Neuralink Files for IPO Amid $500M Fundraise at $8.5B Pre-Money Valuation

Apr 25, 2025 14:39 CST Updated 14:39

Neuralink

Brain-Computer Interface System Developer

Registration: The 1st Global Cardiovascular Conference | Major Highlights

Call for Partners: 2025 Global Surgical Robotics Conference

On April 24, 2025, according to Bloomberg News, sources familiar with the matter stated that brain-computer interface company Neuralink plans toUSD 8.5 billion (approximately RMB 62.013 billion)of pre-money valuation to raise approximately$500 million (approximately RMB 3.648 billion)Funding. The Company has commenced preliminary discussions with potential investors, but the financing terms have not yet been finalized.

# Core Technologies

Neuralink is a high-tech company founded by Elon Musk in 2016, headquartered in the United States,Focused on the development of invasive brain-computer interface (BCI) technology. The company aims to connect the human brain with machine interfaces by manufacturing devices at the micron level,To achieve human-brain-machine interaction。

N1 Implantable Device

The N1 implant is only the size of a coin. Guided by the R1 robot, surgeons insert microthreads containing hair-like electrodes into the target area of the brain to record activity. When the N1 is implanted in the brain (such as the region controlling arm movement) and neurons in that area fire, signals can be transmitted to a computer.

High-Density Electrode Design:The N1 implant contains 1,024 electrodes distributed across 64 threads.Capable of capturing a large volume of neural signals.Threads feature high flexibility and ultra-thin characteristics,It can easily adapt to the complex structure of the brain during implantation, reducing damage to brain tissue; furthermore, it minimizes compression and interference with surrounding tissues.
Biocompatible Encapsulation:N1 Implantable Device Features Biocompatible EncapsulationDoes not trigger immune responses or other adverse reactions, ensuring the long-term stable operation of the device within the human body.
Wireless Charging and Transmission:The device is powered by a small battery,Charging via an external wireless charger eliminates the need for surgical battery replacement.
Decoding Function:Low-power chips and electronic components can process neural signals and wirelessly transmit them to the Neuralink app, which then decodes the data stream into actions and intentions.

R1 Surgical Robot

Because the threads of the N1 implant are extremely fine and cannot be manually implanted, Neuralink has developed a specialized surgical robot. This robot can reliably and efficiently insert the threads into predetermined positions with precision.

Advanced Sensing System:The surgical robot incorporates optical components and sensors from a five-camera system to provide high-resolution visual feedback, enabling real-time observation of the implantation site during surgery.
Equipped with OCT System Optical Components:Optical Coherence Tomography (OCT) is a non-invasive imaging technique capable of providing high-resolution images of the internal structures of biological tissues. In brain-computer interface implantation surgery, OCT can be used to monitor tissue changes in real time during thread insertion, ensuring the safety and accuracy of the implantation procedure.
Micro-fine Needle Design:The robot is equipped with a needle finer than a human hair, capable of precisely grasping, inserting, and releasing threads.

Blindsight

In October 2024, Neuralink’s brain-implant device “Blindsight” received the U.S. FDA’s “Breakthrough Device” designation.

Generally, visual impairment is primarily caused by damage to the retina or optic nerve. The core of Blindsight technology lies inBypassing the damaged visual system to directly stimulate the visual cortex of the brain, thereby simulating visual perception.It is implanted into the brain via an invasive approach, directly stimulating the visual cortex through external electrical signals to induce light perception in blind individuals (enabling them to perceive the specific location of light within their visual field).

After the patient provides feedback on the perceived location of light to the researchers, the researchers will again deliver the pre-designed composite electrical stimulation signals, thereby generating visual percepts within the patient’s field of view.

Although the initial visual experience may have low resolution, Musk stated that with continuous technological advancements, the resolution of future generations of devices will steadily improve, potentially even enabling the perception of electromagnetic spectra beyond natural human vision, such as infrared and ultraviolet light.

Research on Neural Signal Decoding and Applications

Decoding Algorithm Development:Neuralink is dedicated to developing advanced algorithms to more accurately decode neural signals from the brain, translating them into specific motor commands or intentions, thereby enabling more efficient and natural human-machine interaction.
Exploration of Multiple Application Scenarios:In addition to helping paralyzed patients regain motor function, research is also being conducted on how brain-computer interface technology can enable other applications, such as controlling smart home devices, facilitating silent communication, and enhancing cognitive abilities.

# Research Progress

December 2022,NeuralinkLaunch a patient registration system.

September 2023,NeuralinkApproved by the Independent Institutional Review Board and the First Hospital Site, recruitment of subjects for the first-in-human clinical trial can begin, and individuals with quadriplegia resulting from cervical spinal cord injury or amyotrophic lateral sclerosis (ALS) may be eligible to participate.

January 2024,NeuralinkThe first human implantation surgery for a brain-computer interface (BCI) was performed.Neural signals from the participant were detected shortly after the implantation surgery, and since then, the participant has been using the brain-computer interface system for various activities, such as playing chess online and playing Civilization VI.

March 2024,Neuralink'sThe registration system has begun accepting applications from Canadian residents.

May 2024,Neuralink Shares Update on Second Patient to Receive ImplantNolandpostoperative condition.

Previously,NolandThe primary digital interaction method is a mouth-controlled tablet stylus (mouth stick), which must be positioned by a caregiver. The mouth stick can only be used to operate the tablet in an upright posture. Prolonged use can lead to discomfort, muscle fatigue, and pressure ulcers, while also interfering with normal speech.

In the weeks following surgery,NolandHe can already control his laptop in various positions, including while lying in bed, and use thought-controlled cursor movement to play online computer games with friends, among other activities.

November 2024,NeuralinkHealth Canada has approved the official launch of the CAN-PRIME study.This isNeuralink Launches Its First International Trial, Building on the Ongoing PRIME Study in the United States.

February 2025,Neuralink Launches in the United StatesReview of Postoperative Outcomes in Three Participants from the PRIME Study.

Overall, the participants in the PRIME study have now had their implants for a total of more than 670 days, with cumulative usage exceeding 4,900 hours. This includes time spent during research meetings with the Neuralink team as well as during daily activities.

# The BCI Market Continues to Heat Up

In October 2024, researchers at Morgan Stanley released a report exploring whether brain-computer interfaces (BCIs) are “the next big trend in medical technology,” and projected that BCIs would achieve commercialization for medical applications within approximately five years.

Analysts pointed out that, in the United States alone,$400 billionthe market size was already quite substantial, howeverDuring the first 20 years after its launch, its penetration rate will be very limited.. By 2035, brain-computer interface technology will create nearly$1.5 billionrevenue. By 2036, the annual operating volume of this market willOver $500 million, will reach by 2041$1 billion.

In the report, analysts have listed some BCI companies they are concerned about, includingSynchron、Neuralink、Paradromics、Precision Neuroscience、Blackrock Neurotechetc.

Synchron：WeiI. A BCI company that utilizes vascular systems to capture brain signals, under its umbrellaStentrode BCI Productconsisting of a nickel-titanium alloy stent, platinum (Pt) circular electrodes,LeadComposition.
The stent expands within the blood vessel to secure it in place; then, 16 miniature sensors are mounted on it to capture brain activity.
Platinum (Pt) circular electrodes collect neural electrical signals, andConnected to the chest via leadsWireless transmission system, which ultimately transmits signals to the external prosthesis via the wireless transmission system to control the external prosthesis.Exercise.
Paradromics：DevelopedConnexus BCI System，AdoptedDirect Data Interfacedesign, which measures and interprets brain signals by implanting microelectrode arrays into brain tissue, and then transmits the signals to external devices via a wireless transceiver implanted under the chest skin.
By decoding brain neural signals into medical data,It holds promise for helping aphasia patients restore communication abilities and achieve control of computer devices.
Precision Neuroscience：UnderLayer 7 Cortical Interface TechnologyIt is a compromise between invasive and non-invasive brain-computer interface technologies, aiming to reduce damage to brain tissue.
The 7-layer cortical interface is a thin-film microelectrode array designed to conform to the cerebral cortex without causing tissue damage. Using the company’s patented minimally invasive insertion method, it can deliver thousands of channels to any location on the brain’s surface.

Over $100 Million Raised! In Just 1 Month! The Dark Horse of Brain-Computer Interfaces

In April 2025, PatentVest released a market report on BCI technology, also statingThe U.S. brain-computer interface (BCI) market size is expected to reach $400 billion.

Among them$80 billion concentrated inPatients with severe neurological disorders (such as high-level paraplegia, amyotrophic lateral sclerosis, etc.), andIn certain neurorehabilitation treatments, BCI technology is gradually being included in medical insurance reimbursement coverage, thereby making it easier for patients to access BCI therapy.

Additional$320 billion concentrated inBroader Fields of Neurological and Psychiatric Disorders。For example, in the treatment of mental disorders such as depression, anxiety, and post-traumatic stress disorder (PTSD), BCI technology can provide new therapeutic approaches by monitoring and modulating brain activity.

In the field of brain-computer interfaces (BCI), intellectual property (IP) is central to corporate competition. Companies such as Synchron and Neuralink hold extensive patents in invasive BCI technology, establishing technical barriers that secure their market position.

# AboutNeuralink

Neuralink is a high-tech company founded by Elon Musk in 2016, headquartered in San Francisco, USA, and focused on developing invasive brain-computer interface (BCI) technology. The company aims to connect the human brain with machines by manufacturing micron-scale devices, thereby enabling interaction between the human brain and machines. Since its establishment, Neuralink has secured multiple rounds of financing. According to foreign media reports, the company’s valuation had already exceeded $5 billion by June 2023.

Neuralink’s technology involves implanting ultra-fine electrodes into the brain, which can read neural activity; this information is then decoded and utilized via external devices.

Financing History

In 2019, according to documents filed with the U.S. Securities and Exchange Commission (SEC), Neuralink raised $39.3 million in a new round of equity financing.

2021,Neuralink Completes Series C Funding Round$205 million, led by Vy Capital, with participation from Google Ventures, DFJ Growth, Valor Equity Partners, Craft Ventures, Founders Fund, and Gigafund.

In 2023, Neuralink announced the completion of its Series D financing round, raising funds$280 million. Led by Founders Fund, co-founded by billionaire Peter Thiel and others. In the same year, Neuralink filed forms with the U.S. Securities and Exchange Commission (SEC), confirming the sale of equity worth $43 million.