Neuralink IPO Prospectus: Pioneering Invasive Brain-Computer Interface for Human-AI Symbiosis

(Source: Caiwen)

Neuralink has demonstrated the feasibility of invasive brain-computer interfaces, with indications expected to expand further in the future, potentially laying the foundation for “human-machine synergy” in the long term.

September 2,Soochow SecuritiesThe report points out that Neuralink is moving towards a future of "human-machine collaboration."

Neuralink: The Global Pioneer in Invasive Brain-Computer Interfaces: Founded in 2016 by Elon Musk and eight experts in neuroscience and engineering, Neuralink is headquartered in the United States. Its core mission is to develop "fully implanted, aesthetically invisible, wirelessly rechargeable" brain-computer interface (BCI) devices. The ultimate goal is to build a "whole-brain interface" that seamlessly connects the biological brain with external machines through devices featuring hundreds of thousands to millions of channels, thereby thoroughly addressing neurological disorders and unlocking human cognitive potential. The main directions currently being pursued by Neuralink include:

1) Telepathy: Enables paralyzed individuals to directly control computers, robotic arms, and other devices using only their thoughts;

2) VOICE Speech Decoding Trial: For individuals who have lost the ability to speak due to central nervous system injuries such as stroke, amyotrophic lateral sclerosis (ALS), and spinal cord injury, this trial directly decodes motor cortex signals to output in real time what the subject is saying.

3) Blindsight (Visual Restoration): Helps blind individuals with damage to the eyeballs or optic nerve rebuild visual perception. Neuralink’s clinical trials span countries including the United States, Canada, the United Kingdom, and the United Arab Emirates. From January 2024 to January 2026, the company conducted approximately 21 clinical trial cases, with no serious device-related adverse events observed.

Neuralink's Core Advantages Stem from the N1 Implant and R1 SurgeryRobot: The N1 is a coin-sized, fully implantable device that replaces a small section of the skull during surgery. Its structure can be disassembled into four layers from outside to inside: a PCTFE biocompatible housing, a wirelessly rechargeable onboard battery, custom ASIC and signal processing electronics, and a flexible electrode interface extending into the cerebral cortex. Integrating 1,024 electrode channels, the N1 measures only 23mm × 8mm, resembles a coin in shape, and supports wireless power delivery. Neuralink’s fourth-generation chip, fabricated using a 4nm process, promises bidirectional communication. The R1 surgical robot is responsible for threading these flexible electrode filaments individually through the intact dura mater without resection, having already achieved automation of the implantation process. After the surgeon completes the craniotomy and confirms the target brain region, the R1 robot autonomously executes the entire thread-retrieval-to-implantation workflow. Currently, the insertion time per single electrode has been reduced from 17 seconds to 1.5 seconds, with an implantation depth exceeding 50mm.

Neuralink’s Future Outlook: Neuralink’s mission is defined in two phases: in the short term, serving as a medical device for treating severe conditions such as paralysis, blindness, and aphasia; in the long term, evolving into a “whole-brain interface” that significantly expands human cognition and communication, achieving deep symbiosis between humans and AI. Currently, N1 implantation is concentrated in the motor cortex; as the number of channels increases, the company plans to extend N1 implantation to the speech and visual cortices, and support parallel use of multiple devices in the same subject by 2027–2028. The company plans to initiate high-volume production of its brain-computer interface (BCI) devices by the end of 2026. Neuralink expects its Telepathy device to receive regulatory approval in 2029, with a target of performing 2,000 surgeries annually and generating $100 million in revenue. By 2030, the company anticipates launching Blindsight, expanding surgical volume to 10,000 cases per year and generating over $500 million in revenue. In the future, BCI technology is expected to integrate with Tesla’s Optimus humanoid robot, enabling “full-body control” of robots via thought and replacing missing limbs with robotic prosthetics.

Investment Recommendations and Related Targets: According to our estimates, the accessible patient population for the primary indications targeted by Neuralink in the United States is approximately 890,000. Based on Neuralink’s roadmap and assuming a revenue of $50,000 per surgical procedure, the corresponding market size for these primary indications is estimated to reach approximately $44.6 billion in 2026. In line with Neuralink’s long-term vision, accelerated expansion into overseas markets or the eventual realization of “human-machine synergy” could further raise the upper limit of the market potential. Neuralink has demonstrated the feasibility of the invasive brain-computer interface (BCI) approach. With indications expected to expand further in the future, it holds long-term promise as the foundation for “human-machine synergy.” We recommend paying attention to relevant companies in the domestic semi-invasive/invasive BCI industry chain, such as NeuroXess (unlisted).Sanbo Brain Hospital、Meihao Medical、Innovative Medical Care、Aipeng Medical、Oriental Semiconductoretc.