The clues pointing to Half-Life 3 are piling up: New Valve hardware, insider leaks, and teasers from Geoff Keighley are sparking new hope
It’s probably the oldest running gag in video game history, but right now, many fans seem to have a lump in their throats – from excitement! Reports, analyses, and insider statements are currently flooding the internet, pointing to an imminent reveal of Half-Life 3.
The current wave of speculation has been triggered by a combination of yesterday’s 27th anniversary of the first installment of the series, the recent unveiling of new Valve hardware, and conspicuous observations at the developer’s headquarters – concrete clues that could go beyond mere wishful thinking.
Hardware reveal without software raises questions
The bone of contention for the current wave of rumors lies in last week: Valve surprisingly unveiled new hardware: the Steam Machine, the Steam Frame (a new VR headset), and a new Steam Controller. What was striking, however, was the absence of any software announcements.
This would contradict the strategy that Valve has recently pursued successfully. While the launch of the first Steam Machine in 2015 took place without its own game and flopped, the developers relied on accompanying software for more recent hardware releases. Think of the tech demo Aperture Desk Job for the Steam Deck and, above all, the VR flagship Half-Life: Alyx for the Valve Index.
Insider reports are now filling this vacuum: Industry experts such as “Nate the Hate“ and ”Shpeshal_Nick” report from sources that expect a software presentation to follow the hardware announcement shortly. The latter stated on the X platform that he had received information that Valve wanted to present hardware last week and software this week:
Probably deep enough into the week to know this isn’t happening right now
Last week I got a DM that Valve was showing off hardware “this week” (last week) and software “next week” (this week)
This software was allegedly Half Life 3. Hence my caution with my tweet. “Big if” https://t.co/aVN9XOcYnL
— Shpeshal Nick (@Shpeshal_Nick) November 18, 2025
Project “HLX” and increased security
Apart from the temporal correlation, there are technical indications that have been preoccupying the community for months. Dataminers have repeatedly found references to a project codenamed “HLX” in updates to the Source 2 engine and other Valve titles.
Analyses suggest that this is a full-fledged, non-VR title in the Half-Life universe that has been in development since at least 2021. Well-known leaker Tyler McVicker claimed back in May of this year that this project is internal at Valve!
Sean Hollister from The Verge provided another piece of the puzzle: As part of the press preview for the new Valve hardware, he visited the company’s headquarters and reported unusually strict security measures.
Unlike previous visits, such as to Half-Life: Alyx, Hollister said the place was swarming with security personnel. This is seen in the report as an indication that Valve is currently shielding projects that are not yet intended for even invited members of the press.
“Project White Sands” and hints from voice actors
The current rumor mill is further fueled by leaks from people involved in the production. As early as 2024, the name “Project White Sands” appeared in the resume of a voice actress, which was quickly linked to Valve.
Added to this is a cryptic post by the voice actor of the G-Man, who at the beginning of the year promised “unexpected surprises” for 2025.
#Valve #Halflife #GMan #2025 pic.twitter.com/mdT5hlxKJT
— Mike Shapiro (@mikeshapiroland) December 31, 2024
Attentive observers will also find inconsistencies on the Steam platform itself: The sidebar for “Upcoming Releases” currently lists two entries, but when clicked, only the game Deadlock is displayed. Such discrepancies are often interpreted by the community as placeholders for hidden store pages.
Geoff Keighley’s wish list teaser
Just how sensitive the community is currently reacting to the slightest hints was demonstrated by an action taken by Geoff Keighley. The presenter shared a screenshot on social media, actually just to draw attention to the presence of the “Game Awards” on Steam. However, fans did not miss a detail in the margin: there was exactly one title on Keighley’s own wish list.
When the community pressed him to reveal which game it was, Keighley simply responded with a meaningful eye emoji:
what’s the 1 game that you have wishlisted
— Wario64 (@Wario64) November 17, 2025
This sparked speculation in the comments that he was hinting at the unveiling of Half-Life 3 at the upcoming awards. Even though Keighley later revealed that he had added the game “Dadlympics” a day later, fans consider the original teaser to be a deliberate tease – and are wondering which game was on his wish list before that.
The information situation is currently more dense than in previous years, but official confirmation is still pending: Yesterday’s celebrated anniversary of the series passed without the “Shadow Drop” announcement that many had hoped for. All eyes are now on the coming weeks.
If the theory that Valve is planning to unveil the software shortly after the hardware proves to be true, the next few days could be decisive. Alternatively, December 11, the date of the Game Awards, is considered a potential venue for an unveiling – even though Valve wouldn’t need this stage for HL3.
So the situation remains one in which skepticism is appropriate, but the complex facts are difficult to ignore. If you’re waiting for the continuation of the Gordon Freeman story, the current period until the end of the year is more exciting than it has been in a long time.
