The PS4 version of Cyberpunk 2077 will be available on PS5 "when the game releases." During an investor call (via Eurogamer) last night, CDPR confirmed a port to the new console, as well as a "more robust update" in future.
Anyone who purchases a copy of the game on PS4 will be able to play it on PS5, and will receive a free update improving its graphics. The move is similar to CDPR's decision to opt-in to the Xbox Series X's 'Smart Delivery' system, which will allow Xbox One players to upgrade their copy of the game.
According to CDPR executive Michał Nowakowski, however, that upgraded version "is not the final update." Eventually, the developer will provide "a more robust update for next-gen which we plan to give free of charge to anyone who purchases the PS4 or Xbox One version." There's no word, however, on when we should expect that upgrade.
This approach isn't entirely novel - Rockstar's next-gen version of GTA V utilised a similar approach a few years ago, even if it wasn't quite so cheap. What's particularly interesting about CDPR's announcement, however, is that it seems to suggest the PS5 version will be available on the game's new launch date of November 19. Nowakowski said that "you will be able to play the game on next-gen from 19th November when the game releases," suggesting a little insider information in terms of Sony's planned release window for its new console.