Insider reports suggest Valve intended to announce Half-Life 3 as the finale at The Game Awards 2025, but pulled out at the last moment. The decision reportedly stemmed from concerns over high RAM prices affecting a planned Steam Machine launch. Instead, organizers slotted in the game Highguard for the closing spot.
Rumors circulated in the weeks leading up to The Game Awards 2025 that Valve would finally unveil Half-Life 3, the long-awaited sequel in the acclaimed series. According to gaming insider AleXXorTV, the announcement was slated to be the event's final reveal, replacing the position ultimately taken by Highguard, a free-to-play first-person shooter developed by Wildlight Entertainment, the studio behind Titanfall and Apex Legends.
The plans included launching Half-Life 3 alongside a Steam Machine exclusive, but Valve canceled due to market uncertainties, particularly rising RAM prices. AleXXorTV shared these details in a post, stating: "> HL3 was supposed to be the last announcement > supposed to launch with steam machine exclusive > Valve pulls out last second due to RAM prices > Geoff pulls ANYTHING for last > Highguard. 0 hopium was used in this post."
Forbes journalist Paul Tassi provided further insight into the last-minute change, noting that Wildlight Entertainment did not pay for the prime finale slot. He wrote: "Have learned that Highguard did not actually pay for that Game Awards finale spot. Was just the show putting it there." This substitution likely occurred after Valve's withdrawal became known to the organizers.
Although the December 2025 event passed without the reveal, these reports offer another indication that Valve continues development on Half-Life 3, holding out for an optimal announcement opportunity in the future.
