IT House March 23 news, according to Neowin reported that while the Windows 11 Dev channel is developing for the arrival of the Windows 11 22H2 (codenamed "Sun Valley 2") feature update, Microsoft has begun preparations for the next 23H2 "Sun Valley 3" (SV3) version. References to SV3 are already popping up.
The first was found in the appraiserres DLL file in the latest Windows Server build 25075, released about a week ago. As you can see in the picture below, there seems to be some explicit mention that Windows 11 23H2 is a copper (CU) version, while the first line explicitly shows that the current version in the Windows Insider Dev channel is the Nickel (NI) 22H2 version.
After that, when Microsoft aired the Windows Insider Program (WIP) webcast earlier today, a second reference material appeared, a live show in which the company showcased some of the latest Windows 11 features.
As you can see in the image below, a note for "SV3 Refined Investments Next Step" appears in the PowerPoint Live section of the Teams Shared Content menu.
While SV3 may mean something other than Sun Valley 3, that's fairly unlikely. Interestingly, Microsoft also mentioned SV2 recently, but the company quickly removed it and updated the page.