I wrote this (with some revisions) a little while back in another thread, may help clarify the whole 5k thing:
- Thunderbolt 2 can push signals out using either HDMI 1.x or DisplayPort 1.2 protocols. Both of these can display 4K video (though somewhat restricted), and cannot display 5K.
- Dell currently has a 5K display, but in order for it to work at full resolution, it currently needs to behave more-or-less like it's two displays side-by-side, using two different connectors to drive those halves, then combining it into the full display.
- the 5K iMac handles this "lack-of-capable-protocol" problem instead by using custom hardware to connect the display to the motherboard; since it doesn't need to use a cable to connect, it doesn't need to follow an established protocol, and thus can use whatever means work best internally to make the display work. (speculation: this is likely also why you can't use the 5K iMac in Target Display mode, like you can other iMacs - there just isn't a cable that can push information quickly enough to drive those pixels)
- Last September, DisplayPort 1.3 was finalized, whose protocol allows for 5K video to be able to be passed through a cable. For Macs, support for DisplayPort 1.3 will likely come from the Thunderbolt 3, which supports 1.3.
- Thunderbolt 3 will be first supported at a chipset level with Intel's Skylake processors, which look to be released in the second half of this year, going into 2016.
- (speculative) Odds are good that a 5K external will be released from Apple once Thunderbolt 3 begins making it's way into products, as until that time, there really isn't a single-cable consumer protocol out there to drive a display of that bandwidth.