Neuralink targets $1 billion revenue by 2031, Bloomberg News reports

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(Reuters) -Elon Musk’s brain implant company Neuralink aims to implant its chips in 20,000 people a year, and generate at least $1 billion in annual revenue by 2031, Bloomberg News reported on Wednesday, citing investor documents.

The company aims to operate five large clinics within six years and offer three versions of its brain implant, including Telepathy for communication between the brain and machines, Blindsight for restoring vision, and Deep for treating tremors and Parkinson’s disease, according to the report.

Neuralink did not immediately respond to a Reuters request for comment.

The company expects regulatory approval for its Telepathy device by 2029, with plans to perform 2,000 surgeries annually and generate $100 million in revenue, the report said. By 2030, Neuralink anticipates launching Blindsight, expanding surgeries to 10,000 per year and generating over $500 million in revenue.

Neuralink, founded in 2016, has raised about $1.3 billion from investors and is valued at roughly $9 billion, the report said, citing PitchBook.

The company received the U.S. Food and Drug Administration’s “breakthrough” tag for its speech restoration device in May. It had received the same tag for its vision-restoring device last year.

Neuralink raised $650 million in its latest funding round last month as its brain implant enters clinical trials. It began human trials in 2024 after resolving safety concerns flagged by the FDA, which had initially rejected Neuralink’s application in 2022.

According to Neuralink, five patients with severe paralysis are currently using its device to control digital and physical tools with their thoughts.

(Reporting by Kamal Choudhury in Bengaluru; Editing by Anil D’Silva)