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Welcome to EarlyGame, your one-stop-shop for everything Esports and Gaming. Although the game never reached a finished state from which a definite plot summary can be formed, Episode Three would have presumably picked up after Episode Twos cliffhanger with the discovery of the Borealis and the death of Eli Vance. That's a bit weird, isn't it? Why would Valve be secretive about a release like this? Could Half-Life 3 be in the works after all? Maybe, but we'll have to wait to find out.
There was no press or promotion for this update, with it needing to be found by a YouTuber before anyone started talking about it.
Then there's also the matter of this Half-Life 2 update's secretive release. With that game's insanely positive reception, we can be pretty sure that Valve would be looking at Half-Life 3 as a pretty solid investment. What's more, Half-Life Alyx released for virtual reality back in early 2020, presenting us with a modern addition to the series.