According to Jason Schreier of Bloomberg, negotiations between Sony and Kojima Productions lasted several months and concerned the budget, deadlines, extension of cooperation, and exclusivity. The parties did not reach an agreement, after which PlayStation withdrew from the project.
During a trip to Japan, several industry representatives asked Schreier about the amount Kojima requested for Physint:
I haven't confirmed the amount I heard, but it was really significant.
At the same time, the journalist noted that Microsoft is likely financing the game with a smaller amount:
It seems to me that Xbox is paying less than Kojima expected from PlayStation.
Earlier, Schreier reported that Sony was concerned about costs, development pace, and exclusivity terms. However, PlayStation would have financed the game without acquiring rights to the franchise: Physint belongs to Kojima Productions.
Currently, the project is supported by Xbox, and Bill Skarsgård will play the main role. The game is in early development.