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Railways of the Lost Atlas

Designer: Kevin Delger, Jacob Schacht

A modular map built during setup, minors with their own persistent powers that physically merge into majors, and a fixed cycle-based length.

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Railways of the Lost Atlas Contents

How it works

Setup
  • Players build the map with three-hex tiles
  • Minors are dealt into columns; only those in the bottom row can be launched
  • Cash: 450 (2 players, short game), 300 (3), 275 (4), 220 (5, long game)
  • No certificate limit
  • Short game: 4 cycles; long: 6
Stock round ×1
  • Each turn: auction a minor, sell and/or buy one share, or pass
  • Auction: minimum 120; the winner picks the minor and the bid goes to its treasury
  • Starting share price: half the bid
  • Buying from the treasury pays the company; from the bank, the bank
  • Max 60% of a company per player
Operating round ×2
  • Highest share price first:
  • 1. Starter train (new minors only)
  • 2. Issue or redeem one share
  • 3. Two yellows or one upgrade (mountain: 40)
  • 4. Station
  • 5. Run trains
  • 6. Pay out everything or withhold everything
  • 7. Buy trains
Merger round ×1 (from the green phase)
  • Two connected minors can merge if their presidents agree
  • A major is born: share price = the average, rounded down
  • The major keeps both minors' powers
  • A train is exported before the next stock round
↻ Repeats until the end
End
  • After 4 cycles (short) or 6 (long)
  • A bankruptcy usually ends the game
  • Cash and share value score; treasuries don't count

Components

Players
  • Cash
  • Minor and major shares
  • Never pay for trains, except in a forced purchase
Minors
  • 12 (8 in the short game), each with a permanent power
  • President (2 shares) + 3 shares; each share earns 20%
  • Incremental capitalisation: shares in the treasury
Majors
  • 6, born from merging two minors
  • President (2 shares) + 8 shares; each share earns 10%
  • Inherit trains, cash, stations and powers
Bank
  • Pays dividends, withheld revenue and issued shares
  • Train stack and train reserve
  • At most 50% of a company in the reserve
Map
  • Different every game
  • Only mountains cost money (40)
  • Far-off destinations of variable value, and capitals

Where the money goes

  • Players Minors Winning bid and shares bought from the treasury
  • Players Bank Shares bought from the reserve
  • Bank Players Dividends and share sales
  • Bank Minors Withheld revenue, issued shares and dividends on its own shares
  • Minors Bank Trains, mountains, stations and share buybacks
  • Minors Majors On merging, cash and trains pass to the major

Phases

Yellow
Start
2 · 100
Starting price 60-90; 2-train limit (minor)
Green
1st 3-train
3 · 200 · 4 · 300
Starting price 60-110; mergers; the 4 rusts the 2s
Purple
1st 5-train
5 · 450 · 6 · 550
Starting price 60-135; the 6 rusts the 3s; limit 1 (minor) / 2 (major)
Grey
1st 7 or ∞ train
7 · 750 · ∞ · 1,000 (800 trading in)
4s rust
  • Minors have no certificate limit and there's no private auction: the power comes with the company.
  • A train is exported every cycle; if it's a 2, all remaining 2s go.

A round, step by step

The stock round is the rulebook's example (diagram 3): a short 2-player game with 450 each. The operating rounds that follow are illustrative, using the real rules. We follow [P1] and their minor, the [TU].

  1. Stock round 1 First auction Phase Yellow

    [P1] opens an auction at 140. [P2] bids 160 and [P1] passes. [P2] picks the [EA]: its starting share price is 80, half the bid.

    It's not a specific company that's auctioned: the winner picks from those available.

    [P1] cash
    450
    [TU] treasury
    —
    [TU] trains
    —
    [P1]'s [TU] shares
    —
  2. Stock round 1 The [RE] for 165 Phase Yellow

    Since [P1] opened the auction, it's now [P2]'s turn, and they open another at 160. [P1] bids 165 and wins: they pick the [RE], which has just become available. Its share price is 80 (165 ÷ 2, rounded down to a printed value).

    The 165 goes into the [RE]'s treasury.

    [P1] cash
    285
    [TU] treasury
    —
    [TU] trains
    —
    [P1]'s [TU] shares
    —
  3. Stock round 1 The [TU], unopposed Phase Yellow

    [P1] opens a third auction at 140. [P2] passes and [P1] launches the [TU]. The 140 goes into the treasury and the starting share price is 70.

    A minor's president's certificate counts as 2 shares. The other 3 stay in the company's treasury.

    [P1] cash
    145
    [TU] treasury
    140
    [TU] trains
    —
    [P1]'s [TU] shares
    2
  4. Stock round 1 One more share Phase Yellow

    Illustrative from here on. [P1] buys a [TU] share from the treasury at 70: the money goes to the company. They now hold 60%, the maximum. Then everyone passes.

    A company fully in players' hands would move up a space at the end of the round; the [TU] still has 2 in its treasury.

    [P1] cash
    75
    [TU] treasury
    210
    [TU] trains
    —
    [P1]'s [TU] shares
    3
  5. Operating round 1.1 Starter train Phase Yellow

    Since it's the [TU]'s first operating round, it can buy a train before anything else. It buys a 2 for 100 and can run it this very turn.

    [P1] cash
    75
    [TU] treasury
    110
    [TU] trains
    2
    [P1]'s [TU] shares
    3
  6. Operating round 1.1 Through the mountain Phase Yellow

    It lays two yellow tiles. One crosses a mountain and costs 40, but the [TU]'s power earns it 60 from the bank: a profit of 20.

    Mountains are the only terrain that costs money.

    [P1] cash
    75
    [TU] treasury
    130
    [TU] trains
    2
    [P1]'s [TU] shares
    3
  7. Operating round 1.1 Paying out Phase Yellow

    The 2-train runs from the [TU]'s city (30) to another city (20): 50. The [TU] pays out: 10 per share. [P1] holds 3 and collects 30; the 2 in the treasury pay 20 to the company itself.

    50 is less than the share price (70): it doesn't rise, but its token drops to the bottom of its column and will operate after the others at 70.

    [P1] cash
    105
    [TU] treasury
    150
    [TU] trains
    2
    [P1]'s [TU] shares
    3
  8. Operating round 1.2 Withholding for a second train Phase Yellow

    It makes 50 again, but this time the [TU] withholds it all: 50 to the treasury. The share price drops one space.

    All or nothing: there's no half dividend.

    [P1] cash
    105
    [TU] treasury
    200
    [TU] trains
    2
    [P1]'s [TU] shares
    3
  9. Operating round 1.2 A second 2-train Phase Yellow

    It buys another 2 for 100. A minor can't own more than 2 trains.

    [P1] cash
    105
    [TU] treasury
    100
    [TU] trains
    2 + 2
    [P1]'s [TU] shares
    3
  10. End of cycle 1 Export Phase Green

    No green train has come out yet: there's no merger round. Before the stock round, the top train of the stack is exported. It's a 2, so all the remaining 2s go. The first 3 is uncovered and the green phase begins.

    If the export brings in the green phase, this cycle has no merger round either.

    [P1] cash
    105
    [TU] treasury
    100
    [TU] trains
    2 + 2
    [P1]'s [TU] shares
    3
  11. Towards cycle 2 What now? Phase Green

    A minor can now be launched with a bid giving up to 110 share price. At the end of cycle 2, the [TU] and the [RE], both [P1]'s, can merge into a major if they're connected. Their two 2-trains will rust with the first 4.

    [P1] cash
    105
    [TU] treasury
    100
    [TU] trains
    2 + 2
    [P1]'s [TU] shares
    3

Railways of the Lost Atlas — Summary

Capitalization type

  • Incremental capitalization, explicitly listed in the rulebook as one of the game's features.

Floating percentage and per-player share limits

  • No traditional float threshold: a minor company launches immediately when a player wins its auction (the winning bid funds its treasury and the winner takes the president's certificate); a major corporation forms immediately when a merger vote between two minors succeeds — not applicable in the classic "% of shares sold" sense
  • No player may own more than 60% of any company or corporation (president's certificate plus one regular certificate for minors, or president's certificate plus four regular certificates for majors) — the same percentage for minors and majors
  • The standard rules (Micro, Short, and Full/Long game) explicitly state there is no certificate limit at all; only the optional "Bank Break" variant imposes one: 3 players — 16; 4 players — 12; 5 players — 10

Starting cash by player count

  • 2 players: 450 (Short Game only)
  • 3 players: 300
  • 4 players: 275
  • 5 players: 220 (Long Game only)
  • Micro mode (2 or 3 players): 225 each, with only 4 cycles and no train export
  • The rulebook doesn't specify a currency symbol; all figures are bare numbers

End game triggers

  • The game ends after a fixed number of cycles: 4 in the Short Game, 6 in the Long Game (a cycle = a stock round + 2 operating rounds + a merger round)
  • At the end of the final cycle, all shares are liquidated at market price and whoever has the most money wins (company treasuries don't count toward the final score)
  • If a company's president goes bankrupt, it's common to end the game immediately; alternatively the bankrupt player can be removed from the game and the rest continue

Number of phases

  • 4 phases named after the available tile color: Yellow (starting), Green, Purple, and Grey
  • The shift to Green and to Purple is triggered when the first train of the matching color is bought or exported; the automatic export of a train at the start of each cycle can also trigger this
  • Cross-referencing the train and tile supply data (55 yellow tiles, 43 green, 27 purple, 5 grey) with the rulebook text, Green appears to begin with the first 3-train, Purple with the first 5-train, and Grey with the first 7/∞-train — this exact train-to-color mapping isn't given as a single table in the rulebook and was reconstructed by cross-referencing sources; double-check manually if you need absolute precision

Train list and prices

  • 2-train — 100 (7 copies) — rusts when the first 4-train is bought — limit 2 (minor) / none (major)
  • 3-train — 200 (5 copies, +1 extra in 5-player games) — rusts when the first 6-train is bought — limit 2 (minor) / 4 (major)
  • 4-train — 300 (4 copies) — rusts when the first 7-train or ∞-train is bought — limit 2 (minor) / 3 (major)
  • 5-train — 450 (3 copies) — never rusts — limit 1 (minor) / 2 (major)
  • 6-train — 550 (2 copies) — never rusts — limit 1 (minor) / 2 (major)
  • 7-train — 750 — never rusts — limit 1 (minor) / 2 (major)
  • ∞-train (Diesel) — 1,000, or 800 by trading in any non-rusted train — supply intended to be unlimited — never rusts — limit 1 (minor) / 2 (major)

List of private companies

  • The game has no classic "privates": instead there are 12 minor companies, each with a permanent power, acquired through auction (minimum bid 120, in increments of 5) rather than a fixed price
  • AD Adaptive — establishes its home at any empty basic city spot, chosen by the founding president
  • AG Agricultural — may lay an extra yellow tile after upgrading a tile
  • BR Bridging — may lay bridge tiles over water hexes instead of normal yellow track (not included in the Short Game)
  • EM Eastern Mining — home on a special tile with its own set of upgrades
  • EA Expansive — has an extra hub token it can place by paying 40
  • ER Express — boosts a train by one stop while it owns only one train
  • NP Northern Port — home on a special tile with its own set of upgrades
  • OV Overnight — may skip over fully tokened cities when tracing a route (not included in the Short Game)
  • RE Resourceful — its rusted trains get to run one more time before being discarded
  • SP Spacious — always has one extra train slot beyond the current limit (not included in the Short Game)
  • SU Suburban — comes with 2 suburb tokens, each generating +10 revenue
  • TU Tunneling — gains 60 into its treasury each time it pays a mountain-digging cost (net gain of 20)

List of corporations

  • 6 "major" corporations, each with two name/identity options: Conglomerate, Experiment, Federation, International, Syndicate, and Unlimited
  • They have no fixed home city: they're born from the merger of two minors and inherit their location and special powers
  • Each major has 9 certificates (1 president's share at 20% + 8 regular shares at 10%) and 4 station tokens

Game-specific mechanics

  • Modular map built from tri-hex tiles during setup; no fixed printed board
  • 12 minors, each with its own permanent power, mergeable into 6 majors via a dedicated Merger Round (MR) within each cycle
  • "Project" tiles that, instead of being placed on the map, upgrade an existing city to "capital"
  • "Lead" trains a newly launched minor can buy at the start of its first operating round
  • Three formats in the same box: Micro, Short (4 cycles), and Full (6 cycles)
  • Optional variants included in the rulebook: Bank Break (ends when the bank runs dry instead of after fixed cycles), Headquarters, share-vote hostile mergers, distant destinations with variable value, among others

Emergency sell

Follows the same order as 1830 — treasury, then the president's personal cash, then, if that's still not enough, the president selling personal shares one at a time until enough is raised or they run out, at which point they're considered bankrupt. Two things differ from 1830, though: the protections that 1830 normally waives during a forced sale — keeping the presidency of the active company, and the 50%-in-the-pool limit — stay in force here for shares of that specific company; and share-price drops from the whole forced-sale episode are only applied at the end, one step per affected company total, rather than dropping with every individual share sold.

Comparison with 1830

1. The map is built during setup, not fixed
Railways of the Lost Atlas has no printed board like 1830: the map is assembled from tri-hex tiles during setup, so every session is played on a different territory.

2. Minors, each with its own permanent power
Each of the 12 minor companies has its own special ability (for example, bonuses for building bridges or tunnels, or the ability to skip over full cities). In 1830, private companies have powers, but public companies have none that differentiate them from each other.

3. Minors physically merge into majors, in a dedicated round
Merging two minors is as simple as placing their cards next to each other and laying an available major's card on top: shares convert, treasuries combine, and the new major keeps the special powers of both original minors. This merger happens during a dedicated Merger Round (MR) within each cycle, after the two operating rounds. 1830 has no merger mechanic between companies at all, nor any equivalent round.

4. "Project" tiles that never get placed on the map
The tile deck includes special tiles that, when drawn, aren't placed on the board at all: instead, whoever draws one picks an existing city and upgrades it directly to a higher-value "capital." This way of altering the map without laying a physical tile doesn't exist in 1830.

5. "Lead" trains buyable at the start of a turn to catch up
A newly launched minor company can buy a special "lead" train at the start of its first operating round to catch up faster. 1830 has no equivalent mechanism to help companies that have fallen behind.

6. Multiple formats inside the same box
The game includes a "Micro" mode for newcomers, a short version (4 cycles), and a full version (6 cycles), adjusting length, table space, and difficulty. 1830 doesn't offer this kind of format variation within the same edition.

7. Fantasy setting, not historical
Unlike 1830 and the vast majority of 18xx titles (set in real historical moments), Railways of the Lost Atlas takes place in an invented fantasy world, with no pretense of simulating any real railroad.

A term you do not recognise? They are all explained in the 18xx glossary. Glossary →