A planetary-scale engine that's at least capable of terrain overhang (but not necessarily caves) is used by the still-not-yet-released indie game called Infinity. You can see overhangs in a video from 2007, at about the 2 minute 10 seconds mark:I guess if they can do caves that would indicate the ability to do overhangs too. However they lean very heavily on small draw distances when you're actually down on the ground to give time for the algorithms to churn and generate the terrain where as we can't use atmospheric fog (on account that we're doing airless bodies) to hide generation so we need to be able to generate terrain to quite a distance (all the way to space in fact seeing as you'll see these planets from super cruise as per normal).
https://www.youtube.com/watch?v=ibZZRDIhtVo
They do an insane amount of procedural calculations on the GPU itself, which I gather ED Horizons also does (from the explanation of why it won't be coming to the Mac yet).
P.S. I'm pretty sure Frontier must be well aware of Infinity, since they are their closest competitor (procedural technology wise).
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