GDC is a great platform for all companies to discuss and release plans for new/updated game engines. Valve is certainly no exception to that; with them recently discussing Source 2 at GDC 2015.
It appears, at this very early stage where nothing is released as of yet, that the engine will be free to use (though games it seems will have to be available through Valve's Steam) and will be offering a Vulkan version (see previous blog post about Vulkan).
With the original Source engine powering evergreens such as Half-Life 2 and Team Fortress 2 there is a lot of interest in what Valve has to announce next for Source 2 in the coming months.
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