Nex has raised more than $150 million in new equity and debt financing to expand the reach of its Nex Playground motion-based console, with the company now reporting more than 1 million units sold and a subscriber base approaching 1 million.

The round, announced September 21, 2026, is led by Baillie Gifford and BAI Capital through a Series E, with participation from NBA Investments, Logitech, Medici Capital Partners and the Raine Group. A new credit facility from JPMorgan sits alongside the equity. Nex did not disclose valuation, debt-to-equity split, or the size of individual investor checks.

Where the capital is going

Nex said the proceeds will fund three operational priorities:

• Retail distribution beyond the current 7,000-plus US storefronts (Costco, Sam's Club, Target, Walmart, Best Buy)
• Content expansion with new gaming and entertainment partners
• Geographic rollout into Germany later this year, followed by Japan and South Korea in 2027

The console launched into Canada, the UK and the Republic of Ireland prior to this announcement. The company has not named distribution or retail partners for the new territories.

How big is the installed base now

Nex Playground has sold more than 1 million units, and Nex claims its subscription business has grown sevenfold over the past 18 months, putting the count just under the 1 million mark. The company said it expects to cross that threshold by the end of 2026.

Nex did not break out paid vs. trial subscribers, monthly active users, or average revenue per user. The unit-sale and subscriber figures are company-reported, unaudited, and not verified by a third party.

What does the content pipeline look like

The platform currently hosts more than 60 games across music, sports, fitness, party and learning categories, with licensed IP including Bluey, Barbie, Kung Fu Panda and Peppa Pig.

Three confirmed additions:

• NFL Flag — a tie-in with the league's flag-football program
• Dude Perfect Trickshot Challenge — based on the YouTube sports-entertainment property
• Pac-Man — a co-developed title with Bandai Namco Entertainment

Nex is also building a feature it calls Connected Play, designed to let households play together across distances. The company has not announced a release window, supported platforms outside the Playground, or the networking model underpinning it.

Who is running the expansion

Former Niantic CFO Jeff Shouger has joined Nex as chief financial officer, taking over the books during a period in which the company is also carrying a new JPMorgan credit facility. Industry veteran Bing Gordon has joined the board alongside Shouger.

The two hires concentrate senior operating talent in finance and content strategy, reflecting where Nex has flagged risk: a hardware-dependent distribution model, an as-yet unproven subscription product, and a content slate that depends on third-party IP holders.

What does the next 12 months hinge on

CEO and co-founder David Lee framed the round as a long-horizon bet. "Families have timeless needs: to move, grow, connect, and have fun," Lee said. "The response to Nex Playground has shown us that active play can serve those needs at a meaningful scale. We are building Nex to be a 100-year company. This investment gives us the resources to bring active play to millions more families around the world."

The watchpoints are concrete: Germany launches before the 2026 holiday window, Japan and Korea line up for 2027, the subscriber base must clear 1 million by year-end, and Connected Play has to ship in some form to validate the multiplayer positioning the company is selling. None of those milestones is disclosed with a specific date, leaving the market to read them off retail listings and app store rankings as they land.