Source is KeplerL2, who is generally considered a reliable source for insider hardware info, particularly on AMD GPU hardware and AMD SoC for consoles.
Previously I would have personally estimated Steam Deck 2 to release mid 2026-early 2027, but the recent info about an upcoming Steam Machine made me think that maybe I should push back that estimate.
Of course even if we assume this is reliable insider info, a lot can change in couple years, so things can definitely change.
It is like you don’t even care about profits and value the consumer.
I mean, Valve is wildly profitable. On a profit-per-employee basis, they beat out virtually every other company in existence, at a staggering $3.5M in profit earned per employee. The Steam Store is a money-printing machine, and takes very little in upkeep/support staff to stay profitable.
The Steam Deck was never a massive profit-seeking venture for them; It was a way to divest from Microsoft, (who had been rumbling about going the way of Google/Apple and forcing everyone to use their proprietary store, then skimming a portion of all sales made on said store), and to be able to bring the Steam storefront to people who otherwise wouldn’t be using Steam.
The only reason Microsoft backed off of their Microsoft Store idea was because Apple and Google got slapped in the EU, and forced to allow third-party app stores. And by that point, the Steam Deck was already in production, so there wasn’t much point in canceling it. Especially since, as I mentioned earlier, it expands the Steam Store’s reach, which is their real end goal.