I just cannot believe that. That is so antithetical to Valve's corporate practices, and those practices have surely been too successful for Valve's upper management to want to risk it by making a quick buck on an IPO.
Valve will disentegrate before they go public, according to Gabe. But they are fundamentally falling into the same trap that a lot of big publishers do by chasing after the low hanging fruit. Half Life 3 is the sacred cow that the company is built on. Why would you want to attempt that unless you were 100% sure you could pull it off? Dota 2 seems like a really well received game, but a MOBA is not risky by any stretch of the imagination.
I feel like Valve (and by that I mean the developers who have free reign over what they do) is hesitant to take creative risks now that they are able to do absolutely whatever they want.
I hope I am wrong. I hope they see this as a giant artistic challenge and one worthy of tackling. I'd love to see HL3 and L4D3 ship alongside a major SteamOS/Steam Machine release. But given the odyssey HL2 went through, and the surely even stranger tale that is HL3, that doesn't seem likely.
No one is really suggesting that Valve is losing their identity or turning into something awful. It's just that the impetus that fueled them originally is no longer there, as Steam is a revenue firehose. So devs are free to tackle whatever they want, whenever they want. This results in sporadic but well received releases. Will they ever decide to tackle HL3? The JIRA thing is far from confirmation. Devs have been in and out of that group for years. Source 2 is coming but what will be the game that ships first?