Neuralink, the neurotech startup founded by Elon Musk, is setting some big goals for the near future. Internal documents reviewed by Bloomberg reveal the company is aiming to surgically implant its brain chips in 20,000 people every year by 2031. If they hit that target, it could bring at least $1 billion in annual revenue.
According to Bloomberg report, Musk’s Neuralink plans to launch five large-scale clinics over the next six years. The company is also developing three distinct versions of its brain implant: Telepathy, which focuses on direct brain-to-computer interaction; Blindsight, intended to help restore vision; and Deep, designed to alleviate conditions like tremors and Parkinson’s disease.
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As the company is mapping out an ambitious growth path, with hopes of securing regulatory approval for its Telepathy implant by 2029. Neuralink is aiming to get the green light for its Telepathy device by 2029, targeting around 2,000 procedures a year and projecting $100 million in revenue, according to the report. The following year, it plans to roll out Blindsight, scaling up to 10,000 surgeries annually and crossing the $500 million revenue mark. If all goes according to plan, that could push yearly revenue past the $500 million mark. Altogether, it signals a major leap in Neuralink’s efforts to treat complex neurological disorders while pushing the boundaries of how humans interact with technology.
The brain-tech startup also shared that five individuals living with severe paralysis are now using its brain implant to control both digital interfaces and physical devices with the help of their thoughts.
This neurotechnology startup was cofounded by Tesla owner Elon Musk in 2016. Currently, Neuralink’s valuation is around $9 billion. This growth comes on from $650 million Series E funding round, supported by an impressive lineup of investors like Sequoia Capital, ARK Invest, Thrive Capital, Founders Fund, the Qatar Investment Authority, Lightspeed, Vy Capital, and several others. It’s a massive rise from its earlier estimate of $3.5 to $5 billion back in 2023.
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Neuralink kicked off its first human trials in 2024, after addressing a list of safety issues that had caused the FDA to reject its application back in 2022. Since then, things have moved quickly. The company earned the U.S. Food and Drug Administration’s “breakthrough” tag for its speech restoration device in May, adding to the same designation it received last year for its vision-restoring implant.
The company has been steadily expanding its clinical trials across three countries the U.S., Canada, and the UAE, focusing on people with conditions like ALS and spinal cord injuries. These trials are under the PRIME program and are designed to test how well Neuralink’s brain implant can help users control devices or communicate simply by thinking.