Found a newly created studio that is making a PS5 game published by SIE (XDev). The leadership appears to come mainly from Supermassive Games. The Creative Director for example was previously a Game Director at Supermassive.
Studio is called Ballistic Moon based in Farnborough UK, and they mention they are creating a game in Unreal Engine 5 working with a "world leading publisher":
In job listings its described as "early stages" with the team only being around 35-40 at the moment however its described as a "major new project" and they do mention above they are relocating to a bigger office soon.
We're currently working with a AAA publisher in the early stages of a major new project
Game has a placeholder name of "Project Bates" and very recently began motion caption. One of the actors accidentally included SIE as the company involved giving away who the major publisher is. I blanked out the characters name to make it a little harder to find:
The motion caption director (Joshua Archer) previously worked on Until Dawn: