The game coming out of early access is too arbitrary to say on when it will happen. The only thing Early Access denotes is that the product is unfinished. In the case of Valheim, we have placeholders for stuff. So it can't release out of early access until those things are addressed in at least one major update.

If we approach this from a cynical outlook, early access is often used for a double release window in a game's lifetime. You can release your game twice on Steam from a marketing perspective. This is usually done at opportune times to capitalise on rejuvenating sales.