100 Thieves
Esports org and streetwear brand built around creator fame, now shrinking fast.
On the record
Checkpoint: Sponsorship renewal decisions following the VALORANT Esports World Cup title
The call
100 Thieves still has fans and famous names, but its money problems and thinning sponsor list look a lot like FaZe Clan's before its fall.
100 Thieves runs a professional esports team and sells streetwear online, making money when fans buy jerseys and gear or when sponsors pay to appear at tournaments. It is hard to copy because it has built real fans who care about its players and streamers, but that loyalty is fragile: if the star players leave or stop winning, fans follow them elsewhere, just like what happened to FaZe Clan when it collapsed from a billion-dollar valuation to nearly nothing. The company is shrinking right now (online sales dropped more than half in early 2025, and it has laid off workers four times), sponsorships are drying up, and Fanatics and big sports companies are now competing for the same Gen Z audience and advertising dollars. If 100 Thieves wins the VALORANT championship in July 2026, it could use that victory to lock in new sponsor deals and get people buying merch again, but if that does not happen or if the money does not show up in the next few months, the company will likely need to cut more staff or find a buyer.
Why
01
AI pressure: AI content and editing tools (e.g. Runway, CapCut AI, ChatGPT-based scripting). Cheap AI tools let creators like Valkyrae or CouRage run solo channels profitably, weakening the case for staying under 100 Thieves. Could AI do the core job? Only partly.
02
Bigger players: Fanatics and major sports/media conglomerates. Fanatics and legacy sports brands chase the same Gen Z merch and sponsorship dollars, squeezing 100 Thieves out of key deals. Could a giant copy it? Yes, easily.
03
What protects it. Creator equity ties and a loyal Gen Z fanbase still give 100 Thieves some pull with sponsors and talent, though it is fraying.
What would change this call
Whether 100 Thieves announces a new priced funding round or valuation update by mid 2027. Shows whether investors still value the company at or above the Dec 2021 $460M mark.
Whether e-commerce GMV rises for two straight quarters after the 2025 trough. Shows whether the DTC merch business is recovering or still shrinking.
Whether the July 2026 VALORANT title leads to a disclosed multi-year sponsor deal. Shows whether the win converts into renewed sponsorship revenue at pre-2022 rates.
Whether e-commerce GMV rises for two straight quarters after the 2025 trough. Shows whether the DTC merch business is recovering or still shrinking.
Whether the July 2026 VALORANT title leads to a disclosed multi-year sponsor deal. Shows whether the win converts into renewed sponsorship revenue at pre-2022 rates.
Key numbers
- E-commerce GMV fell over 50% YoY to $4.1M
- No new funding round since $460M valuation
- Four layoff rounds in under four years
Named risks
- E-commerce GMV fell over 50% year-on-year in 2025 to $4.1M.
- No priced funding round since Dec 2021, valuation frozen at $460M.
- Four rounds of layoffs since 2022, headcount estimates falling to ~80 by 2026.
- Sponsorship lapses (StockX, Rockstar Energy, Dollar Shave Club, Truly, Twisted Tea by 2022-23).
- Leadership churn: founder Nadeshot stepped back Dec 2024, COO departure March 2024.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| FaZe Clan | contesting | FaZe collapsed from ~$1B valuation to $17M acquisition in 2024, lost entire roster by Dec 2025 |
| Team Liquid | losing to | Team Liquid reached EBITDA-positive in 2024 via Esports World Cup revenue sharing |
| G2 Esports | contesting | Both orgs underwent layoffs in September 2025 |
| Fanatics | losing to | Fanatics and traditional sports conglomerates compete for the same sponsorship dollars 100T relies on |
| Cloud9 | contesting | Listed as direct peer in esports org + lifestyle brand category as of 2026 |
Questions people ask
- Is 100 Thieves profitable in 2026?
- No profitability has been disclosed. 100 Thieves' online store GMV fell over 50% year-on-year to $4.1M in 2025, monthly sales were only about $369,599 in May 2026, and the company has cut staff four times since 2022, most recently September 2025.
- Could AI replace 100 Thieves?
- Not directly. 100 Thieves launched an AI shopping chatbot with Theta Network in August 2025 for commerce and schedule queries, but its core value is human creator personalities like Valkyrae and CouRage plus publisher-controlled league franchise slots, neither of which AI can replicate.
- Who owns 100 Thieves?
- Founded November 2017 by Matthew Nadeshot Haag, with Drake and Scooter Braun becoming co-owners via the October 2018 $25M Series A. Creators Valkyrae and CouRage received ownership stakes in January 2020. It remains private with no priced round since December 2021.
- Who is 100 Thieves' biggest competitor?
- Peers include FaZe Clan, which collapsed from a roughly $1B valuation to a $17M acquisition by GameSquare in 2024 and lost its entire creator roster by December 2025, and Team Liquid, which reached EBITDA-positive status in 2024 via Esports World Cup revenue sharing.
- Did 100 Thieves win any esports titles recently?
- Yes. 100 Thieves won its first international VALORANT title at the Esports World Cup 2026 in July 2026, earning $600,000 in prize money after missing VCT Champions for three straight years and undergoing a full roster rebrand in September 2025.
- What is 100 Thieves' current valuation?
- 100 Thieves was valued at $460M following a $60M Series C on December 2, 2021, led by Bloomberg's reporting. No new priced funding round has been disclosed since then as of July 2026, leaving the valuation effectively frozen.
Timeline
- 2026-07-13Won first international VALORANT title at Esports World Cup 2026, earning $600,000 prize
- 2026-05-25Online store monthly sales tracked at about $369,599
- 2026-03-31Entered Rainbow Six Siege roster expansion
- 2025-09-16Announced full VALORANT roster rebrand ahead of 2026 season
- 2025-09-11Layoffs hit alongside G2 Esports and Team Liquid; Nadeshot confirmed non-CEO status
- 2025-09-08Nadeshot's Roobet gambling deal draws backlash amid company layoffs
- 2025-08-22Launched AI shopping chatbot 100T Chat via Theta Network partnership
- 2024-03President/COO John Robinson departs for EA; C-suite reshuffle follows
- 2021-12-02Series C raises $60M, pushing valuation to $460M
- 2020-01-22Valkyrae and CouRage given ownership stakes; Compound facility opens
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- 100 Thieves
- 100 Thieves Opens State-Of-The-Art Compound (2020-01-21)
- Esports Company 100 Thieves Is Now Worth $460 Million (2021-12-02)
- 100 Thieves 2026 Company Profile
- 100 Thieves Opens State-of-the-Art Compound (2020-01-22)
- 100 Thieves - Overview, News & Similar companies (2026-07-06)
- 100thieves.com eCommerce Revenue (2026-05-25)
- 100 Thieves have laid off around 30 employees (2024-12-31)
- How the layoffs at 100 Thieves underscore esports' creator-executive leadership problems (2023-02-07)
- 100 Thieves crowned VALORANT champions at Esports World Cup 2026 (2026-07-13)
- Layoffs Hit G2 Esports, 100 Thieves, and Team Liquid (2025-09-11)
- Vantage Collection (2025-07-31)