Create a new document with a black background. Create a new layer, use the Elliptical Marquee Tool M to draw out an ellipse with your desired dimensions. Select a blue color of your choice and fill the ellipse selection with the Paint Bucket G. Use Filter > Blur > Gaussian Blur with desired settings. You should now have the faded ellipse background for the text.
Select the Type Tool T to type out your text with white on a new layer. In the layers pane right click on your text layer and select Blending Options. Check the 'Outer Glow' option. Use something like these settings, they'll depend on your text size. Make sure to use a blue that is lighter than your background ellipse.
You should have a result looking something like this: