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FROST GIANT

Operating

Frost Giant Studios, Inc.

Software & AI · Irvine, CA · Founded 2020

Real-time strategy returns to pc gaming

Post-money valuation ⓘ
$151.3M
As of Sep 2024 · from Reg CF Offering (2024) · pre-money + amount raised, not a traded price
Total raised
$28,392,061
Crowd $1.2M · Private $27.2M · 3 rounds since 2022
Latest share price
$0.519
Section 4(a)(2) · Series 1 Preferred Stock · Feb 2025 offering price

Financials

FY2022–FY2025 · from SEC filings · hover any figure for its source
$0
−$10.3M
2022
$0
−$12.9M
2023
$1.4M
−$11.7M
2024
$731K
−$4.2M
2025
RevenueNet income — beside revenue when positive, below the line when a loss
Metric
FY2022 audited
FY2023 audited
FY2024 audited
FY2025
Income statement
Revenue
$0
$0
$1,361,544
$731,170
Cost of goods sold
$0
$0
$4,044,398
$581,162
Gross margin
—
—
-197%
21%
Net income
-$10,296,821
-$12,884,063
-$11,749,970
-$4,159,864
Taxes paid
$0
$800
$800
$0
Balance sheet
Cash
$19,410,743
$6,806,364
$25,105
$131,442
Accounts receivable
$0
$0
$0
$0
Total assets
$20,053,233
$7,428,865
$816,857
$340,439
Short-term debt
$321,915
$453,626
$2,019,349
$3,479,458
Long-term debt
$128,321
$114,737
$0
$1,066,667
Total liabilities
$450,236
$568,363
$2,019,349
$4,546,125
Other
Headcount
—
48
30
1

Figures as reported by the issuer in the filing shown on hover. Each year’s pill shows the assurance level of its filed statements — audited, reviewed (CPA review, less than an audit), or unaudited, as the filing’s own report or certification states it. A dashed pill marked * is inferred instead: the SEC minimum for an offering that size, which the issuer may have exceeded. No pill means we couldn’t tell. Headcount is the filing’s point-in-time count, not a year-end average. Manually corrected figures are marked “Corrected”.

Valuation over rounds

Pre-money — the valuation set before each round’s money came in
$150.1M
pre-money
Reg CF · Preferred · Apr 2024

Blue bars are the pre-money valuation the company stated for a priced round.

Share price over rounds

log scale
$21.6906$3.3552$0.519
Jan 2022Feb 2025
Round offering price or verified disclosed saleDisclosed sale, unverified or year-onlyDown round · Apr 2024 (-60%)

Disclosed sales come from the issuer's own filings (prior-offering lines, audited-statement notes) and are amount ÷ securities sold. A down round is a firm point more than 25 % below the previous firm point of the same share class on a comparable basis; the comparison ignores unverified and year-only lines, and each class is drawn as its own line.

Fundraising history

Raised $1.2M / $5MInvestors 420Post-money $151.3M

Team

4 people
Tim Morten
CEO, CFO, Secretary, Treasurer, Production Director, Board Member

Former Production Director of StarCraft II and C&C: Generals 2.

James Anhalt
Chief Architect

Former Lead Engineer on StarCraft II.

Tim Campbell
President, Game Director, Board Member

Former Game Director of Wasteland 3, Lead Campaign Designer of Warcraft III: The Frozen Throne.

Howard Xing
Financial Controller

Finance professional with nearly a decade in the video game space. Howard has a holistic experience in all aspects of game development finance. In addition to working approximately 40 hours a week for Frost Giant, Howard also works about 11 hours a week for his company New Game LLC DBA New Game Advisory.

Names and titles as disclosed on SEC Form C, StartEngine. Bios and photos come from the platform campaign page and may be out of date.

Reg CF annual-report compliance

Compliant

Filed 2 of 2 annual reports (FY2024–FY2025)

420 investors
holder-count proxy

Reg CF issuers must file a Form C-AR each year until a Rule 202(b) termination trigger is met.

SEC filings

  • Form C-ARMay 6, 20260002013852-26-000002
    EDGAR
  • Form C-ARMay 1, 20250001665160-25-000944
    EDGAR
  • Form C-UOct 8, 20240001665160-24-001387
    EDGAR
  • Form C/AJul 3, 20240001665160-24-001054
    EDGAR
  • Form CApr 8, 20240001665160-24-000316
    EDGAR
Source: ManualCIK 0002013852DEShare price $0.519

About this data. Figures are compiled from public sources — SEC EDGAR filings (Form C, C-AR, 1-A, 1-K) and funding-platform pages — and may be delayed, incomplete, or restated by the issuer. Financial statements are as reported by the issuer; each year is labeled with its assurance level (audited / reviewed / unaudited). A valuation cap is the conversion ceiling of a SAFE or convertible note, not an agreed company valuation; post-money figures are computed as pre-money plus amount raised and are not a traded price. Crowdonomics is not a broker-dealer, funding portal, or investment adviser; nothing here is investment advice or an offer to sell securities. Verify all figures against the linked EDGAR filings.