MacRumors published a story that Apple has released the first beta of watchOS 9.5 to registered developers.
Apple Seeds First Beta of watchOS 9.5 to Developers
Apple today seeded the first beta of an upcoming watchOS 9.5 update to developers for testing purposes, with the software update coming a day after the release of watchOS 9.4.
Apple Seeds First Beta of watchOS 9.5 to Developers
To install the watchOS 9.5 update, developers will need to download the configuration profile from the Apple Developer Center.