Is Stars of Barathrum Valve’s New, Unannounced Game?

While Valve hasn't even made any announcement regarding Half-Life 4, could the company be working on a new IP altogether? Earlier this year, an image showed concept art that was supposedly a project Valve was working on.

Here's the image:

Now according to Facepunch, an insider source has "confirmed" that "Stars of Barathrum" (SOB) is Valve's new, unannounced IP. People will play a "privateer/freelancer  but also with the ability to command larger cruisers and capital ships." Supposedly, it's a "very" vast and open-world game where you choose your own adventure. It's also being said that "a lot of internal resources are being put into SOB."

Here's the concept art trailer:

For more concept art, click here.

Keep in mind that this has not been confirmed by Valve and should be treated as a rumor. Of course, seeing as how Valve takes their time in making their games, it wouldn't surprise me if they don't acknowledge this at least until a few years after. Nevertheless, we've contacted Valve for an official statement.

Do you think this is what Valve is working on now? If so, when do you think we can expect it?