Credit to redditor u/stavroszaras
Xbox First Party Studios
- 343 Industries - We all know that this studio is all hands on deck on Halo Infinite which is likely to release this holiday season. It's been said that that game has a 10 year plan so there may be subsequent story content coming out in the years after release. (1 established IP)
- Compulsion Games - They are working on a new IP that is supposed to be a mix between Bioshock and Uncharted. It is not yet revealed. When Phil Spencer was asked which new game he's most excited for, he mentioned this one. (1 new IP)
- Double Fine - The mind of Tim Schafer and his team are working on finishing up Psychonauts 2 which will launch on multiple platforms. The next gen console version is likely to be an Xbox ecosystem exclusive. They have also started working on an unannounced new IP which we likely won't hear about for a couple years. (1 established IP and 1 new IP)
- inXile - Brian Fargo has teased that the studio is working on multiple new RPG's. They are rumored to be working on a FPS RPG with a AAA budget (many people want that to be a new Fallout game but I don't think that will happen). We know that game will be made using UE5. The second game is unknown but is in preproduction as of January of this year. Since we know nothing about them, I am going to assume one of these is a new IP and the other is based on an existing IP (possibly another Wasteland). (1 established IP, 1 new IP)
- Mojang - This is the Minecraft studio and they continue to update the main game with new content as well as Minecraft Dungeons. However, they have also announced that they are "playing with ideas for brand new games". Seeing as they also released Minecraft Dungeons, I believe we can assume their new game will be a spinoff in the same universe and likely release on multiple platforms. (1 established IP)
- Ninja Theory - This extremely efficient and talented studio is working on 3 separate projects. The first being the much anticipated Senua's Saga: Hellblade 2 which is being made in UE5. Their second project is Project Mara (likely a codename) which is a psychological thriller and is set in a photo-realistic environment. Their third project is The Insight Project which aims to "create self-contained, individualized and absorbing game experiences" to help people control their fear and anxiety. That sounds like a series of shorter experiences but it's anyone's guess as to what it ends up being at this point. It’s also possible that it doesn’t result in a game being released to the public. (1 established IP, 2 new IP's)
- Obsidian - Unbelievably, this studio is working on 5 different projects of varying sizes with a good chance that almost all of them are RPGs considering the studios lineage. Chris Parker's team is focused on Avowed which is a Skyrim-like open world RPG. Adam Brennecke's team is working towards the full release of "Honey I Shrunk the Kids" like RPG called Grounded. Tim Cain's team is working on a new unannounced game that may be Outer Worlds 2. Josh Sawyer's team is creating a new unannounced game. Brandon Adler's team is also creating a new unannounced game. This team is a complete workhorse for XGS in a similar way that Insomniac is that for PS. (1 established IP, 4 new IPs)
- Playground Games - This studio has two teams. One team works on the Forza Horizon series and will likely release the next installment (rumored to be set in Mexico) at the end of this year or the beginning of next. The second team is working on a reboot of the wildly popular Fable series. (2 established IPs)
- The Coalition - The masters of the Unreal Engine. This studio is currently sharpening their blades with UE5 by making a new IP. Nothing is known about that game yet but it is exciting to see such a talented team expand their horizons. They are also working on Gears 6. (1 established IP, 1 new IP)
- Rare - This team continues to put work in to Sea of Thieves and are due for a big content drop. However, they also have a second team lead by Louise O'Connor that is creating the game "Everwild". Rare likes to create games that have never been made before and that's why not much is known about the game yet. There is a rumored third game in the works but I haven’t been able to confirm info on that one yet one way or the other. (1 new IP)
- The Initiative - This brand new team is comprised of industry veterans from the likes of Sony Santa Monica, Rockstar, Insomniac, Crystal Dynamics and Naughty Dog. They are rebooting the stealth action game Perfect Dark. (1 established IP)
- Turn 10 - This team is rebooting the popular Forza Motorsport series and also putting work into the ForzaTech engine which is used to power all Forza games as well as Fable. (1 established IP)
- Undead Labs - The makers of the first two State of Decay games are creating the third installment in the much loved franchise (State of Decay 3). The new game appears to be significantly more ambitious than it's predecessors. (1 established IP)
- World's Edge - This is a new team put together by Microsoft to foster the Age of Empires IP. They are overseeing the creation of a brand new entry in the long running series (Age of Empires 4). (1 established IP)
- Bethesda Game Studios - This team is working on multiple projects from the mind of the great Todd Howard. The first one to release will be Starfield, a sci-fi game that we don't know much about just yet. It will be the first new IP from this legendary team in multiple decades. They are also working on The Elder Scrolls 6. (1 established IP, 1 new IP)
- id Software - The original creators of the first person shooter are possibly moving on from the DOOM series (at least for now) and have begun working on a new game. It is unknown at this point whether the game will be a new IP or one from an existing franchise. It’s also possible that it’s a spin-off series in the Doom universe now that the Doom Slayer’s saga has come to an end. For the sake of this exercise, we are going to assume they will be working on a new IP but it could go either way. (1 new IP)
- Arkane Studios - This team is currently working on multiple projects. The first being the PS5 and PC timed exclusive Deathloop which is being made by Arkane Lyon. That game will come to Xbox a year after it's release on Playstation. The second team in Austin is led by one of the leads of the Dishonored 2 game (Harvey Smith) as well as staff members from both the Dishonored and Prey series. It is rumored to be a fantasy game with vampires but that has yet to be confirmed. (2 new IP's)
- Tango Gameworks - The team that brought us The Evil Within series is working on a new IP (Ghostwire Tokyo) that is a timed exclusive for Playstation and will launch on PC day one and come to Xbox a year later. (1 new IP)
- Machine Games - This team is nearing completion on what's likely (but not confirmed) a new Wolfenstein game. They are also in early production on an Indiana Jones game which is Produced by Todd Howard. (1 established IP, 1 new IP) Indiana Jones was counted as a new IP due to it being a brand new game based on a movie series
- Zenimax Online - The team that developed the massive Elder Scrolls Online (ESO) MMO continues to develop more content for the game. They are also working on multiple unannounced projects that we don't know much about. (2 new IP's)
- Alpha Dog and Roundhouse - These are two smaller studios that are making games that I know nothing about so it's impossible to speculate. Hopefully we hear more from them soon.
Xbox Publishing/"Second-party" deals
- Asobo (creators of A Plagues Tale) - This team is working towards releasing the newest Flight Simulator on console for the first time ever. (1 established franchise)
- IO Interactive (creators of the Hitman series) - This extremely talented studio is said to be early in production on a new AAA online multiplayer IP for Xbox. It's said to be codenamed Project Dragon which may mean it is a fantasy game. (1 new IP)
- Avalanche Studios (creators of Just Cause and Mad Max) - There is a rumor that Xbox has partnered with a studio to make a AAA multiplayer game that goes by the name of Project Typhoon. I am reaching and assuming that it is developed by Avalanche. That may be totally wrong and that's fine but it seems to add up. Insiders have been dodgy when asked if that is the studio making the game. (1 new IP)
- Image and Form (creators of the Steamworld games) - This team is currently working on The Gunk which is an indefinite exclusive to the Xbox ecosystem. (1 new IP)
First Party Studios owned by Nintendo, credit to u/Animegamingnerd
Located internally within the big N and by far their largest studio having dozens of teams and puts out multiple games each game. Their most recent game was the Bowser's Fury portion of the 3D World Remaster and their next release is *Game Builder Garage * which is set to release this month and in terms projects in the far future, we know they are working on both BOTW2 and Splatoon 3 along side updates for Animal Crossing New Horizons. Now as for rumors, the biggest one right now is that the 3D Mario team at EPD is working a new Donkey Kong
Another division of EPD that we don't know much about right now is what the Mario Kart team is working on, their last AAA game was ARMS back in 2017 and its been 4 years and last we heard from them was co-developing Mario Kart Tour. There have been rumors/speculation their next game will likely to be either ARMS 2 or Mario Kart 9.
Nintendo Software Technologies
One of the only 4 first party studios Nintendo owns that isn't located in Japan and once the home of Wave Race and 1080P Snowboarding, became a Mario vs Donkey factory during the DS/Wii to the Wii U/3DS eras after some cancellations, though things seem to be improving. They co-developed Snipperclips, The Stretchers, and Good Job and have been given the job to port some of EPD's games like Mario Maker 1 to the 3DS, Captain Toad to the 3DS and Switch and recently did the 3D World Remaster. While they should be more then a port factory, its still a better fate then what they were doing for years and I get a the feeling they will make a strong come back with their own original games one day. Right now though, there aren't much rumors about what their next project is. However it should be noted though, a producer on Wave Racer teased he would like to make a new one back in 2018 so maybe their big come back is sooner then expected?
NERD/Nintendo European Research & Development
Located in Paris, France. NERD has yet to make a fully original game of their own. But they do play an important role within Nintendo as they made the emulators for GBA on Wii U, the two mini consoles, the SNES and NES emulator for Switch online and the emulator for 3D All Stars. They've done a good job at building Nintendo's and eumlators and most likely any future collections in the vein of 3D World or consoles added to Switch online will be built by them.
The biggest first party studio outside of EPD, best known for the Xenoblade series. Their most recent game was Xenoblade Defintive Edition, but since that was a remaster, it likely wasn't made by the majority of the studio. Outside of that, their last major project was Xenoblade 2 back in 2017 and they currently served as a co-developer on BOTW2 and job postings have indicated they are also working a big AAA JRPG.** Nate Drake on Resetera has said that Monolithsoft will have a release by the end of the fiscal year (which ends March 31st 2022)** so an E3 reveal of their next project is very likely.
Best known for the recent Mario Parties, their most recent work was club house games which released last year, and an a recent update for Super Mario Party that added online multiplayer. Rumors are pointing towards Super Mario Party 2 being their next game which should be out soon.
Currently developing Prime 4 and their last project was Donkey Kong Country Tropical freeze back in 2014, it is unknown what they were working on after DK and before Prime 4 and its especially unknown if said project will see the light of day.
Next Level Games
Acquired by Nintendo just a few months ago, their most recent game was Luigi's Manson 3 and there have been zero rumors about them and since Luigi's Manson released back in October of 2020 2019, chances are it will be another year or two before we see their next game which will be their first project since becoming a first party studio.
Second Party Studios that work with Nintendo.
Their last two projects were Fire Emblem Three Houses (2019) and Paper Mario The Origami King (2020) Rumors are pointing towards the next Fire Emblem being this year and it being a remake possibly of Genelogy of the Holy War
Best known for Kirby, it is heavily rumored a 3D Kirby game is their next project which will mark the little guy's first 3D platformer. This is known due to a datamine of a Kirby spin off released last year on the eshop and teases from Hal that the next game will be the start of a new beginning for the franchise.
the most controversial studio on this list, currently their next big project Pokemon Legends Arcues which releases in January.
An interesting tidbit about Hal and Gamefreak though, last year both of them moved their offices to be internally within Nintendo. Seems pretty interesting as while this ain't an aqusistion, it seems like they will work with Nintendo closer then ever before and will likely get more additional resources from this move as their next projects seem to be the most ambitious for both studios.
Bandai Namco and Koei Tecmo
Nintendo tends to outsource a lot of stuff to these two and more collabs with them in the future basically.
Credit goes to u/Sumanovicius
Sony First Party Studios
- Santa Monica Studio - pretty straightforward, we know they are working on God of War, and based on some job listing they are also working on an unannounced title, some speculating it is a new Sci-fi IP which Cory wanted to make even back in 2013 but it was canned because of production problems. (1 new IP, 1 established IP)
- Guerrilla Games - we already know they are well deep into the sequel of Horizon as they recently showcased Forbidden West. There are also some rumours flying around, based on them hiring multiple persons who worked on Rainbox Six Siege, that they are working on a tactical shooter game, people are speculating either Killzone, of course, and SOCOM. (2 established IPs)
- Insomniac Games - not much to say, they are releasing R&C: Rift Apart next week, and more than likely they are deep in Spider-man 2 development. (2 games based on established IPs)
- Naughtydog - working hard on the multiplayer for TLOU II, Factions, judging by their hiring spree in the last few months and the amount of time it took them it's safe to bet that the scale of the project is considerable. We also know from the infamous Jason Schreier report that they are working on a TLOU I Remake. (so 2 games for an established IP)
- Suckerpunch - they are probably working on Ghost of Tsushima sequel, we know they have been hiring people to work for a Multiplayer project, personally, I think it is just the legend mode for the sequel. (1 established IP).
- Sony Bend Studio - confirmed last night by Hermen Hulst that they are working on a new open-world IP. (1 new IP)
- Polyphony - Grand Turismo 7. (1 established IP)
- San Diego - MLB 22. (1 established IP)
- London Studio - based on the job listings on their website, seemingly they are working on a new multiplayer game, we don't know yet if it based on an existing franchise or if this new title is a whole new thing, some people are speculating the Getaway and Home II, but let's wait and see.
- Pixel Opus - they announced last night that they are hiring for their upcoming game, one made in collaboration with Sony Animation, I'm thinking this might be a new IP.
- Asobi Team - they are more than likely working on a new Astrobot game. (1 established IP)
Second-party deals/external studios
- Haven Studio - new IP, based on the experience of the people working there I'm expecting an open-world AAA game with some light fantasy elements.
- Firewalk Studio - a bunch of Bungie veterans working on a new multiplayer shooter game, also a new IP
- Bluepoint - we know they have been hiring for a new game, my judgment leads me to believe they are working on a remake for another established PS IP.