Jesse Armstrong began researching the topic of billionaire crypto-fascist tech-bro culture after reviewing a book about Sam Bankman-Fried for the Times Literary Supplement in late 2023. He began writing the script after Donald Trump won the United States presidential election in November 2024. The film was finished six months later.
The production team scouted Colorado; Vancouver and Whistler, British Columbia; and Jackson Hole, Wyoming. The film was ultimately made in Park City, Utah. The house featured in the film was one that became available at the last minute.
Jesse Armstrong and Jill Footlick both told Variety that one reason they felt the house in the film was perfect was because it made cinematographer Marcel Zyskind so queasy. Zyskind concurred: "It just did something physically to me. It's like a violation on the mountain, that house." The house proved difficult to light inside because it had so many reflective surfaces. Despite the difficulties that the location presented, everyone agreed that it was the perfect Hugo 'Souper' Van Yalk house.
Both Steve Carell and Jason Schwartzman noted that pre-production and production moved very fast, much faster than the average film. Carell was pitched the project before a finished script was available and Jesse Armstrong was quick to remind him that it would be his first feature as a director. Both of them were extremely eager, however, to work with Armstrong. "Because it was him," said Carell, "I knew it was going to be great."
Jesse Armstrong says he did most of "the hard writing" over a ten day period in London.