From Chris Lattner when asked about the date that will happen:
I would tell you if I knew . Our priority is to build the "right thing" not build a demo and get stuck with the wrong thing. My wild guess is that the language will be very usable for a lot of things in 18 months, but don't hold me to that.
It WILL be open-sourced, because Modular on its own isn't big enough to build the whole ecosystem.