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I think this is still very much a RnD project that can be cancelled if the tech doesn't pan out as expected. Fundamentally they need a device that can run PS5 code without any significant optimisations from dev side whilst also being affordable(<$600) and having decent battery life.

In my head a timeline could look like

Holiday 2027- PS5 Portable
Holiday 2028- PS6

I'd expect almost everything to be cross gen for the first few years of PS6's life, probably 60fps modes, actual 4k image quality and decent raytracing features will become exclusive to the new gen. Some games may launch first on PS6 but if there's an audience they'll be ported to PS5/PS5 portable (think hogwarts Legacy)