A new BioShock is officially in development, but publisher 2K isn't ready to talk about it just yet. Rather, the confirmation comes as part of a different announcement. Today 2K revealed the existence and name of a new studio under its publishing umbrella. Introducing Cloud Chamber, a two-location studio in both San Francisco, California and Montreal, Quebec, built explicitly to take on the development of the next title in the BioShock franchise.
The press release for Cloud Chamber's announcement understandably avoided discussing the new game in detail, but some general information was shared. 2K president David Ismailer described the franchise's focus as featuring a "powerful narrative" and "iconic, first-person shooter gameplay." It seems the next BioShock, BioShock 3 or otherwise, and will try to continue to the experience of both the original BioShock and BioShock Infinite. That's the extent of what 2K's said about what can be expected of the new BioShock game.
As for the new game's development, 2K does provide a general timeframe so as to not build any false expectations. According to 2K Games, the next BioShock game will be in development at Cloud Chamber "for the next several years." That likely implies that the new BioShock game is only just going into full production, or may still be churning in pre-production. The studio announcement is perhaps a move to help bring in more talented development as the team grows into production.
It would be a big surprise, and isn't likely at all, that the new BioShock game is only just beginning pre-production. After all, rumors about 2K working on a new BioShock game with a new in-house studio have been spreading for some time. There's also the fact that studio head Kelley Gilmore's LinkedIn profile says that she's been working as the head of a new 2K studio since January 2018. This BioShock game has been worked on for awhile, it seems. It just needs quite awhile longer.
BioShock fans have long-awaited a continuation of the franchise. The original BioShock is regarded as one of the best games of its generation, if not one of the best games ever released. BioShock Infinite is an instant classic in its own regard, building on and expanding the ideas shared in the original title in incredible ways. One of the protagonists, Elizabeth, could easily be seen as one of gaming's best characters. Ken Levine's decision to shut down his BioShock studio may have put things on pause, but fans (and apparently 2K) aren't ready to say goodbye to BioShock yet.
Cloud Chamber's BioShock is planned for release in several years and has no confirmed platforms.