Opened a new position today in my Trading 212 SIPP: Take-Two Interactive Software, ticker TTWO. If you've ever played Grand Theft Auto, Red Dead Redemption, BioShock, Borderlands, Civilization, or NBA 2K, you already know this company — you just might not know they're the publisher behind them. Take-Two is one of the largest video game publishers in the world, and with Grand Theft Auto VI now confirmed for a 2026 release, I've been watching this name for a while. Today I finally opened a position.
Let me explain what Take-Two actually is, because it's more than just 'the GTA company'. Take-Two owns two major publishing labels: Rockstar Games and 2K. Rockstar is responsible for Grand Theft Auto and Red Dead Redemption — two of the most commercially successful entertainment properties ever created, across any medium. Grand Theft Auto V has sold over 210 million copies since 2013, generating over $9 billion in revenue. To put that in context: the highest-grossing film of all time, Avatar, took about $2.9 billion at the box office. GTA V tripled it. These are not video games in the traditional sense — they're persistent online worlds that generate recurring revenue through in-game purchases (GTA Online, Red Dead Online) years after the initial sale. Rockstar is, by some distance, the crown jewel of Take-Two.
The 2K label publishes NBA 2K (the dominant basketball franchise), WWE 2K, PGA Tour 2K, BioShock, Borderlands, Civilization, and XCOM. NBA 2K alone is an annualised revenue machine — it sells 10-15 million copies every single year, plus recurring revenue from the MyTeam and MyCareer modes. The sports games provide predictable, recurring cash flow that smooths out the lumpiness of Rockstar's blockbuster release cycle. Then there's Zynga, which Take-Two acquired in 2022 for $12.7 billion — the mobile games company behind Words With Friends, Zynga Poker, and the hyper-casual portfolio. Mobile gaming is the largest segment of the games market by revenue, and Zynga gives Take-Two a meaningful presence there, plus a direct-to-consumer mobile platform that sits outside the Apple and Google app store ecosystems to some degree.
So why buy now? The obvious catalyst is Grand Theft Auto VI. Take-Two has confirmed a release window, and the anticipation around this game is unlike anything I've seen in entertainment. GTA V came out in 2013 — that's over 12 years of pent-up demand for a new entry in the series. The launch of GTA VI will almost certainly be one of the biggest entertainment events of this decade, across any medium. The revenue impact will be enormous — not just the initial unit sales (which will be massive), but the years of GTA Online 2.0 recurring revenue that follow. Rockstar has spent over a decade learning how to monetise an online world; GTA VI Online will launch with all of that knowledge baked in from day one.
But I want to be clear: I am not buying TTWO purely as a GTA VI trade. If I were trying to time a single game launch, I'd be speculating, not investing. My thesis is broader: Take-Two owns some of the most valuable intellectual property in entertainment, period. Grand Theft Auto, Red Dead Redemption, BioShock, Borderlands, Civilization — these are franchises that will be generating revenue for decades. The shift to digital distribution has transformed the economics of game publishing (higher margins, more recurring revenue, less reliance on physical retail). Mobile gaming, via Zynga, adds a growth vector that didn't exist when GTA V launched. And the interactive entertainment industry as a whole has grown to eclipse film, music, and home video combined — this is now the largest entertainment category in the world, and Take-Two is one of the best-positioned companies in it.
The risks? Several, and I take them seriously. First: GTA VI is already priced in to some degree — the stock has run up in anticipation, and if the game underwhelms (unlikely but possible), the downside would be significant. Second: game development is inherently unpredictable. Delays happen. Budgets balloon. Rockstar is legendary for taking its time (which I actually view as a positive — they protect their franchises), but the market may not be patient. Third: the Zynga acquisition loaded the balance sheet with debt and goodwill — if mobile gaming growth slows or the synergies don't materialise, that $12.7 billion starts to look expensive. Fourth: competition for attention is fierce. Fortnite, Roblox, Minecraft, Call of Duty: Warzone — these are free-to-play platforms that consume enormous amounts of player time. Take-Two's premium-priced, narrative-driven games compete in a market where 'free' is increasingly the default.
Position sizing, as always, is how I manage these risks. TTWO is a satellite position — a small, high-conviction holding inside a SIPP dominated by broad ETFs. When I say I opened a position, I mean a small one. If GTA VI launches to rave reviews and GTA Online 2.0 prints money for a decade, this small position could grow into something meaningful. If the game is delayed, the stock sells off, or the thesis breaks, the damage is contained. I will not be betting the pension on a video game publisher. But I'm comfortable expressing my conviction — that great intellectual property, managed well, compounds in value over time — with a modest amount of capital.
One final thought. There's a temptation in investing to buy things you understand — and for many people, video games are more understandable than semiconductor equipment manufacturers or AI cloud infrastructure companies. I understand what Take-Two does because I've played their games and seen the cultural impact they have. That doesn't make it a better investment than something more obscure, but it does mean I'm less likely to panic-sell when the stock goes through a rough patch — because I understand the underlying assets and believe in their long-term value. Investing in what you understand is not just about picking winners; it's about having the conviction to hold through the inevitable volatility.
As always: this is what I did with my own money. Not a recommendation. All investing carries risk — you can lose money, and past performance doesn't predict future returns. Individual shares carry significantly more risk than diversified funds. US-listed shares carry currency risk for UK investors. The value of your investments can go down as well as up. Do your own research and consider seeking professional advice.