The latest additions to the list of PlayStation 4 and PlayStation 5 emulators in development for PC below are a ShadPS4 PS4 Emulator (Blog / Twitter) for Windows via georgemoralis (ShadPS4 Forums / Twitter) on Github alongside Open Source PS4 Emulator PSet4 via lvcheng1229 and an RPCSX PS4 / PS5 Emulator via RPCSX on Github. 
Download: shadps4-win64-v0.0.3.zip (1.9 MB - Several OpenOrbis demos working) / shadPS4-main.zip / shadPS4 GIT / pset4-main.zip / PSet4 GIT / rpcsx-master.zip / RPCSX GIT
According to @zecoxao on Twitter, "the 8th PS5 emulator (perhaps the strongest one), made by the three big devs nekotekina, kd-11 and DH, RPCSX."
For those just joining the PS4 Scene / PS5 Scene, here's some previous emulation-related articles (sorted by date, with the oldest first):
Download: shadps4-win64-v0.0.3.zip (1.9 MB - Several OpenOrbis demos working) / shadPS4-main.zip / shadPS4 GIT / pset4-main.zip / PSet4 GIT / rpcsx-master.zip / RPCSX GIT
According to @zecoxao on Twitter, "the 8th PS5 emulator (perhaps the strongest one), made by the three big devs nekotekina, kd-11 and DH, RPCSX."
For those just joining the PS4 Scene / PS5 Scene, here's some previous emulation-related articles (sorted by date, with the oldest first):
- Nucleus PS3 / PS4 Open-Source PC Emulator
- PlayStation 4 Virtualization
- Experiments in PS4 Emulation
- Orbital PlayStation 4 Emulator
- Spine PlayStation 4 Emulator for Linux
- PS4 Compatibility Layer Uplift for Orbis on Windows
- PS4Delta: Experimental Host for PS4 Games on Windows
- GPCS4 PlayStation 4 Emulator for PC
- RPCS3 PS3 Emulator for PC Adds FidelityFX Super Resolution (FSR) Support
- Spine PS4 Emulator for Linux Updated
- PlayStation 4 Emulator RPCS4 Updates
- RPCS3 PS3 Emulator Updates
- Kyty PS4 and PS5 Emulator Project in Development
- FPPS4: Free Pascal PS4 Compatibility Layer Emulator
- EmpireOfSteel: PS4 / PS5 Emulator (Prototype) in Development
- Obliteration: Experimental PS4 Emulator
