Neuralink, the brain-implant startup founded by Elon Musk, is in preliminary discussions to raise about $500 million at a pre-money valuation of roughly $8.5 billion, Bloomberg News reported on Wednesday.
The reported valuation is a serious jump from the company’s estimated worth of $3.5 billion in November 2023, according to PitchBook data cited by Bloomberg.
The company last raised $280 million in a Series D round led by Founders Fund, the venture capital firm co-founded by billionaire investor Peter Thiel.
Neuralink is developing a brain-computer interface designed to help people with neurological disorders. In recent months, the company’s first human patient was able to use the device to play video games, browse the internet, post on social media, and move a computer cursor using only brain signals.
The US Food and Drug Administration had initially rejected Neuralink’s request to begin clinical trials, citing safety concerns. However, the agency later approved the company to move forward, and clinical trials are now underway.
If successful, Neuralink’s latest fundraise would represent a substantial show of investor confidence in the future of brain-computer interface technology.