When people think of Valve Corporation—maker of Steam, Half-Life, Portal, Counter-Strike, Dota 2, and the Steam Deck—they often imagine a large, sprawling company. After all, its products touch millions of users every day. But the reality is more surprising: Valve is a relatively small company, at least in terms of headcount.
In this post, we’ll explore:
- The known data on Valve’s employee numbers
- How that compares with other gaming and tech companies
- The breakdown among departments (Games, Steam, Admin, Hardware)
- Why Valve keeps its staff lean
- Potential caveats and uncertainties
Let’s begin.
What the Public Records Reveal
Because Valve is privately held, it doesn’t publicly disclose its full workforce or financials. However, data leaked through court documents (specifically, in the Wolfire Games lawsuit) provides one of the most reliable snapshots. Ars Technica+3The Verge+3Game World Observer+3
The 2021 Snapshot: 336 Employees
According to documents revealed as part of that lawsuit, in 2021 Valve employed 336 people. The Verge+2Game World Observer+2
Here’s how that 336 breaks down by division (as per the leaked data): Game World Observer+2The Verge+2
| Division | Approx. Number of Employees |
|---|---|
| Admin | 35 |
| Games | 181 |
| Steam | 79 |
| Hardware | 41 |
This implies that the bulk of Valve’s workforce is in game development and operations, followed by the Steam platform team, with a smaller hardware division (particularly interesting given Valve’s forays into devices like the Steam Deck).
In the same records, Valve’s gross salary spending in 2021 was around USD 444.5 million, making the average (mean) salary per head ~USD 1.32 million. (Note: “mean” doesn’t mean every person was paid that—there is wide disparity across roles). Game World Observer+2The Verge+2
Headcount Over Time
The leaked data also shows that Valve’s headcount has not grown dramatically in recent years. After a period of growth in the 2000s, from 2003 through ~2012 the number of employees increased steadily. But from roughly 2012 onward, the total headcount has remained relatively stable, hovering in the 325–375 range. Ars Technica+2PC Gamer+2
Ars Technica, in analyzing those leaks, wrote:
“After 2012, Valve’s total employee count remained remarkably steady, hovering between 325 and 375 employees through 2021.” Ars Technica
Thus, the 336 figure is not likely to represent an anomalous dip or peak—rather, it seems fairly representative of Valve’s typical size in recent years.
Why 336 Matters
To many, 336 may seem like a modest number for a company running one of the world’s largest game distribution platforms (Steam) and developing major game franchises.
Some salient observations:
- Only 79 people in 2021 worked on the Steam side—yet Steam is the platform through which Valve earns vast portions of its revenue. The Verge+2Game World Observer+2
- The Games division (181 employees) includes those maintaining live games (e.g. Dota 2, CS) and working on internal new titles. Game World Observer+2The Verge+2
- Hardware is a smaller chunk with only 41 employees in 2021. That said, since the introduction and success of the Steam Deck and Valve’s deeper push into hardware, that number may have changed more recently than the public data shows. Ars Technica+3The Verge+3Game World Observer+3
- The Admin group (35 people) commands a disproportionate share of salary cost in relation to headcount. Ars Technica+2The Verge+2
Comparison With Other Companies
To grasp how lean Valve is, it helps to compare with other gaming or tech companies.
- EA, Ubisoft, Activision Blizzard: These AAA publishers and studios usually have thousands to tens of thousands of employees across development, support, publishing, marketing, etc. Wikipedia+1
- Larian Studios, creators of Baldur’s Gate 3, reportedly had about 470 employees as of March 2024, making Larian larger in headcount than Valve. PC Gamer
- Many mid-sized game studios run several hundred employees; Valve is in the upper small / lower mid tier by headcount—but with far greater influence and reach per employee than many.
One article summed it up:
“In terms of headcount, Valve is significantly smaller than even Baldur’s Gate 3 developer Larian Studios, which had 470 employees as of March 2024.” PC Gamer
From that perspective, Valve is not one of the giants in manpower—but its “per-employee impact” and revenue generation are exceptional.
Why Valve Stays Lean
Given Valve’s influence, why hasn’t it grown its workforce more aggressively? Several factors likely contribute:
1. Flat / Open Allocation Structure
Valve is famous for its flat organizational structure. There are no formal managers; employees choose what to work on via an “open allocation” system, moving between projects freely. PC Gamer+3Wikipedia+3Wikipedia+3
This style tends to favor fewer hierarchical layers, and perhaps dissuades overly large scaling of teams, as the coordination overhead grows.
2. High Efficiency & High Revenue per Employee
With its lean staff and high margins (particularly from Steam), Valve manages to generate very high “per-employee revenue” compared to many giants. It doesn’t need thousands of developers or support staff to maintain its position. The Verge+380 Level+3PC Gamer+3
One leaked internal figure in 2018 placed Valve’s net income per employee above even Facebook’s, which underscores how efficient the model can be. The Verge+3NeoGAF+3PC Gamer+3
3. Selective Hiring
Valve’s reputation is that they hire only extremely capable specialists, rather than large volumes of more junior staff. This might naturally slow growth in headcount but keep quality high.
4. Outsourcing & External Partnerships
To handle scale where needed (e.g. content moderation, support, distribution), Valve can partner with or outsource to third parties rather than do everything in-house.
5. Project & Scope Discipline
Valve doesn’t produce as many new games or massive blockbusters every year. It focuses on strong IPs, platform services, and select hardware. This more moderate output reduces the need for huge development armies.
Caveats & Uncertainties
There are several caveats to interpreting “Valve employee count”:
- The 336 figure is from 2021—things may have shifted since then (especially with hardware expansion).
- Contractors, contractors, and external help: Valve may rely on external contractors, freelancers, or partners whose work doesn’t reflect in its “employee count.”
- Salary numbers won’t reflect the full compensation spectrum (bonuses, equity, benefits).
- Leaked data is partial: Though the Wolfire documents are one of the best sources we have, some fields are redacted or partially hidden, and we should treat them with an element of caution.
- Potential expansions in hardware teams: The success of the Steam Deck or further hardware endeavors could prompt growth in those divisions.
What This All Implies
Valve’s relatively small employee count tells us a lot about its business and culture:
- Lean but powerful: The company is structured to be efficient and high-impact, doing more with less.
- Strong margins per person: The high mean salary implies Valve has substantial revenue and profit capacity.
- Selective growth philosophy: Valve chooses to scale carefully rather than aggressively.
- Flexibility over hierarchy: The flat organizational model complements a lean size and may discourage large bureaucracies.
It also challenges common assumptions: a company can dominate an industry segment with a modest number of dedicated, highly productive people.
Conclusion
As of the latest credible data (2021), Valve employed 336 people, distributed across Admin, Games, Steam, and Hardware divisions. Compared to many peers, it remains a relatively small enterprise in headcount, but with outsized influence, reach, and efficiency.
