Toaplan declared bankruptcy in 1994, but it's developers went on to form a number of different companies, including CAVE, Raizing, Tamsoft, Gazelle, and Takumi Corporation. This is a list of Toaplan and those companies STGs.

Raizing was founded by former Compile employees, and supplanted by Toaplan employees. In 2003 they were folded into 8ing, which still exists today mostly producing licensed fighting games; no shooting games have been made by 8ing.

Gazelle was active for about eight years, and before it shut down in 2002 most of its employees joined Raizing and CAVE.

Takumi Corporation was active and making arcade games and console games until around 2010; they developed shooting games and puzzle games.

CAVE is the last company standing of these Toaplan offshoots. They specialize in manic/bullet hell games, and have appeared on every major console and mobile platform of the last twenty years. Their last arcade game was released in 2012. Some key CAVE employees left the company after they began moving out of the arcade space, including Junya Inoue.

Masahiro Yuge, developer on many Toaplan games, founded Tatsujin (the Japanese name for the game Truxton), and apparently owns the rights to most Toaplan games now.