Ludexv2026.11.01-65114139Railways of the Lost AtlasOfficial rulebook ↗

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Teach the Game

A script to read aloud when teaching Railways of the Lost Atlas.

How you win

“We are investors in a world nobody has mapped yet. We build the map together, then put our own money into small railway companies that lay track, run trains and pay us dividends. Later the small companies merge into big corporations. After four cycles — six in the Long Game — whoever has the most money plus share value is the richest investor and wins.”

Your money and company money never mix: you spend yours in Stock Rounds, a company spends its treasury in Operating Rounds (details).

The board

The table laid out: map area in the middle, bank pool and trackers on the left, stock track, charters and track tiles on the right

  1. The map — built from tri-hex tiles at the start of every game.
  2. Stock track — each company’s share price; it also sets the operating order.
  3. Company charters — Minor Companies in a launch matrix, Major Corporations waiting for mergers.
  4. Track tiles — yellow first, green, purple and grey upgrades as phases open.
  5. Train stack — cheapest on top; buying new kinds of train changes the phase.
  6. Round and cycle tracker — where we are in the game.
  7. Earnings chart and bank pool — dividends per share, and shares sold back to the bank.
  8. Money cards — the bank.
  9. Priority marker — who starts the next Stock Round.
  10. Player areas — your cash and certificates.

A cycle

  1. Stock Round — from the priority player, each turn: start a Minor auction, or sell shares and/or buy one share, or pass. Ends when everyone passes in a row. Stock Rounds
  2. Operating Round 1 — companies act from highest share price down: leadoff train (new Minors), issue/redeem a share, lay track, place a hub, run trains, pay out or withhold, buy trains. Operating Rounds
  3. Operating Round 2 — the same again.
  4. Merger Round — once the first green train is gone, connected Minors may merge into Major Corporations. Mergers
  5. Export a train — the top train leaves the game; that can rust trains or change the phase. Exporting trains

How the game ends

Ways to score

SourceHow and when
CashCounts at face value at the end. You get it from dividends and share sales.
SharesEach share counts at its company’s final stock price (a president’s certificate is 2 shares).
DividendsPaid each time a company pays out: 20% of the revenue per Minor share, 10% per Major share.
Stock price risesPay-outs at or above the share price, and fully owned companies at the end of a Stock Round.
LossesWithholding, issuing shares, sales and earning nothing drop the price; a price of 0 dissolves the company and its shares become worthless.
Forced train purchaseYour own cash and shares can be spent to buy a train for a company you preside over.

What each resource is for

ResourceWhy you need itHow you get itHow you use it
Your cashBuying shares and winning auctions; it is also scoreStarting capital, dividends, share salesBid for Minors, buy shares, cover forced train purchases
Company treasuryPays for the company’s trains, hubs and mountainsThe winning bid, shares sold from its treasury, withheld revenue, dividends on its own sharesSpend in Operating Rounds only
SharesDividends, control and final scoreAuctions, buying from a treasury or the bank pool, mergersMost shares = president; sell for cash
TrainsNo train, no revenue — and every company must own oneBuy from the stack, the bank pool or another companyRun one route each, up to their number of stops
Track tilesRoutes between your hub and valuable citiesThe shared supply, by phase2 yellow tiles or 1 upgrade per turn
Hub tokens Major Corporation hubA route must touch one of your hubs; full cities block othersHome hub at launch; Majors and Expansive pay for morePlace one per turn in a reachable open city spot
Company abilitiesEach Minor bends one rule; a Major keeps all of its Minors’ abilitiesLaunch or merge that companySee the companies

Teaching tips

Rehearse a company turn

Before the first Operating Round, put the company’s treasury apart from your personal money. Ask: ‘Can issuing a share pay for this turn’s leadoff train?’ No: the leadoff purchase comes first, then issuing or redeeming a share. Announce each step before moving on.

For a route exercise, give a company two trains but only one usable track route. Run one train on that route; the other can run a Local route at its hub city. Each train runs its own route: do not count a Local stop as extra revenue on the first train’s route.

Rules

↑↓ to move · Enter to open · Esc to close

Drag to move · tap to close