Miles Morales is one of the fastest growing Marvel characters: Ultimate Fallout #4 (2011, 1st appearance) went from $50 in CGC 9.8 (2015) to $2,000-3,500 in 2026. The film “Into the Spider-Verse” (2018) was the main catalyst, increasing ratings by 10 in 3 years.
Miles Morales has become one of the most important and profitable characters in the modern comic book market. Created by Brian Michael Bendis and Sara Pichelli in 2011, this new Spider-Man has transcended comics to become a cultural phenomenon thanks to the animated film “Spider-Man: Into the Spider-Verse” (2018) and its sequel “Across the Spider-Verse” (2023). Its valuation journey is a textbook case for investors in comics.
This guide analyzes the evolution of the Miles Morales market since 2011, the factors which influence its rating, the different print runs and variants of its key issues, and the future prospects for this character, now central to the Marvel/Sony strategy.
Valuation history: from anonymity to the top
The financial history of Miles Morales is divided into four distinct phases which perfectly illustrate the mechanisms of the modern comic book market:
Phase 1: Discreet launch (2011-2014)
When it released in August 2011, Ultimate Fallout #4 was just another issue in a series already in decline. The estimated circulation is 80,000-100,000 copies for the first printing. In 2012-2013, raw NM copies were available for $10-20 and CGC 9.8s were around $50-80. No one predicted the coming phenomenon.
Phase 2: Progressive recognition (2014-2017)
The integration of Miles into the main Marvel universe (post-Secret Wars 2015) and adaptation rumors triggered a first bullish wave. CGC 9.8: $200-400. Savvy collectors were accumulating at this point, correctly anticipating the inevitable film adaptation.
Phase 3: Explosion Into the Spider-Verse (2018-2021)
The December 2018 animated film was a cataclysm in the market. In 6 months, Ultimate Fallout #4 in CGC 9.8 went from $400 to $1,500. The peak was reached in 2021 with sales at $3,800 in CGC 9.8 first printing. This phase demonstrated the capacity of an external media to radically transform the ratings.
Phase 4: Consolidation and maturity (2022-2026)
After the speculative peak, the market stabilized. In 2026, Ultimate Fallout #4 in CGC 9.8 (first printing) trades between $2,000 and $3,500. This is a mature price level, supported by real demand (not just speculative) and the continued presence of the character in cinema and video games (Marvel's Spider-Man 2, 2023).
Detailed analysis of Ultimate Fallout #4 prints
The complexity of Ultimate Fallout #4 lies in its multiple draws, each with a very different value:
First print:Cover by Mark Bagley showing a funeral scene. This is the original and most valuable edition. CGC 9.8: $2,000-3,500. CGC 9.6: $800-1,200. CGC 9.4: $500-700. Raw NM: $400-700.
Second print:Sara Pichelli cover with Miles in a Spider-Man costume — more visually appealing and recognizable. CGC 9.8: $600-1,000. CGC 9.6: $300-500. Paradoxically, this edition is often preferred for its iconic visual despite its lower financial value.
Third print:CGC 9.8: $300-500. More limited edition than the second, which maintains a substantial price.
Djurdjevic variation (1:25):CGC 9.8: $3,000-5,000. The rarest and most expensive variant. Less than 50 copies in the CGC census in 9.8.
Impact of cinema and video games
The Miles Morales case is emblematic of the comics/cinema/video games synergy:
Into the Spider-Verse (2018):Oscar for best animated film, $375 million at the worldwide box office. Impact on UF #4: multiplication by 4-5 in 6 months.
Marvel's Spider-Man: Miles Morales (PS5, 2020):6.5 million copies sold. Impact: 20-30% increase in key issue miles in the months following release.
Across the Spider-Verse (2023):$690 million at the worldwide box office. Impact: price stabilization at a high level, confirmation that Miles is a “permanent” character in the pop-cultural landscape.
Beyond the Spider-Verse (coming soon):The third part of the cinematic triptych is eagerly awaited. Each announcement of a release date or trailer causes a mini-rally on the Miles key issues.
The other key issues Miles Morales
Beyond Ultimate Fallout #4, several issues are essential for a complete Miles collection:
Ultimate Comics Spider-Man #1 (September 2011):Miles' first solo series. CGC 9.8: $200-350. First issue where Miles is the main protagonist, with cover art by Kaare Andrews.
Miles Morales: Spider-Man #1 (December 2018):First series in the main post-relaunch Marvel Universe. CGC 9.8: $60-100. Perfect timing with the movie Into the Spider-Verse.
Spider-Man #1 (2016, Bendis):Miles' first mainline Marvel series. CGC 9.8: $80-130.
Champions #1 (2016):Miles as a founding member of the Champions. CGC 9.8: $40-60. Importance for Miles' positioning as leader of the new Marvel generation.
Investment outlook 2026-2030
Miles Morales is now a blue chip character in the comic book market — comparable to what Wolverine represented in the 2000s. Long-term supporting factors include:
Continuing cinematic presence:Sony is actively developing the Spider-Verse franchise and live-action projects with Miles are regularly mentioned.
Cultural diversification:Miles represents diversity in Marvel comics in an organic and popular way, ensuring his editorial presence for decades.
Young fan base:Fans who discovered Miles through movies and video games are younger than the average collector, ensuring demand will grow as they gain purchasing power to collect.
The main risk remains a general crash in the comic book market or a film franchise running out of steam. But at this point, Miles Morales seems firmly entrenched as a permanent figure in global popular culture.
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