Waterworld was released on 28 July 1995.
Peter Rader wrote the initial script as a "Mad Max rip-off" in 1986, but did not try to sell it until 1989. Kevin Costner (as star and co-producer) and director Kevin Reynolds joined the production in 1992 (their 4th collaboration) and brought on David Twohy to rewrite the script.
Initially budgeted at $100 million (about $210 million in today's value), the film ended up costing close to $200 million, making it the most expensive movie ever made to that date.
Nicknamed "Fishtar" and "Kevin's Gate" after 2 other famous, expensive flops, Waterworld was released with its price tag and production problems already well-documented (conflicts between Costner and Reynolds resulted in Reynolds leaving the film before it was finished, and stating, "Kevin should only star in movies he directs. That way he can work with his favorite actor and director"). And while it performed well at the box office (it was the 9th highest-grossing film of the year), it came nowhere near to earning back the production costs (after video sales and television rights, it would eventually earn a profit).