I stumbled upon this today:
http://www.facepunch.com/showthread.php?t=1217651&page=3

and

http://gamingbolt.com/stars-of-barathrum-open-world-space-game-from-valve-concept-art-leak

and for KRAUTS:
[url=http://www.4players.de/4players.php/spielinfonews/PC-CDROM/9681/2116092/Valve_Software|Open-World-Weltraumspiel_in_Entwicklung.html]http://www.4players.de/4players.php/spielinfonews/PC-CDROM/9681/2116092/Valve_Software|Open-World-Weltraumspiel_in_Entwicklung.html[/url]

It seems like my prayers have been heard...a new Privateer/Freelancer like Game(at least...i hope so).

<Speculating>Finally we get Half Life Episode 3 it seems ;) Mankind is now spacefaring and has access to other dimensions?</Speculating> Who knows who knows.

I will wait a little longer to see more then concept art and some pics taken from a blog about an artist's online class progression...

http://lauradubuk.blogspot.co.uk/2011/07/ships-from-class.html

and I hope the speculations "free to play mmo" are wrong.

So do I. But I can't say I'd be terribly surprised if that turned out to be the case.

you might want to follow this:

http://kotaku.com/5951474/is-valves-next-big-game-a-space-mmo

Please no MMO. Even no free to play. But...thats the way it goes today i think....

I've always wanted a make-your-own-adventure space game where I control a huge capital ship, but this is all still just rumors for now.

New game by "Valve"... I guess it's again time to play : Which Digipen student's project or mod did Valve just bought the rights for.

Actually I did, and long before Portal was released.

…and yet you imply Portal wasn't really a Valve game. Even though virtually nothing of what made Portal so good is present in ND.

Never said that they don't polish the games idea they buy, I just said that the last time they ever release a game that wasn't originally a mod or a digipen project it was... well it was Half Life 2.

Well, yeah. That's their established MO, and they're very good at it. I still don't see how that's a reason to call any of their post-HL2 games "Valve" products rather than Valve products.

If any company has the finances to take a risk, and actually make a "different" MOO, it is Valve, so I would not count it out just yet. And Valve has also shown in the past that they are not afraid of experimenting and taking risks. So with a bit of luck, they will create an MMO that is able to at least make a dent in the game market, and make other companies realize that MMO and WOW-clone is are synonyms.