Gearbox took over the main stage at PAX East 2025 today to focus on two of its games, Borderlands 4 and Risk of Rain 2. For the latter, a brand new expansion was announced, titled Alloyed Collective. For the former, members of the development team, including Gearbox boss Randy Pitchford, took to the stage and answered a few questions from the community, but notably, Pitchford was unable to answer one pretty important question, one that he says Gearbox doesn't have an answer for yet. Starting with Risk of Rain 2, the new expansion goes deeper into Petrichor V, with six new stages for players to dig into, and if you're playing with friends, only one of you needs to own the Alloyed Collective expansion for all of you to enjoy the new content. The Alloyed Collective will add 15 new items for players to grab, seven new enemies to fight, and two new survivors to master. There's currently no release date, with the announcement trailer below simply stating that it is "coming soon." As far as new details about Borderlands 4, Pitchford was joined by Andrew Reiner, chief creative officer at Gearbox, April Johnson, associate narrative director at Gearbox, Nick Thurston, lead game designer, and Grant Kao, associate creative director. After recapping the end of Borderlands 3, the Gearbox panel dug into community questions, starting with what's up with the rest of the Crimson Raiders, and according to Johnson, the answer is that they've all split up looking for Lilith across the galaxy. Johnson also confirmed that we'll be seeing more of them in Borderlands 4, but didn't dig much further into detail. Johnson also talked about the antagonist in Borderlands 4, the Timekeeper, the events that kick off the story of Borderlands 4, and the chaos that the vault hunters find when they arrive on Kairos at the start of the game. The broad strokes of these narrative details were all things we learned during Gearbox's State of Play event for Borderlands 4 last week, so with the added time afforded Johnson and the rest of the team at the panel, they went through the individual backstories of the four new vault hunters, Rafa, Vex, Harlowe, and Amon, the planet of Kairos. Pitchford added that there are no load times when players are exploring Kairos, and said it is the "biggest" world that the team has made for players to explore in the entire Borderlands series. Beyond revealing too many narrative details and spoiling too much of the game, the one notable question Pitchford didn't exactly answer was the question of how much Borderlands 4 will cost. Instead of being able to give a direct answer, Pitchford went into a long response as to what Gearbox and his own thinking is on the issue. "I'll tell you the truth, I don't know. And that is the truth," he began saying."It's an interesting time, right? On one level, we've got a competitive marketplace where the people that make those choices want to sell as many units as possible, and they want to be careful about people that are price sensitive. So there's some folks that don't want to see prices go up, even the ones deciding what the prices are." "There's other folks accepting the reality that game budgets are increasing, and there's tariffs for the retail packaging. It's getting gnarly out there, you guys. Borderlands has more than twice the development budget than Borderlands 3. More than twice. So the truth is I don't know what the price is going to be. I do know that we will be opening pre-orders soon, and that will be when the price is set." "...We're going to have a price set soon. It might be the new price that Nintendo and Microsoft have led with. It might be that we stay back. It’s going to be the people at the [Gearbox] publishing house that decide that...We’ll know soon. I think it’s going to be fine, whatever it ends up being. Borderlands 4 is [expletive] amazing. It’s worth it." The question of pricing has been a big one for games since discussions around Grand Theft Auto VI being priced at $100 started to make the rounds. Now that Nintendo has broken the seal with an $80 Mario Kart, it's almost certain that GTA VI will cost at least $80. But it wouldn't be shocking to see Take-Two test the waters of an $80 game with Gearbox and Borderlands 4 hitting that same bar. Earlier in the Q&A session, Pitchford mentioned an event Gearbox will be hosting in June, so it could be that pre-orders will go live at the time of that event, which could very well be around the time of Summer Game Fest. If so, we won't have to wait very long at all to see where Gearbox ends up landing.