You can't really compute it in constant time since the number of bits in the nth Fibonacci number is O(n), so you need to take at least that long just to write the result out.
Computing with Binet's formula is also rather tricky. You just need to round φ^n/√5, but how many bits of √5 do you need to use?
http://sarabander.github.io/sicp/html/1_002e2.xhtml (Ctrl-F "We can also formulate an iterative process for computing the Fibonacci numbers.")
Here's a Python implementation:
With that, fib(100000) takes half a second to compute on my machine.