to meet corporate targets, a detail Chrzanowski cites as consistent with his expectations for 2026.
Industry observers expect the work on the rumored expansion to be handled by Fool’s Theory, a Polish studio founded by former CD Projekt Red developers. Fool’s Theory is known for The Thaumaturge and has been entrusted with development of the remake of the original The Witcher, making it a plausible candidate to lead or co-develop a Witcher 3 add-on.
For context, The Witcher 3 originally launched in May 2015 and is available across PC, PlayStation 4 and 5, Xbox One and Series X/S, and Nintendo Switch. Since release, CD Projekt Red has published two major story expansions for the game: Hearts of Stone in 2015 and Blood and Wine in 2016.
Chrzanowski’s projections, if realized, would mark a return to major single-player content for the studio tied to its flagship franchise, and could also function as a strategic bridge toward renewed marketing and anticipation for the upcoming mainline sequel.
Eurogamer reported Chrzanowski’s comments and analysis; the analyst’s public stance adds to ongoing industry speculation about CD Projekt Red’s 2026 release slate and the future trajectory of The Witcher franchise.