While the current Windows 11 Dev Channel is readying the arrival of the Windows 11 22H2 (codenamed "Sun Valley 2") feature update, Microsoft is already working on the next 23H2 Sun Valley 3 (SV3) release. And although this shouldn't come as much of a surprise, since large tech corporations like Microsoft are known to work on future products simultaneously, references to SV3 have already started trickling out.
The first one was spotted inside the appraiserres DLL file within the latest Windows Server build 25075, released about a week ago. As you can see in the image below, there appears to be some clear references to Windows 11 23H2 being the Copper (CU) release, while the first line clearly shows the current release in the Windows Insider Dev channel as the Nickel (NI) 22H2 release.
Following this, the second reference came up when Microsoft was streaming its Windows Insider Program (WIP) webcast earlier today, a live show where the company demonstrates some of the newest Windows 11 features.
As you can see in the image below, there is a "SV3 Refined Investments Next Step" note present on the PowerPoint Live section on Teams' Share content menu.
You can view this part here but blink and you could miss it:
While SV3 could mean something other than Sun Valley 3, chances of that are pretty slim. Interestingly, a mention of SV2 was also made by Microsoft recently but the firm quickly removed it and updated the page.