Elon Musk’s brain implant company Neuralink is aiming for ambitious growth, targeting annual revenue of at least $1 billion by 2031 and planning to implant chips in 20,000 people each year, according to a Bloomberg News report on Wednesday that cites internal investor documents.
To support that scale, Neuralink intends to open five large clinics within the next six years and roll out three versions of its brain-computer interface (BCI): Telepathy for brain-to-machine communication, Blindsight for vision restoration, and Deep to address neurological disorders like tremors and Parkinson’s disease.
Neuralink did not respond to Reuters’ request for comment.
The company anticipates receiving regulatory approval for its Telepathy device by 2029. According to Bloomberg, Neuralink expects to conduct 2,000 surgeries annually at that point and generate $100 million in revenue. A year later, with the planned rollout of Blindsight, annual procedures could rise to 10,000, with revenue surpassing $500 million.
Founded in 2016, Neuralink has raised approximately $1.3 billion in funding and holds a valuation of around $9 billion, Bloomberg said, citing PitchBook data.
In May, the company’s speech restoration device received a “breakthrough” designation from the U.S. Food and Drug Administration (FDA). A similar designation was granted last year for its vision-restoring technology.
Last month, Neuralink secured $650 million in its latest funding round as it advanced into clinical trials. Human testing began in 2024 after the company addressed safety concerns flagged by the FDA, which had initially rejected Neuralink’s application in 2022.
As of now, five patients with severe paralysis are using Neuralink’s device to control digital and physical systems solely with their thoughts. The BCI works by linking the nervous system to hardware capable of interpreting brain signals, allowing users to operate computers hands-free.
Over the weekend, Neuralink implanted devices in its eighth and ninth participants—marking the first time it performed two surgeries in one day, the company announced on Musk’s social media platform X.
“Both participants are recovering well and in great spirits,” Neuralink said. “We are looking forward to supporting them on their Neuralink journey.”
The company did not release additional details about the health status or identities of the new participants.
Regulators first cleared Neuralink for human trials in 2023. The company implanted its first device in January 2024 in a man paralyzed by a spinal cord injury. He has since used it to play video games and chess.
Following the third implant earlier this year, Musk said he hoped the device could be implanted in 20 to 30 more individuals before the end of 2025.
Neuralink’s early clinical trials are focused on evaluating safety and initial functionality in people with conditions such as spinal cord injuries and amyotrophic lateral sclerosis (ALS), which progressively impair movement and mobility.
Despite being in its early stages, Musk has expressed bold ambitions for the technology’s future applications. “Neuralink will do live-changing [sic] good for ultimately millions, maybe billions, of people,” he wrote on X after the latest surgeries.
“Imagine your loved one being able to walk again or your parent with dementia being able to recognise their child again,” he added.
Neuralink is one of several companies developing brain-computer interfaces. Other ongoing studies in the U.S. are exploring similar technologies for individuals affected by conditions such as stroke, cerebral palsy, and dementia, according to clinical trials databases.
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