Steam Machine launches at $1,049 — RAM crisis pushed it well past Valve's original $750 target

Valve has officially revealed Steam Machine pricing and opened randomized reservations. The base 512GB model starts at $1,049 / £879 / €1,039, the 2TB version runs $1,349 / £1,149 / €1,359, and either can be bundled with the Steam Controller for $79 more — $79 cheaper than buying the controller separately. The 2TB bundles also include two magnetic faceplates in red fabric and solid walnut.

Valve engineers Pierre-Loup Griffais and Yazan Aldehayyat told IGN that the original target price was never finalized, but was "probably similar" to the increase the Steam Deck saw — roughly 35% above its pre-crisis price. That math puts the Steam Machine's original goal at around $749. The culprit is what Valve is calling RAMnarök: a global memory crisis driven largely by AI industry demand that has sent RAM and SSD prices into freefall. In the US, average RAM prices are up 163%; in Japan the increase is 619%, and in the UK 219%. Valve says some components it originally planned to use became unavailable "at any price." The company admits the original price target is "no longer viable" and that "some people are going to be priced out." When asked whether prices could drop in the future, Valve said it was "too dangerous to speculate."

The RAM crisis also hammered launch supply. Valve is using a randomized reservation system — sign-ups are open now through June 25 at 10am PT — to avoid bots and scalpers. After the cutoff, Valve randomizes the queue and emails buyers in order. Anyone who misses the first wave goes to a waitlist that could stretch into 2027 and beyond. For context, the Steam Machine is not a subsidized console — Valve has been clear it's a full desktop PC that also works as a living room device. But at over $1,000, it's hard to ignore that a PS5 currently costs roughly half the price, and Digital Foundry's performance review found the Steam Machine struggles to match the base PS5 in many tested games. The PS5 Pro, still cheaper than the Steam Machine, outpaces it on raw graphical performance.

At $750, the value proposition would have been much easier to defend — a tiny, SteamOS-powered PC with full desktop flexibility at a price competitive with premium consoles. At $1,049, it's a harder sell, even if comparable mini gaming PCs with similar specs often cost more. Whether the RAM bubble bursts and Valve can revisit pricing remains an open question, but the company isn't making any promises.