Can Cyberpunk be played directly on PS5 and Series X when it is released?

The Ps5 and Series X come out before Cyberpunk is released.

Do I then have to buy Cyberpunk for the Ps4 / Xbox One and can I play it on the Ps5 and Series X? Or is cyberpunk coming out for the Ps5 and Series X?

You can play it directly at the release thanks to the backwards compatibility. A full-fledged NextGen version will not be available until next year, but you can upgrade to it for free.

Until then, however, it will still benefit from the better hardware. "look better" & graphical enhancements "according to developer)