Valve is a master class in how to run a company. It started as a small company and had a direction they wanted to go: first person games with a strong focus on narrative, which at the time was a big deal. Almost as part of the early FPS genre the silent protag was a feature and having a thin excuse for lots of violence was normal. Then Half Life showed up and showed what depth the genre could have.
From that success they had the resources to make a big movie, which they didn’t do right away. They didn’t IPO for more money and access to big names in boardrooms that would secure backroom deals. They worked on multiplayer to prove the mod scene building around Half Life. Valve embraced Counterstrike and built around it, including the bones for Steam.
Valve has always been about seeing which way the wind is blowing, what organic direction the market is moving, and then finding their niche in that direction way before anyone else figures out the market. And they didn’t need Fortune 500 levels of employee count. They did it with a few people in a room talking honestly about innovation and what projects are exciting, not profit driven.