Step 1.
Create a new 400X400 pixels document with the black background Choose the Type Tool and write a text. Place it in the center of the image. Press Ctrl+Shift+E to join two layers.
Step 2.
Apply Filter > Blur > Gaussian Blur with Radius->2 pixels. Then apply Filter > Stylize > Solarize and duplicate a layer ("background copy 1"). Apply Filter > Distort > Polar Coordinates to a new layer with the following setting: Polar to Rectangular->ON. Press Ctrl+I to invert an image on a new layer. Now apply Image > Rotate Canvas > 90 CW.
Step 3.
Apply Filter > Stylize > Wind with the following settings: Method->Wind, Direction->From the Right. And then press Ctrl+F two times to repeat filter Wind. Press Ctrl+Shift+L. Press Ctrl+I to invert an image and then press Ctrl+F three times.
Step 4.
Apply Image > Rotate Canvas > 90 CCW. And then apply Filter > Distort > Polar Coordinates with the following setting: Rectangular to Polar->ON.
Step 5.
Drag "Background" layer on the top in a Layers palette. Set the Blending Mode for the layer as "Screen". You can press Ctrl+Shift+E to join two layers. Apply Edit > Adjustments > Hue/Saturation with the following settings: Colorize->ON, Hue->286, Saturation->56, Lightness->0. And that's it.
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