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OK, so by now we know for definite - the game itself cannot be opn sourced due to the SpatialOS code from Improbable (Among other things).

However, is it known whether the Island Creator runs on the same code? We know it'll still be useable after the shutdown, but would it be at all possible to open-source the IC and allow us to do something with it - even if it is just extracting models, etc. for other things?

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almost 5 years ago - /u/Bossa_Studios - Direct link

Heya, With regards to models, we've been told some can be exported, although the ship builder cannot. We're going to see what can be ported and released and what is going to need total re-writing to release. I can't make any guarantees at the moment as we're still discussing what can be released and what can't.