Red Dead Redemption 3 Could Arrive by 2028, Citi Says

Rockstar Games could release a new Red Dead title in 2027 or 2028, according to a recent analysis from investment bank Citi, although the studio has not officially announced Red Dead Redemption 3.

The assessment follows new comments about the development costs of Grand Theft Auto VI, which is scheduled to launch on November 19, 2026.

According to The Fly's report on Citi's research note, the bank believes another major Rockstar release within the next two years may not be unreasonable.

Citi highlighted comments from Rockstar's head of publishing, Jennifer Kolbe, who reportedly dismissed speculation that GTA 6 had cost more than $1.5 billion to develop.

The bank also pointed to Take-Two Interactive's $2.4 billion in capitalized software development costs as of its second quarter.

Analysts suggested that these figures could indicate room for another major release following GTA 6, potentially helping Take-Two maintain its financial performance.

However, the reported development spending covers Take-Two's broader portfolio and does not confirm that a new Red Dead game is currently in production.

Rockstar's release history also raises questions about the proposed timeline. Red Dead Redemption launched in 2010, followed by Grand Theft Auto V in 2013 and Red Dead Redemption 2 in 2018.

The latter has sold more than 87 million copies worldwide, making it one of Rockstar's most successful releases.

Despite Citi's analysis, Rockstar Games and Take-Two Interactive have not announced Red Dead Redemption 3, confirmed its development, or provided an official release window.

The suggested 2027–2028 launch period therefore remains a financial analyst's assessment rather than a confirmed release plan.