Netflix has never been afraid to take a gamble. Whether it’s splashing out on prestige dramas, chasing awards glory, or throwing huge sums at blockbuster hopefuls, the streaming giant has built its brand on bold, often risky bets. But its latest move, the $320 million sci-fi epic The Electric State, might be its riskiest yet.

At a time when the streaming wars are heating up—and profits are harder to come by—Netflix’s most expensive original movie to date raises serious questions. Is this sustainable? And more to the point… does it even make sense?

Netflix’s Most Expensive Movie Ever—And One of the Priciest Films in History

The Electric State, directed by Joe and Anthony Russo, reportedly cost a staggering $US320 million to make. Not only is it Netflix’s priciest film so far, it’s up there among the most expensive movies in cinema history. According to widely cited industry sources (and yes, even Wikipedia’s unadjusted film budgets list), it ranks 13th on the all-time list.

To put that into perspective, here’s where The Electric State sits alongside some of the biggest blockbuster budgets in history (in US dollars):

• Star Wars: The Force Awakens (2015): $447 million
• Jurassic World: Fallen Kingdom (2018): $432 million
• Star Wars: The Rise of Skywalker (2019): $416 million
• Avengers: Endgame (2019): $356 million
• Avatar: The Way of Water (2022): $350 million

The Electric State even edges out Marvel’s The Marvels ($307 million), landing just behind Avengers: Infinity War ($325 million).

But here’s the thing: unlike those theatrical tentpoles, The Electric State isn’t on the big screen. It’s a Netflix exclusive. There are no box office ticket sales, no popcorn-fuelled opening weekend, no global rollout to pad its profits. It lives and dies by how many people stream it. And that’s where things start to feel… a little murky.

Endgame Made Sense. Does The Electric State?

The Russo brothers are no strangers to massive budgets. They were behind Avengers: Endgame, after all—a film that cost $356 million and earned a mind-blowing $2.7 billion at the global box office. That was a price tag few questioned. Ten years of Marvel storytelling had built up to that finale, and audiences worldwide showed up in record numbers.

The Electric State, by contrast, is an adaptation of a lesser-known illustrated novel by Simon Stålenhag. Sure, it stars Millie Bobby Brown and Chris Pratt, and it features an ensemble cast filled with familiar faces. But it’s not part of a sprawling franchise. There’s no built-in fanbase waiting for this one. And without a theatrical release to drive buzz (and revenue), a $320 million budget feels like a much harder sell.

Why The Electric State’s Budget Skyrocketed to $320 Million

So, where did all the money go? Several factors appear to have pushed The Electric State’s budget sky-high—starting with its heavy reliance on visual effects and motion capture, and ending with a starry (and presumably well-compensated) ensemble cast.

• Extensive CGI, Motion Capture, and Lengthy Post-Production

Set in an alternate 1990s where robots are everywhere, The Electric State creates a detailed retrofuturistic world. And not just any robots—each one seems to have been uniquely designed, giving the film a bespoke, handcrafted vibe that likely wasn’t cheap. Rather than recycling assets or working with simplified designs, it looks like the filmmakers went all-in on variety and detail.

The reliance on CGI and motion capture would have been extensive. Creating fully realised, animated robot characters isn’t just a matter of slapping on some effects and calling it a day. It involves capturing performances on set, then spending months and months in post-production refining every movement, texture, and interaction. The longer post stretches, the more expensive things get—whole teams of VFX artists working across departments, revising and rendering until it’s perfect… or deemed good enough.

And with a world this packed with robots, there’s little doubt that post-production became one of the film’s biggest expenses.

• The Cast

Then there’s the cast. Netflix hasn’t disclosed what the stars earned, but we do have some clues. Brown reportedly took home $10 million for Enola Holmes 2, while Pratt reportedly earned $14 million for Jurassic World: Dominion. Given their clout, it’s fair to assume their involvement here didn’t come cheap.

Alongside Brown and Pratt, the film boasts names like Ke Huy Quan, Stanley Tucci, Giancarlo Esposito, Woody Harrelson, Brian Cox, and Anthony Mackie. It’s a line-up that wouldn’t look out of place at the Oscars or Comic-Con—and high-profile actors tend to come with high-profile price tags. Add the time-intensive nature of voice recording sessions (particularly when layered over motion capture performances), and you’re looking at another major line item on the budget.

Early Reviews: Poor Critical Reception Raises Questions

Despite all that money on the screen, The Electric State hasn’t exactly set the world on fire. At the time of writing, it holds a rough 15% critics score on Rotten Tomatoes, a 29 on Metacritic, and an average of 2.2 stars on Letterboxd. Critics have been scathing, calling it “soulless,” “derivative,” and “mind-numbingly repetitive.”

But reviews only tell part of the story. What really matters to Netflix is what’s behind the scenes: subscriber numbers, viewing hours, retention rates. The problem? Netflix is famously cagey about sharing that data and we’re often left to take Netflix’s word on stats (source: trust me bro). Without box office numbers or concrete performance reports, we’re left guessing whether The Electric State is a win, a loss, or just another piece of content in an endless feed.

Even the Russos Admit It’s a Gamble

The Russo brothers seem to understand the risks. Speaking to The Hollywood Reporter, Joe Russo acknowledged, “Logically, it probably doesn’t make a ton of sense to continue to spend that way.” Still, he added, “People still believe in ambition. Executives still believe in ambition. People still want the branding that comes with ambition. They still want that sex appeal that comes with ambition.”

Anthony Russo called The Electric State “a big test case,” noting the difficulty of turning a streaming movie into an “event” when “they don’t go out into the wider marketplace to declare that an event.”

In other words: they’re hoping for a hit. But hope isn’t a business model.

Netflix’s Blockbuster Strategy Under Scrutiny

The Electric State is the latest—and by far the biggest—example of Netflix’s all-in blockbuster strategy. Previous mega-budget swings include Red Notice and The Gray Man (both reportedly $200 million), as well as 6 Underground and The Irishman (each over $150 million). But this one is different. At nearly $320 million, The Electric State ups the ante, and then some.

With competitors like Disney+, Prime Video, and Apple TV+ breathing down their necks, Netflix’s willingness to throw massive sums at big-name projects is starting to attract more scrutiny. There’s no merchandise revenue, no theatrical box office, no theme park tie-ins. Just the hope that people stay subscribed—or sign up—for one more movie.

Some observers have pointed out an apparent double standard in all this. Damien Chazelle, for instance, took a hit after Babylon underperformed. Meanwhile, the Russos have continued to score enormous budgets, even after lukewarm responses to The Gray Man and Prime Video’s pricey Citadel series.

Is Netflix’s Big-Budget Movie Strategy Sustainable?

Even Joe Russo has his doubts. “I don’t think it’s going to be a healthy part of the business model,” he admitted during his Hollywood Reporter interview.

And it’s not just about the risk of a flop. It’s about the opportunity cost. That $320 million could have bankrolled dozens of mid-budget films—the kind of prestige projects that Netflix has dabbled in to varying levels of success. Movies like Roma, Marriage Story, and The Power of the Dog delivered awards, critical acclaim, and cultural cachet. All at a fraction of the price.

What Comes Next for Netflix?

There are hints that Netflix is rethinking its strategy—at least a little. Greta Gerwig’s upcoming Chronicles of Narnia adaptation is reportedly getting a limited IMAX run. It’s a shift toward theatrical releases that might help justify big budgets with box office earnings—and give projects like The Electric State a stronger chance to feel like genuine events.

Had The Electric State been given a similar rollout, its massive budget might have been, perhaps, a little easier to defend—or at least easier to measure.

For now, this film stands as Netflix’s biggest gamble yet: a picture that rivals Endgame in cost, without the built-in franchise or box office cushion to fall back on.

Big swings can deliver big rewards. After all, Netflix’s rise was built on risk. But as the dust settles on The Electric State, one question lingers:
Does a big swing need to be this big?