is the dreamcast 2 still coming out?

I highly doubt it. It would have to compete with the Wii U and the ps4/Xbox one scene, which i don't think it can. plus, the dreamcast came out a loooonnnnggg time ago, if they were going to make a second, it would've been done by now.

SEGA has completely dropped out of the home console market, so... no. It's never coming out. I don't know if you noticed, but they've been partnering with Nintendo lately to make exclusive games. All of the most recent Sonic the Hedgehog titles were only on Nintendo systems. Given how they've had to cancel several of their "less profitable" franchises in the past year or two, it's safe to say they absolutely do not have the kind of money necessary to develop a console.

It already did, except it was called the Xbox and Microsoft made it. Sony was getting out of the hardware market, but there was a lot of cooperation between Sega and Microsoft when they were making their new console. When the Dreamcast was winding down, a lot of the team moved to Microsoft.