Unlike older consoles (NES, SNES, PS1), Sony has kept the PS4’s internal hardware documentation under strict lock and key. Emulator developers rely on community reverse-engineering, which takes years. The PS3 emulator (RPCS3) took over a decade to become stable. The PS4 will take just as long, if not longer.
Realistic timeline: A usable PS4 emulator that runs 10-20% of games at low speeds might arrive around 2027-2028. A stable, user-friendly emulator like PCSX2 will likely take until 2030+. pcsx4 github link
While PCSX4 is fake, PS4 emulation is real and making incredible progress. The two main legitimate projects currently in development are: Unlike older consoles (NES, SNES, PS1), Sony has