Gabe Newell is a man with a red button on his desk that, if pressed, will immediately grant him 11 figures to distribute as he pleases. It's labeled "sell Valve to Microsoft/go public". Newell hasn't pressed the button. Newell and his employees are satisfied with "making shitloads of money" and don't need to "make more shitloads than last year, forever".

I can reasonably say that Newell probably won't press that button during his lifetime. Similarly, I'd trust anyone with that button to hold onto it no matter what, because "if it's getting pressed, it should be me pressing it."

Once Newell dies, many bets are off. That's a really, really tempting button to press. There are very few humans likely to not press it.

Yep, exactly.

They don't have a board of investors demanding LINE GO UP FASTER, the way that say, MSFT did, demanding their games division hit a 30% profit margin for the last 5 years, and then I guess being surprised that that level of short term thinking blew it all up.

But, on the flip side... who the fuck knows what's gonna happen when Gabe either passes the torch or quits.

Hooray capitalism, lol.

Well they are certainly the exception, not the rule. I'll take it, but we definitely got cosmically lucky to have steam exist in this timeline the way it does. 99/100 times it's a soulless shit factory that's entirely reflective of the AAA industry as a whole.