Failed to Initlize 3D engine (Steam Version)

I have recently gotten this game from steam and no matter what I do this error keeps popping up.

Failed to Initialise 3D engine:.../src/Game.cpp 321

I have dones everything I can thing of.
I have deleted the re-downloaded it.
I have deleted it, restarted steam and downloaded it.
I have deleted it, restarted my computer and re-downloaded it.

And nothing has worked. If somone could PLEASE help me I would greatly appriciate it.

Are your graphics drivers at the latest stable version?

Also check out the solutions thread:

Yes my drivers are at the latest.
I checked out that thread and I could not find “prefs.ini” anywhere in my steam folder for the game.
Are there any other suggestions?

I think you looked in the wrong place for the prefs.ini, according to the thread I linked, it is in “My Games\GratuitousSpaceBattles” within your Documents folder, not your Steam folder.