
Step 1.
Create a new 500X500 pixels document with a white background and a black foreground. Create a new layer. Now choose Elliptical Marquee Tool and holding Shift create a circle selection. Fill it with a black color (Edit > Fill). Then apply
Filter > Render > Difference Clouds several times.
Step 2.
Apply Image > Adjustments > Levels with the following settings:
Then apply Filter > Sharpen > Unsharp Mask with the following settings: Amount->500%, Radius->3.0, Threshold->15.
Step 3.
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Apply Filter > Distort > Spherize with Amount->100%; and then Filter > Distort > Spherize with Amount->50%. Now apply Image > Adjustments > Color Balance with the following settings: Shadows: +100 | 0 | -100, Midtones: +100 | 0 | -100, Highlights: +70 | 0 | -15.
Step 4.
Apply Filter > Sharpen > Unsharp Mask with the following settings: Amount->300%, Radius->3.0, Threshold->15. Apply CTRL+D. Add background with stars. And that's it.