The trademark, registered as computer game software, is for a new project simply titled Neon Prime (stylized as NEON PRIME.) No other details were revealed in the filing.
Over the last few years, Valve has been completely silent. The last official project from the company was the VR exclusive Half-Life: Alyx, which served as both a prequel to Half-Life 2 and a soft reboot of sorts for the franchise’s future.
It remains to be seen exactly what this new project will be, but speculation is already running wild among fans. Rumors have ranged anywhere from Neon Prime being a brand new video game IP, to joke suggestions that it’s the title of an unannounced Ricochet sequel. These rumors are just that, however, and should not be taken as anything more.
In the early morning some peoples I know that are speculating that ''NEON PRIME'' the new trademark valve put it, that it might be either be ''ricochet 2'' or the ''icefrog'' project that he was working on it or anything in general the new trademark really went that mysterious.
— Dabu 🇨🇦🇲🇦 🎃 (@prop_static) October 14, 2022
Some fans in the community have speculated it might be a new name for the long-rumored and heavily leaked pancake/VR hybrid game, Citadel. This cannot be confirmed however, as Valve has yet to even confirm that game’s existence, so do take it with a grain of salt.
We will continue covering this story as more develops, but in the meantime, let us know what you think Neon Prime will turn out to be.
Source: The Trademark Registration