Yes, the Elgato Game Capture 4K S works with the PlayStation 5 — but only PlayStation 5 ships with HDCP enabled by default, and Elgato's.
Elgato's own support documentation confirms PS5 enables HDCP by default and that an Elgato capture device must have HDCP disabled on the PS5 to show any video at all -- the #1 searched 'PS5 capture card not working / black screen' issue. Once disabled, 4K S captures PS5 gameplay normally (PS5 is in 4K S's own officially recommended console list).
Conditions for compatibility
PlayStation 5 ships with HDCP enabled by default, and Elgato's capture devices cannot capture or pass through any HDCP-protected HDMI signal -- the card shows no video until HDCP is turned off. Fix: connect the PS5 directly to a TV first, go to Settings > System > HDMI, toggle 'Enable HDCP' off, then connect the PS5 to the capture card's HDMI In port.
“PlayStation 5 enables HDCP by default. To use an Elgato capture card, you must disable HDCP.”
“Recommended for Switch 2, PlayStation 5, Xbox Series S, Mobile devices”
Last verified:
Confidence: high confidence