Elon Musk’s brain-interface startup, Neuralink Corp., plans to implant its brain chips in 20,000 people annually by 2031, potentially generating over $1 billion in revenue.
This is according to internal documents reviewed by Bloomberg.
The revenue estimates and rollout plan, which have not been previously disclosed, reflect the scale of Musk’s ambitions.
Neuralink is currently in the early stages of human testing, with fewer than 10 people publicly known to have received implants so far.
Yet by 2029, the company expects U.S. regulatory approval for its first commercial product, a brain chip named Telepathy that allows users to control devices with their thoughts.
According to the investor presentation, Neuralink plans to operate five large clinics by 2030 and offer at least three versions of its neural implants:
The second product, Blindsight, is projected to launch in 2030. By then, Neuralink hopes to perform 10,000 surgeries annually and rake in over $500 million in revenue. The estimates are based on an assumed reimbursement rate of $50,000 per surgery.
Neuralink has raised $1.3 billion in funding to date and is valued at $9 billion, according to PitchBook. The startup joins a growing field of neurotech companies exploring brain-machine interfaces, a sector that has captured the imagination of technologists and medical researchers alike.
Despite the bold projections, Neuralink still has significant regulatory hurdles to clear. The U.S. Food and Drug Administration (FDA) has yet to approve any brain-computer interface (BCI) for permanent use in humans.
Competitors in the space face similar challenges as they work to prove the long-term safety and effectiveness of their devices.
Neuralink was established in 2017 to implant electrodes into people’s brains, and the company completed its first human implant in January last year.
In April this year, Neuralink began a worldwide search for volunteers to join its study on brain implant designed to enable individuals to control computers using their thoughts.
The company is among several global firms developing and testing experimental brain implants aimed at restoring mobility and communication for people with severe neurological conditions.