China's Brain-Computer Interface Leaders Race to IPO, Challenging Musk's Neuralink

After more than a decade of hard work, "brain-computer interface" has finally seen a major breakthrough.

If you still feel“Brain-Computer Interface”If it remains in science fiction movies, the capital market has already taken a step ahead and provided a completely different answer with real money.At the beginning of 2026, a single statement from Musk ignited the brain-computer interface market,A flood of capital rushes in, and many individual stocks take a "roller coaster" ride,Ten-day Surge Creates Billion-Dollar Market Value.

Almost at the same time, even the usually clinically-focused neurosurgery outpatient department became unusually bustling.Some people are seeking a glimmer of hope for their paralyzed family members, while others are simply interested in the progress of this cutting-edge technology's implementation.Someone was also"Technology Changes Life"The possibility has attracted many to come for consultation.When capital and patients flow in the same direction at the same time, the signal itself is already strong enough.

As the whole network热议 the升温 of the brain-computer interface track,A key signal came from the CSRC:Neuracle Technology (Shanghai) Co., Ltd. (referred to as "Neuracle"") has signed an IPO coaching agreement with CITIC Securities,Officially launch the STAR Market IPO process.This trend meansThe First Brain-Computer Interface Stock in China with the Most Hope to "Take the Lead Successfully" Faces Its Toughest Competition Yet.Not long ago, known as one of the "Hangzhou Six Dragons"BrainCo, reportedly submitted its IPO application to the Hong Kong Stock Exchange in confidential form in January 2026.Two leading companies, one after the other, have almost simultaneously knocked on the doors of the capital market.

Neuracle, founded in 2011, is no stranger to the brain-computer interface track.Its core team comes from the "Tsinghua University circle,"Since its establishment, it has obtainedSequoia China, BV Baidu Ventures, Pinehurst Capital, Huakong Fund, Yuanchuang InvestmentInvestments from several well-known institutions, with deep participation from local government guidance funds. In 2023, NEO at Xuanwu HospitalComplete the First Implantation, subsequently expanding to multiple top hospitals for multi-center clinical validationCumulative safe implantation for nearly 5000 days,Customers includeTsinghua, Chinese Academy of SciencesAndPeking University Third HospitalSuch top institutions.

One

The Race for the First Brain-Computer Interface Stock.

Not long after Neuracle signed a coaching agreement with CITIC Securities to prepare for a STAR Market listing, industry sources reported that BrainCo, one of the "Hangzhou Six Dragons," confidentially filed an IPO application with the Hong Kong Stock Exchange in January 2026.One is a "Tsinghua学霸" who深耕 clinical and 稳扎稳打, and the other is a "Harvard极客" who 自带流量 and spans消费与医疗.Two announcements only three weeks apart seem to be chasing the same goal, but their cores are completely different.

If Neuracle is"Northern School"The introverted and profound, that strong brain is"Southern School"The agility and radicalism. Neuracle represents"Tsinghua Series"", and the founding team all comes fromTsinghua University's top neuroengineering laboratory,Its path is“Integration of Medicine and Engineering”, whose core productNEO Focuses on "Implantable,"Logic is extremely precise and requires surgical placement.It addresses severe conditions such as paralysis and epilepsy, with extremely high barriers, and is even referred to as "the crown jewel of medical devices."This Road TechnologyHigher barriers, stricter regulation,But once successful,The significance for treating severe neurological disorders such as paralysis and epilepsy is even more profound.Currently, it has been implemented in top hospitals in China.Completed more than 32 clinical trials.It doesn't rush to paint a picture of a distant consumer-grade future but instead focuses on building solutions in specialized fields like neurodiagnostics and rehabilitation engineering.

BrainCo, on the other hand, relies on"Non-invasive"To become famous, the logic is the ultimate scale, which determines itsThe product form is closer to consumer electronics.Users do not need surgery; by wearing a sophisticated headring or device, they can achieve mind control. This makes its storyFull of imagination,From helping amputeesWalking with a Smart Bionic Hand Controlled by "Thoughts", to the future possibilities inGames, EducationTo achieve deep immersive interaction in China. Its"Six Little Dragons of Hangzhou"One of the labels, as well as obtainingRMB 2 billion in massive Pre-IPO financing、Valuation exceeds $1.3 billionThe background, filled with the sharpness and halo of a technological unicorn.

Interestingly,Both companies eventually penetrated each other's core territories.Neuracle is working on version 2.0.Language Decoding, attempting to make the technology more "accessible"; BrainCo is also accelerating the development of implantable products.

When Musk's Neuralink goes all-in on the extreme "high-throughput implant," the two Chinese giants have demonstrated a more pragmatic, step-by-step approach. Neuracle has held its ground.“Serious Medical”The bottom line is that BrainCo has opened"Consumer Rehabilitation"The ceiling.

The Ultimate Meaning of This Competition, perhaps not in who can ring the bell first,But in their joint demonstration to the world: on this ultimate track representing the future of humanity,China has already positioned itself in the "first tier" of global brain-computer interface development, simultaneously securing the two most crucial fronts: cutting-edge medical applications and mass consumer markets.

When they both rush to the capital market, a "brain-computer era" belonging to China can be said to have truly begun.

Two

The capital market may be swayed by emotions, but hospitals will not.

If the excitement of the market in the past two years has been about how AI can simulate human thinking, then this year, the focus of capital has started to shift towards...How to Physically Take Over the Brain?WithMusk's NeuralinkGlobally updating clinical data at high frequency, brain-computer interface (BCI) officially moves from "Science Fiction Proposition”It has become an "engineering proposition"。

Over the past decade, brain-computer interfaces have had a very clear position in the medical system—research tools.It exists in the laboratory,Used to collect signals, conduct behavioral research, and validate hypotheses,There is a natural gap away from real treatment.Doctors will not consider it as a clinical option, and patients naturally will not place their hopes on it.

But in the past two years, this positioning has started to loosen.Brain-computer interfaces are no longer just "reading brain signals",But gradually entering a more disruptive phase: participating in functional reconstruction itself.It does not replace nerves, nor does it repair damage. Instead, it establishes new control pathways outside the damaged neural circuits through signal decoding and stimulation feedback.

This step, seemingly a technical detail, is in essence a change in the logic of treatment. Once the logic changes, clinical behavior will follow suit. For doctors, this means facingCertain "almost incurable diseases in traditional medicine" have seen new discussable solutions for the first time;For patients, this means"There is a qualitative difference between 'completely unsolvable' and 'even a low probability possibility.'"

It is not surprising that outpatient clinics have become crowded.Not because brain-computer interfaces have already become widespread, but because they have been included in the scope of practical decision-making for the first time.What patients often ask is not "Can I do it right away?" but "Does this path really exist, how risky is it, and is it worth waiting for?". This is also why,The hype around brain-computer interfaces often first emerges in hospitals rather than consumer markets.

In the medical field,Whether the technology is mature depends on whether it has started to change the decision-making behavior of doctors and patients.Rather than whether to charge on a large scale.From this perspective, the reaction of the capital market is actually lagging.

When outpatient clinics start to get crowded, it means that potential demand has been reawakened.And when the demand is awakened, the market will, in turn, ask: who has the ability to transform this highly cutting-edge technology into a compliant, replicable, and scalable medical product?

This, perhaps, is the fundamental reason why brain-computer interfaces are gaining significant attention.

Three

Real demand is exploding.

What truly brought this field into the public eye was the medical needs in the real world.

In the second half of 2025, within just 78 days, 32 patients with cervical spinal cord injuries underwent NEO system implantation trials across 11 hospitals in China. The cumulative duration of safe implants approached 5,000 days without any device-related adverse reactions. Many patients achieved significant functional improvement post-surgery. How meaningful is this? You can understand it this way: For those who have "sustained spinal cord injuries and lost mobility," this change represents not just a minor improvement but a substantial recovery in neurological functions once thought to be irreparable.

This was unimaginable over the past decade.In the past, traditional rehabilitation methods were the most common.Alleviate symptoms, while Neuracle's mechanism of "directly converting brain signals into limb movement control" isDirectly intervene at the neural circuit level。

Not just for rehabilitation, brain-computer interfaces also hold greater potential demand.Every year due toStrokeMillions of patients suffer from hemiplegia, with traditional rehabilitation cycles being long and outcomes varying.ALS and Motor Neuron Disease,These patients gradually lose the function of language and limbs, but with the help of brain-computer interfaces, they can regain the ability to express their intentions.Alzheimer's Disease and Cognitive Impairment,Early experiments have shown that brain signal feedback can assist in cognitive training. In other words,It is no longer "high-tech only for the experts.", but truly penetrates into the field of ordinary people's health needs.

The reaction of the capital market also confirms this point. The surge in the brain-computer interface concept stock sector at the beginning of 2026 is no coincidence, but rather the market starting to recognize the underlying value logic of "real clinical needs + technology with roots."Of course, we cannot be unilaterally optimistic,There are several core concerns worth serious consideration.

In fact, although preliminary results have been achieved in clinical trials, there are stillIn the field of medical devices, the path from trials to formal large-scale application is not a straight line.Any single环节Clinical Uncertainty、Enhancement of Regulatory Standards, orSudden Adverse Event, which could potentially delay the timeline. For the capital market, this is aHidden risks.

For patients and the health insurance system, implantable devicesCostHow much is it exactly?Payment AbilityWhere exactly is it?If the final selling price is on the higher side, this technology might become an exclusive high-end product accessible to only a few.Rather than truly scalable implementation.

This article is from the WeChat Official Account"Investor", Author: Xin Han, published with authorization from 36Kr.