An inside source has confirmed that SOB (Valve's new IP) is an unannounced game entitled Stars of Barathrum (working title). Plays like privateer/freelancer but also with the ability to command larger cruisers and capital ships. It's a very vast and open-world game where you choose your own adventure, a lot of internal resources are being put into SOB.
If this is real, I think space games are really coming back hardcore now. It is truly amazing how space games are coming back and I really do think its the fans of them and buying the existing games that are making these new IP's happen. Hey any good SSC can provide it will. I would like to see what Valve could do with this, makes you have a lot of questions and whether they might be trying to take on CCP and give EVE Online some real competition.
Valve is investing a lot of resources into this game, and who knows it may end up as a free-to-play MMO, too, considering Valve has shown a lot of interest in that type of business model and encourages it as well.
Its been confirmed canceled, read through that entire thread and you will see. Gabe mentioned it was called Stars of Blood and is no longer being worked on during his little birthday party with those dudes from 4chan.