What are the most valuable neurotechnology startups?

Last updated: 24 September 2026

Cover of NewMarketPitch's Top Neurotech Companies report, 2026 edition

Is Neuralink worth more than its biggest rivals together? Yes. At its last round Neuralink was valued at about $9.0B, while its six biggest rivals with a known value add up to about $6.2B. Chart from NewMarketPitch's Neurotech report.

Is Neuralink implanting as many people as Elon Musk promised? Far from it. In July 2024 he wrote that over 1,000 implants were achievable in 2026. From January to June 2026, Neuralink implanted about six more people, 26 in all, according to reports. Its investor plan now aims for 20,000 implants a year by 2031. Chart from NewMarketPitch's Neurotech report.

Has any brain implant been approved for sale yet? Only one complete implant, in China. Neuracle’s was approved for sale in March 2026 for people with a spinal cord injury. In the US, Precision’s electrodes are cleared for less than 30 days, and Neuralink and Synchron are still in trials. Chart from NewMarketPitch's Neurotech report.

Is China now doing far more brain-computer interface deals than the US? Yes, by far. From January to September 2026, Chinese start-ups closed at least 28 funding rounds and US ones four. But US rounds are much bigger, about $200M each. Chart from NewMarketPitch's Neurotech report.

How long do brain-implant start-ups take to reach their first patient? Less and less time. Neuralink took seven and a half years and Synchron seven. Younger start-ups, in the US and in China, tested their implants in people within one to five years, often with a temporary implant first. Chart from NewMarketPitch's Neurotech report.

Does neurotech money go where the patients are? Not really. Start-ups working on paralysis recently raised about $1.8B, about $120 for each of the 15 million people living with a spinal cord injury. Depression, which affects 322 million people, drew about $160M, about 50 cents a person. Chart from NewMarketPitch's Neurotech report.

Do a handful of neurotech start-ups take most of the money? Nearly half of it. Ten of the 170 start-ups tracked raised about 48% of the $5.5B invested recently, led by Neuralink, Precision and BrainCo, three makers of brain-computer interfaces. Chart from NewMarketPitch's Neurotech report.

Beyond the US and China, where does neurotech money go? Mostly to the UK, with about $236M recently. The US took about 73% of the $5.5B raised, China about 15%, and every other country less than 2% each. Chart from NewMarketPitch's Neurotech report.

Every funding round, every investor, and who is really ahead in neurotech, in one document. Have a look ↓

Summary

Neuralink is currently the most valuable neurotechnology company by a huge margin, with a conservative estimated value of $24–29 billion versus roughly $2.1 billion for second-place Inspire Medical Systems.

The concentration at the top is extreme. Using the midpoint of our ranges, Neuralink alone represents roughly 72% of the combined value of the ten largest neurotechnology companies in the ranking.

Brain-computer interfaces increasingly dominate private valuations. Nine of the top 20 companies are primarily BCI businesses, and together they account for close to 79% of the top 20's estimated value when Neuralink is included.

That valuation hierarchy looks very different from the commercial hierarchy. Several approved neuromodulation and neurodiagnostic businesses have products, reimbursement, hospital customers and meaningful revenue yet remain worth hundreds of millions rather than several billions.

Precision Neuroscience and Synchron have emerged as the clearest US challengers below Neuralink. Precision recently crossed the $1 billion threshold, while Synchron sits above $800 million and is pursuing a less invasive endovascular approach.

China has also developed a serious BCI cluster. Neuracle and BrainCo are around or above $1 billion in our estimates, while Zhiran Medical, StairMed, Gestala and NeuroXess create a deeper second tier backed by increasingly large private rounds and explicit national policy support.

Non-invasive BCI remains the harder valuation story. Conventional EEG companies are generally valued far below implant developers, but newer companies such as Merge Labs and Gestala are attracting much larger valuations by pursuing ultrasound, biological interfaces and other approaches that might escape the signal-quality limits of traditional external sensors.

Recent acquisitions give a useful reality check. Strategic buyers have paid roughly $250 million for Nevro and about $533 million for the remaining equity of Nalu Medical, showing what established specialist neurotechnology businesses can command once products, clinical evidence and commercial infrastructure are visible.

Funding is accelerating anyway. Precision, Synchron, BrainCo and Merge Labs have all attracted or targeted roughly $200 million-plus rounds, while Chinese BCI companies and brain-monitoring startups are also raising increasingly large amounts.

The central split in neurotechnology today is between businesses valued mainly on measurable medical-device economics and BCI companies valued partly on the possibility of becoming a much broader computing platform. That second possibility is where most of the extraordinary valuation premium now sits.

The next test is clinical scale. Neurotechnology investors have already assigned enormous value to companies working with dozens or hundreds of human subjects; proving that these systems can safely reach thousands and eventually much larger populations will determine how much of that valuation survives.

Written by the New Market Pitch teamWe track new markets so founders and investors can move faster. About us

Is Neuralink, with no sales, now worth more than Inspire, which sells $900M a year? Yes, since 2025. Inspire, which sells implants against sleep apnea, was worth about $9.6B at its mid-2023 peak and $2.1B today. Neuralink, which sells nothing yet, went from about $5B to $9.0B at its June 2025 round. Chart from NewMarketPitch's Neurotech report.

We keep an up-to-date report on neurotech. Have a look ↓

Sample pages from an earlier edition. The report has been updated with new data since.

Top startups in the neurotechnology market ranked by valuation

Here is an updated table that ranks the top startups in the neurotechnology market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report on neurotech funding, valuations and who's ahead.

#	Startup Name	What They Do	Current Valuation ($)	Valuation Confidence Level	Valuation Type	Evidence Status	Total Funding ($)	Funding Confidence Level
1	Neuralink	Implantable brain-computer interfaces	$24.0B–$29.0B	Strong Confidence	Proxy-Based Estimate	Estimated	~$1.3B	Strong Confidence
2	Inspire Medical Systems	Implantable sleep-apnea neurostimulation	$2.1B	Full Confidence	Public Market Cap	Observed	$319M	Full Confidence
3	Neuracle (Bo Rui Kang Tech)	Brain-computer interface systems and devices	$1.2B–$1.5B	Strong Confidence	IPO or Listing Range Valuation	Implied	≥$52M	Strong Confidence
4	Mainstay Medical	Restorative spinal neurostimulation back pain	$900M–$1.6B	Partial Confidence	Implied Valuation from Raise	Implied	~$395M	Strong Confidence
5	BrainCo	Brain interfaces and smart prosthetics	$1.0B–$1.3B	Strong Confidence	Announced Private Round Valuation	Observed	~$528M	Strong Confidence
6	Precision Neuroscience	Minimally invasive cortical brain interface	$1.0B	Full Confidence	Announced Private Round Valuation	Observed	~$467M	Strong Confidence
7	Ceribell	Rapid bedside EEG seizure detection	$931M	Full Confidence	Public Market Cap	Observed	~$365M	Strong Confidence
8	Synchron	Endovascular implantable brain-computer interface	$820M–$900M	Strong Confidence	Announced Private Round Valuation	Observed	~$345M	Strong Confidence
9	Merge Labs	Noninvasive brain-computer interface research	$800M–$900M	Strong Confidence	Announced Private Round Valuation	Observed	$252M	Full Confidence
10	Zhiran Medical	Flexible invasive brain-computer interfaces	$600M–$900M	Partial Confidence	Implied Valuation from Raise	Implied	>$168M	Strong Confidence
11	Amber Therapeutics	Adaptive neuromodulation for urinary incontinence	$500M–$830M	Partial Confidence	Implied Valuation from Raise	Implied	$101M	Full Confidence
12	Magnus Medical	Precision brain stimulation for depression	$500M–$800M	Partial Confidence	Implied Valuation from Raise	Implied	$114M	Full Confidence
13	SPR Therapeutics	Peripheral nerve stimulation for pain	$650M	Full Confidence	Acquisition Value	Observed	$175M	Full Confidence
14	StairMed	Implantable BCI and surgical robots	$500M–$750M	Partial Confidence	Implied Valuation from Raise	Implied	≈$190M	Strong Confidence
15	Presidio Medical	Ultra-low-frequency chronic pain neuromodulation	$450M–$750M	Partial Confidence	Implied Valuation from Raise	Estimated	$102M	Full Confidence
16	Paradromics	High-bandwidth implantable neural interface	$500M–$650M	Partial Confidence	Comparables-Based Estimate	Estimated	~$121M	Strong Confidence
17	Salvia BioElectronics	Implantable migraine neuromodulation therapy	$400M–$750M	Partial Confidence	Implied Valuation from Raise	Implied	$94M	Full Confidence
18	BrainsWay	Deep TMS psychiatric treatments	$543M	Full Confidence	Public Market Cap	Observed	$89M	Full Confidence
19	Nalu Medical	Miniaturized chronic-pain neurostimulation implants	$523M	Full Confidence	Acquisition Value	Observed	$247M	Full Confidence
20	SetPoint Medical	Neurostimulation for autoimmune diseases	$470M–$550M	Strong Confidence	Announced Private Round Valuation	Estimated	$389M	Full Confidence
21	NeuroPace	Responsive neurostimulation for epilepsy	$505M	Full Confidence	Public Market Cap	Observed	$278M	Full Confidence
22	Nervonik	Sensing-enabled peripheral nerve stimulation	$350M–$650M	Partial Confidence	Implied Valuation from Raise	Implied	$66M	Full Confidence
23	Neuros Medical	Neurostimulation for post-amputation pain	$370M–$560M	Partial Confidence	Implied Valuation from Raise	Implied	$225M	Full Confidence
24	Spiro Medical	Pulmonary neuromodulation therapy for asthma	$340M–$560M	Strong Confidence	Implied Valuation from Raise	Implied	$69M	Full Confidence
25	Blackrock Neurotech	Implantable clinical neural interfaces	$350M–$500M	Partial Confidence	Comparables-Based Estimate	Estimated	~$212M	Strong Confidence
26	INBRAIN Neuroelectronics	Graphene brain implants and neuromodulation	$300M–$500M	Partial Confidence	Comparables-Based Estimate	Estimated	~$100M	Strong Confidence
27	Beacon Biosignals	AI-powered clinical EEG analytics	$320M–$430M	Strong Confidence	Announced Private Round Valuation	Observed	>$132M	Strong Confidence
28	CoMind	Non-invasive cerebral monitoring technology	$300M–$420M	Partial Confidence	Implied Valuation from Raise	Implied	$102.5M	Full Confidence
29	Phagenesis	Neurostimulation therapy for dysphagia	$250M–$450M	Partial Confidence	Implied Valuation from Raise	Estimated	$64M	Full Confidence
30	Axoft	Soft implantable brain-computer interfaces	$280M–$380M	Partial Confidence	Implied Valuation from Raise	Implied	≈$63M	Strong Confidence
31	Gestala	Ultrasound noninvasive brain-computer interfaces	$250M–$400M	Partial Confidence	Implied Valuation from Raise	Implied	$84M	Full Confidence
32	MicroTransponder (now Mobia Medical)	Vagus stimulation for stroke rehabilitation	$323M	Full Confidence	Public Market Cap	Observed	$190M	Full Confidence
33	Omniscient Neurotechnology	AI brain-mapping software	$250M–$370M	Strong Confidence	Implied Valuation from Raise	Implied	$72M	Full Confidence
34	Zeto	Wearable clinical EEG platform	$210M–$390M	Partial Confidence	Implied Valuation from Raise	Implied	~$42M	Strong Confidence
35	Nevro	Spinal cord chronic-pain stimulation	$250M	Full Confidence	Acquisition Value	Observed	$134M	Full Confidence
36	Epitel	Wearable wireless EEG monitoring	$173M–$325M	Strong Confidence	Implied Valuation from Raise	Implied	$39M	Full Confidence
37	NeuroXess	Flexible implantable brain-computer interfaces	$180M–$300M	Partial Confidence	Comparables-Based Estimate	Estimated	≈$29M	Strong Confidence
38	Theranica	Wearable migraine neuromodulation therapy	$180M–$300M	Partial Confidence	Comparables-Based Estimate	Estimated	$86M	Full Confidence
39	Brainomix	AI stroke imaging software	$165M–$305M	Partial Confidence	Implied Valuation from Raise	Implied	$59M	Full Confidence
40	Neurable	Everyday non-invasive brain-computer interfaces	$175M–$295M	Partial Confidence	Implied Valuation from Raise	Implied	~$65M	Strong Confidence
41	ONWARD Medical	Spinal-cord stimulation for paralysis	$231M	Full Confidence	Public Market Cap	Observed	$383M	Full Confidence
42	Neuspera Medical	Miniaturized sacral nerve stimulation	$180M–$280M	Partial Confidence	Implied Valuation from Raise	Estimated	$124M	Full Confidence
43	ShiraTronics	Implantable chronic-migraine neurostimulation	$180M–$260M	Partial Confidence	Comparables-Based Estimate	Estimated	$107M	Full Confidence
44	Aoyi Tech	Neural sensing and bionic prosthetics	$150M–$250M	Partial Confidence	Implied Valuation from Raise	Implied	≈$85M	Strong Confidence
45	Helius Medical Technologies	Tongue stimulation for neurological rehabilitation	$182M	Full Confidence	Public Market Cap	Observed	$600M+	Strong Confidence
46	Cadence Neuroscience	Closed-loop stimulation for epilepsy	$110M–$220M	Partial Confidence	Implied Valuation from Raise	Implied	$41M	Full Confidence
47	Kernel	Wearable optical brain imaging	$120M–$200M	Low Confidence	Proxy-Based Estimate	Estimated	~$112M	Strong Confidence
48	Newronika	Adaptive deep-brain stimulation systems	$120M–$190M	Partial Confidence	Implied Valuation from Raise	Implied	$14M	Full Confidence
49	Cala Health	Wearable tremor neuromodulation devices	$130M–$170M	Partial Confidence	Proxy-Based Estimate	Estimated	$307M	Full Confidence
50	iVEAcare	Implantable vagus nerve stimulation therapies	$110M–$180M	Partial Confidence	Implied Valuation from Raise	Implied	$28M	Full Confidence
51	Nyxoah	Hypoglossal sleep-apnea neurostimulation	$143M	Full Confidence	Public Market Cap	Observed	$431M	Full Confidence
52	BrainScope	Rapid traumatic-brain-injury assessment	$85M–$145M	Low Confidence	Comparables-Based Estimate	Estimated	$53M	Full Confidence
53	BioSerenity	Remote EEG and sleep diagnostics	$75M–$145M	Low Confidence	Comparables-Based Estimate	Estimated	$120M	Full Confidence
54	electroCore	Non-invasive vagus nerve stimulation	$110M	Full Confidence	Public Market Cap	Observed	$122M	Full Confidence
55	Rune Labs	Neurology data and biomarkers platform	$75M–$140M	Partial Confidence	Implied Valuation from Raise	Implied	$57M	Full Confidence
56	Spark Biomedical	Wearable nerve-stimulation therapies	$80M–$125M	Partial Confidence	Implied Valuation from Raise	Implied	$35M	Full Confidence
57	Motif Neurotech	Miniature implants treating psychiatric disorders	$80M–$120M	Partial Confidence	Comparables-Based Estimate	Estimated	$19M	Full Confidence
58	Synergia Medical	Optoelectronic vagus nerve stimulation implants	$70M–$130M	Low Confidence	Implied Valuation from Raise	Implied	$29M	Full Confidence
59	icometrix	AI neurological MRI analysis	$98M	Full Confidence	Acquisition Value	Observed	$20M	Full Confidence
60	NeuralMatrix	Implantable neural interface platform	$60M–$100M	Low Confidence	Comparables-Based Estimate	Estimated	$15.7M	Full Confidence
61	Nexstim	Navigated magnetic brain stimulation systems	$80M	Full Confidence	Public Market Cap	Observed	$63M	Full Confidence
62	CVRx	Baroreflex heart-failure neuromodulation	$77M	Full Confidence	Public Market Cap	Observed	$429M	Full Confidence
63	Cumulus Neuroscience	CNS digital biomarker platform	$65M–$85M	Partial Confidence	Proxy-Based Estimate	Estimated	$35M	Full Confidence
64	Saluda Medical	Closed-loop spinal-cord stimulation	$74M	Full Confidence	Public Market Cap	Observed	$533M	Full Confidence
65	NEUROPHET	AI brain imaging analytics	$68M	Full Confidence	Public Market Cap	Observed	$52M	Full Confidence
66	Brainland Technology	EEG brain-computer interface platform	$40M–$70M	Low Confidence	Proxy-Based Estimate	Estimated	≥$18M	Strong Confidence
67	Neurovalens	Non-invasive neurostimulation sleep and anxiety	$40M–$65M	Partial Confidence	Implied Valuation from Raise	Implied	$27M	Full Confidence
68	Coherence Neuro	Implantable neurotechnology for brain cancer	$40M–$60M	Partial Confidence	Implied Valuation from Raise	Implied	≈$12M	Strong Confidence
69	Neurolief	At-home multichannel brain stimulation	$45M–$55M	Strong Confidence	Implied Valuation from Raise	Implied	$11M	Full Confidence
70	Wave Neuroscience	Personalized noninvasive neuromodulation	$40M–$60M	Partial Confidence	Comparables-Based Estimate	Estimated	≈$80M	Strong Confidence
71	Cognixion	Assistive BCI communication systems	$40M–$55M	Partial Confidence	Proxy-Based Estimate	Estimated	~$32M	Strong Confidence
72	Flow Neuroscience	Home brain stimulation for depression	$35M–$60M	Partial Confidence	Comparables-Based Estimate	Estimated	$12M	Full Confidence
73	CorTec	Implantable closed-loop neural interfaces	$30M–$50M	Low Confidence	Comparables-Based Estimate	Estimated	$21.6M	Full Confidence
74	Piramidal	AI models for EEG signals	$30M–$50M	Partial Confidence	Comparables-Based Estimate	Estimated	$6.5M	Full Confidence
75	Sooma Medical	Home transcranial stimulation for depression	$30M–$50M	Partial Confidence	Implied Valuation from Raise	Implied	$7M	Full Confidence
76	NeuroSigma	Trigeminal stimulation for ADHD	$25M–$50M	Low Confidence	Proxy-Based Estimate	Estimated	$19M	Full Confidence
77	NeuroSky	Consumer EEG sensing technology	$20M–$50M	Low Confidence	Revenue or ARR Multiple Estimate	Estimated	~$12M	Strong Confidence
78	Neuro20 Technologies	Wearable neuromuscular stimulation systems	$25M–$40M	Low Confidence	Proxy-Based Estimate	Estimated	≈$1.3M	Strong Confidence
79	EMOTIV	EEG headsets and brain analytics	$20M–$40M	Low Confidence	Comparables-Based Estimate	Estimated	~$12M	Strong Confidence
80	Neuroelectrics	EEG-guided non-invasive brain stimulation	$20M–$35M	Low Confidence	Revenue or ARR Multiple Estimate	Estimated	$17.5M	Full Confidence
81	g.tec medical engineering	BCI and neurophysiology research systems	$20M–$30M	Low Confidence	Revenue or ARR Multiple Estimate	Estimated	~$4M	Strong Confidence
82	Naox Technologies	In-ear continuous EEG monitoring	$15M–$30M	Low Confidence	Proxy-Based Estimate	Estimated	~$5M	Strong Confidence
83	PathMaker Neurosystems	Non-invasive neuromodulation for ALS	$15M–$30M	Low Confidence	Proxy-Based Estimate	Estimated	~$12M	Strong Confidence
84	BrainSightAI	AI functional brain mapping	$18M–$26M	Partial Confidence	Proxy-Based Estimate	Estimated	$7M	Full Confidence
85	Novela Neurotechnologies	Epilepsy monitoring and digital biomarkers	$15M–$25M	Low Confidence	Proxy-Based Estimate	Estimated	≥$0.25M	Strong Confidence
86	OpenBCI	Open-source biosensing and BCI hardware	$12M–$28M	Low Confidence	Comparables-Based Estimate	Estimated	~$4M	Strong Confidence
87	Reach Neuro	Spinal stimulation for stroke recovery	$15M–$25M	Low Confidence	Implied Valuation from Raise	Implied	≈$11M	Strong Confidence
88	Soterix Medical	Non-invasive electrical brain stimulation devices	$15M–$25M	Low Confidence	Revenue or ARR Multiple Estimate	Estimated	$4M	Full Confidence
89	SpineX	Non-invasive spinal cord neuromodulation	$12M–$25M	Low Confidence	Proxy-Based Estimate	Estimated	$4M	Full Confidence
90	Neuro Event Labs	AI video seizure monitoring	$17M–$19M	Partial Confidence	Active Raise Valuation	Observed	~$14M	Strong Confidence
91	Neurosteer	Wearable continuous EEG monitoring	$10M–$22M	Low Confidence	Proxy-Based Estimate	Estimated	~$7M	Strong Confidence
92	Functional Neuromodulation	DBS therapy for Alzheimer’s	$8M–$18M	Low Confidence	Proxy-Based Estimate	Estimated	$14M	Full Confidence
93	NeuroOne Medical Technologies	Neural electrodes and ablation devices	$13M	Full Confidence	Public Market Cap	Observed	≈$21.2M	Strong Confidence
94	Pulvinar Neuro	Research transcranial stimulation technology	$8M–$15M	Low Confidence	Proxy-Based Estimate	Estimated	$4.7M+	Strong Confidence
95	Bitbrain	EEG hardware and BCI software	$5M–$12M	Low Confidence	Revenue or ARR Multiple Estimate	Estimated	$0.1M*	Partial Confidence
96	Cerora	Multimodal concussion diagnostic sensors	$3M–$8M	Low Confidence	Proxy-Based Estimate	Estimated	$1M	Full Confidence
97	Cognionics	Wireless dry-electrode EEG systems	$3M–$8M	Low Confidence	Revenue or ARR Multiple Estimate	Estimated	~$5M	Strong Confidence
98	EPIC Neuro	Cortical stimulation and EEG devices	$4M–$7M	Low Confidence	Proxy-Based Estimate	Estimated	$1M	Full Confidence
99	MyndTec	Neurostimulation for motor rehabilitation	$0M–$1M	Low Confidence	Proxy-Based Estimate	Estimated	$6M	Full Confidence

How expensive are neurotech companies, measured by their sales? Not the listed ones. Neurotech stocks are worth 2 to 10 times their yearly sales, like most companies. The bubble is in brain implants, with China’s Neuracle at about 35 times its sales and Neuralink at $9B without sales. Chart from NewMarketPitch's Neurotech report.

Is Neuralink, with no sales, worth more than neurotech firms that sell? Yes, more than at least four of them together. Inspire, Ceribell, BrainsWay and NeuroPace sell about $1.2B of devices a year and are worth about $4.1B on the stock market, while Neuralink was valued at about $9.0B. Chart from NewMarketPitch's Neurotech report.

These pages are excerpts from our report. See the rest ↓

Sample pages from an earlier edition. The report has been updated with new data since.

Which neurotechnology companies are worth the most today?

Neuralink is currently the most valuable neurotechnology company by an enormous margin, followed by a much tighter group around the $1 billion mark.

Our ranking puts Neuralink at a conservative $24–29 billion, while recent private-market trading suggests that some shares are changing hands at even higher implied values. Inspire Medical Systems is a distant second at roughly $2.1 billion. Behind it, Neuracle, Mainstay Medical, BrainCo and Precision Neuroscience sit around or above $1 billion, depending on the valuation point used.

The drop after Neuralink is unusually steep. Using the midpoint of our valuation ranges, Neuralink is worth about $26.5 billion. The other nine companies in the top ten add up to roughly $10.2 billion. Neuralink therefore represents around 72% of the combined value of those ten companies.

After the first ten names, valuations quickly move into the hundreds of millions. Amber Therapeutics, Magnus Medical, SPR Therapeutics, Paradromics, BrainsWay and Nalu Medical all land in that broad zone.

Rank	Company	Current valuation	Main focus
1	Neuralink	$24.0B–$29.0B	Implantable BCI
2	Inspire Medical Systems	~$2.1B	Sleep-apnea neurostimulation
3	Neuracle	$1.2B–$1.5B	Brain-computer interfaces
4	Mainstay Medical	$900M–$1.6B	Spinal neurostimulation
5	BrainCo	$1.0B–$1.3B	BCI and smart prosthetics
6	Precision Neuroscience	~$1.0B	Cortical BCI
7	Ceribell	~$900M	EEG diagnostics
8	Synchron	~$820M–$900M	Endovascular BCI
9	Merge Labs	~$800M–$900M	Non-invasive BCI research
10	Zhiran Medical	$600M–$900M	Implantable BCI
11	Amber Therapeutics	$500M–$830M	Adaptive neuromodulation
12	Magnus Medical	$500M–$800M	Brain stimulation
13	SPR Therapeutics	~$650M	Peripheral nerve stimulation
14	StairMed	$500M–$750M	BCI and surgical robotics
15	Presidio Medical	$450M–$750M	Pain neuromodulation

Is Neuralink really worth $24–29 billion now?

Neuralink's $24–29 billion range now looks more conservative than aggressive because recent secondary-market evidence has moved above it.

The strongest conventional anchor remains Neuralink's $650 million Series E. The company announced that financing in 2025, and reporting around the transaction put the pre-money valuation at roughly $9 billion. That was already a large jump from the approximately $3.5 billion figure associated with Neuralink's earlier funding.

Since then, the private secondary market has moved much faster. Recent Financial Times reporting on the BCI market describes Neuralink as the clear capital leader, with about $1.3 billion raised. Other private-market reporting and transaction data have shown Neuralink shares trading at implied values well into the tens of billions.

We would not treat every secondary bid as equivalent to a completed institutional funding round. Private trades can be thin, access to shares can be scarce, and individual transactions may price in a premium. Still, repeated transactions above the last primary-round valuation are meaningful. Neuralink's old $9 billion funding-round benchmark no longer describes what investors appear willing to pay.

Keeping $24–29 billion as our main range therefore remains defensible, but it is increasingly a cautious mark rather than an aggressive one.

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Sample pages from an earlier edition. The report has been updated with new data since.

How many neurotechnology unicorns are there?

Only about five neurotechnology companies clearly qualify as $1 billion companies today, with another one or two sitting close enough that the count depends on the valuation method.

Neuralink is comfortably above the threshold. Inspire Medical Systems is worth about $2 billion on the public market. Neuracle's latest valuation evidence puts it above $1 billion. BrainCo's latest funding evidence points to roughly $1.0–1.3 billion, and Precision Neuroscience's newest financing implies a post-money valuation of about $1.04 billion.

Mainstay Medical is harder to call because our current estimate spans roughly $900 million to $1.6 billion rather than giving us a clean disclosed point above $1 billion.

Synchron is just below at roughly $820 million based on the Series D share structure tracked by Forge. Merge Labs was launched around an $850 million valuation. Ceribell's public valuation has also been hovering below the $1 billion line.

So there are surprisingly few clear unicorns for a sector receiving this much attention. Neurotechnology currently has one giant valuation, a thin group around $1 billion and a long tail of companies worth a few hundred million dollars.

Are brain-computer interface startups taking over neurotechnology valuations?

Yes. Brain-computer interfaces now dominate the top end of neurotechnology valuations even though conventional neurostimulation companies still have much more commercial revenue.

Nine of the top 20 companies in our ranking are primarily BCI businesses: Neuralink, Neuracle, BrainCo, Precision Neuroscience, Synchron, Merge Labs, Zhiran Medical, StairMed and Paradromics.

Using the midpoints of our ranges, those companies account for roughly $33.7 billion of approximately $42.7 billion across the top 20. That is close to 79%.

Neuralink obviously pushes that percentage much higher, but BCI companies still occupy a large part of the top tier after removing it. Precision is worth about $1 billion. Synchron is above $800 million. Merge Labs launched near $850 million. Chinese companies such as Neuracle, BrainCo, Zhiran Medical and StairMed have also entered the upper part of the ranking.

Meanwhile, several companies with approved neurostimulation products and years of clinical experience remain worth less. NeuroPace sits around half a billion dollars in our dataset. BrainsWay is in a similar range. ONWARD Medical, Nyxoah and electroCore are lower still.

Investors are paying for the possibility that a successful BCI becomes much bigger than a single medical device.

Who's actually closest to Neuralink in brain-computer interfaces?

Precision Neuroscience and Synchron currently look like Neuralink's two strongest US challengers, although neither is remotely close to Neuralink's valuation.

Precision has recently crossed the $1 billion mark. Forge's financing data shows a $287.5 million Series D at approximately $1.04 billion post-money, up from around $543 million at its previous major round. That is close to a doubling in valuation.

The operating progress is also real. Precision says its Layer 7 cortical interface has now been used in more than 95 clinical-study patients across more than 15 hospital partners. The company also has FDA clearance for its cortical interface in a clinical setting.

Synchron is valued slightly lower, at roughly $821 million based on its latest financing structure, after raising $200 million in a Series D. The company says that round brought total funding to about $345 million.

Synchron has taken a very different route. Its Stentrode is placed through the vascular system rather than through open-brain surgery, which could eventually make implantation easier to scale. The device has already been tested in people with severe paralysis and Synchron is moving toward pivotal trials and commercialization.

Precision currently has the higher priced valuation and a wider reported clinical-study footprint. Synchron has the more distinctive minimally invasive procedure. Both belong in the same second tier.

Neuralink remains far ahead financially. Even a $1 billion Precision Neuroscience represents only a few percent of Neuralink's current private-market value.

How many people carry a brain implant from the best-funded start-ups? Very few, about 21 people for Neuralink and 10 for Synchron after raising hundreds of millions, and none for good at Precision. Two Chinese state-backed teams have implanted more. Chart from NewMarketPitch's Neurotech report.

Want to know who is really ahead? Our report is here ↓

Sample pages from an earlier edition. The report has been updated with new data since.

Is China becoming the second big brain-computer interface market?

Yes. China now has enough highly funded BCI companies to form a genuine second center of the market rather than a handful of isolated projects.

Neuracle sits around $1.2–1.5 billion in our ranking. BrainCo is around $1.0–1.3 billion. Zhiran Medical is estimated at $600–900 million, StairMed at $500–750 million, Gestala at $250–400 million and NeuroXess at $180–300 million.

The funding pace has picked up sharply. BrainCo's recent financing was reported at more than $270 million. StairMed announced RMB500 million of new capital led by Alibaba, with Tencent among the participating investors. The company said that brought the amount it had raised over roughly one year to more than RMB1.1 billion.

Gestala is even younger. The ultrasound BCI company reportedly accumulated about RMB570 million, or roughly $80 million, within months of being founded.

There is also direct government support behind the sector. China's Ministry of Industry and Information Technology and six other national bodies published a dedicated BCI development plan. The official target is to achieve major technological and industrial progress by 2027 and develop two to three globally influential BCI companies by 2030.

That combination of capital, policy and competing technical approaches makes China the clearest BCI ecosystem outside the United States today.

Chinese company	Approx. valuation	Main approach	Recent evidence
Neuracle	$1.2B–$1.5B	BCI systems	IPO/listing pathway
BrainCo	$1.0B–$1.3B	BCI and prosthetics	Large recent financing
Zhiran Medical	$600M–$900M	Flexible invasive BCI	Large private financing
StairMed	$500M–$750M	Implantable BCI	RMB500M latest round
Gestala	$250M–$400M	Ultrasound BCI	Rapid early fundraising
NeuroXess	$180M–$300M	Implantable BCI	Human-interface development
Aoyi Tech	$150M–$250M	Neural sensing	Prosthetics applications
Brainland Technology	$40M–$70M	EEG BCI	Earlier-stage platform

Can non-invasive brain-computer interfaces become as valuable as implants?

Possibly, but investors still value the strongest implantable BCI companies much more highly than conventional non-invasive systems.

Merge Labs is the most striking exception. OpenAI confirmed that it participated in the company's seed round, and Financial Times reporting around the launch put the proposed valuation at roughly $850 million on a $250 million raise.

That is extraordinary for a company still at a very early research stage.

Merge is also trying to avoid the usual trade-off. Conventional external EEG systems are easy to use but capture much noisier, lower-resolution signals than electrodes placed close to neurons. Merge says it wants to combine biology, devices and AI to build safer, higher-bandwidth interfaces without following the same path as traditional implanted electrodes.

Gestala is taking another route using ultrasound. Our estimate puts it around $250–400 million. Neurable, which works on consumer-oriented non-invasive BCI technology, sits around $175–295 million. Kernel is lower at roughly $120–200 million.

Then we reach older EEG companies such as EMOTIV, NeuroSky, OpenBCI and g.tec, which are generally worth tens of millions rather than hundreds of millions.

For now, the premium goes to non-invasive companies only when investors believe the underlying technology could break through the old EEG limitations. Putting brain sensors into a headset by itself no longer earns that kind of valuation.

Who is really ahead, Neuralink or China’s Neuracle? Neuracle got there first. China approved its brain implant in March 2026, and it has implanted 44 people and sold 13 devices. Neuralink reads the brain far more finely and is valued over 15 times higher, but nothing is approved yet. Chart from NewMarketPitch's Neurotech report.

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Sample pages from an earlier edition. The report has been updated with new data since.

Why are BCI startups worth billions before they have mass-market products?

BCI startups are being priced as future computing platforms, which is why their valuations have moved much faster than their current revenue.

The first commercial markets are medical. Paralysis, ALS, stroke, speech impairment and other neurological conditions give BCI developers clear clinical starting points.

Those markets alone struggle to explain the most aggressive valuations.

The Financial Times recently reported that fewer than 200 people worldwide had received the newest generation of advanced BCI implants, while BCI companies had already raised more than $1 billion during 2026. Neuralink alone is now worth tens of billions in private markets.

The larger investor bet is that a reliable high-bandwidth interface could eventually move beyond restoring communication for people with severe disabilities. It could control robotic limbs, restore sensory functions, interact directly with computers and perhaps create entirely new ways of working with AI.

That future is still mostly unproven. We have impressive human demonstrations, growing clinical datasets and larger trials, but nothing close to mass-market deployment.

Today's biggest BCI valuations therefore contain a huge amount of expected future value. If BCIs remain specialist medical devices, some of those valuations will be hard to support. If neural interfaces become a new computing layer, today's numbers could eventually look small.

Are traditional neuromodulation companies being left behind?

Traditional neuromodulation companies are being left behind in headline valuations, but many are much further ahead commercially than BCI startups.

Inspire Medical Systems is the obvious exception. Its implantable treatment for obstructive sleep apnea has created a real commercial business large enough to support a public valuation around $2 billion.

Other mature neurostimulation companies are valued lower. BrainsWay is worth roughly half a billion dollars in our ranking. NeuroPace is in a similar range. Nalu Medical was bought by Boston Scientific in a deal involving about $533 million for the equity Boston Scientific did not already own.

SetPoint Medical shows where therapeutic neurotechnology can go next. Its implant stimulates the vagus nerve to treat rheumatoid arthritis. The FDA approved the system in 2025, and the company has since begun a commercial rollout across US treatment centers.

That is a completely different risk profile from a pre-commercial BCI startup. SetPoint already has an approved indication, clinical evidence and a defined group of patients.

Yet our estimate still puts SetPoint around $470–550 million.

The market currently assigns much more upside to a BCI that might one day become a general interface than to an approved device targeting one disease. That gap explains a lot of the ranking.

Who is betting on brain implants besides venture firms? Tech giants, billionaires and state funds. OpenAI wrote the biggest check in Merge Labs’ first round, Tether bought control of Blackrock Neurotech, Jeff Bezos backs Synchron, and Alibaba and Tencent back StairMed. Chart from NewMarketPitch's Neurotech report.

Are new neurotech start-ups now starting with giant rounds? A few are. The typical first round is about $3M, but Merge Labs started with $252M in January 2026, about 78 typical first rounds, and Nudge with $100M in 2025. Both are backed by investors known for AI. Chart from NewMarketPitch's Neurotech report.

Who is fighting on which front of neurotech? Brain implants and interfaces without surgery are races between US start-ups and Chinese rivals. Listed medtech companies hold stimulators and epilepsy, where start-ups are rare. Chart from NewMarketPitch's Neurotech report.

If this is useful, the full report goes much further. Have a look ↓

Sample pages from an earlier edition. The report has been updated with new data since.

What do neurotechnology acquisitions tell us about real company values?

Recent neurotechnology acquisitions show that buyers will pay several hundred million dollars for established neuromodulation companies, giving us a useful reality check for private startup valuations.

Globus Medical agreed to acquire Nevro for $5.85 per share, representing roughly $250 million of equity value. The transaction closed in 2025.

Boston Scientific later agreed to buy the remaining equity of Nalu Medical that it did not already own for approximately $533 million in upfront cash. Nalu sells miniaturized neurostimulation systems for chronic pain.

Our dataset also places SPR Therapeutics around a $650 million acquisition value.

These transactions involve companies with clinical evidence, regulatory progress, products and commercial infrastructure. Strategic buyers can inspect real revenue, reimbursement, manufacturing and physician adoption before setting a price.

Proven specialist neurotechnology businesses are already capable of $250–650 million exits.

The billion-dollar and multibillion-dollar BCI valuations sit well above that proven acquisition range. Investors are pricing a much bigger possible market into those companies before comparable exits have actually happened.

Do public neurotechnology stocks support the private BCI boom?

Public neurotechnology stocks support the idea that valuable neural-device businesses can exist, but they also show how quickly valuations get reset once revenue and execution become visible every quarter.

Ceribell is one of the clearest positive examples. The company generated $89.1 million of revenue in 2025, up 36%, while finishing the year with 647 active accounts. Gross margin reached 88%. Those are unusually strong commercial numbers for a young neurotechnology company.

Ceribell's valuation in our dataset is roughly $900 million.

Inspire Medical Systems is worth around $2 billion, making it one of the largest publicly traded pure-play neurostimulation companies. NeuroPace and BrainsWay sit around the half-billion-dollar range, while ONWARD Medical, Nyxoah, electroCore, Saluda Medical and NeuroOne trade much lower.

The public market therefore gives us a very wide spread. Regulatory approval does not automatically preserve a billion-dollar valuation. Investors keep repricing these businesses according to growth, reimbursement, adoption, cash burn and profitability.

Private BCI companies are mostly insulated from that daily reset for now. It is worth remembering whenever a private financing produces a spectacular headline valuation.

Does raising more money mean a neurotechnology company is worth more?

No. Neurotechnology has several companies that have raised more capital than their current equity is worth.

Neuralink sits at one extreme. The Financial Times puts cumulative funding around $1.3 billion, while the current private valuation is many times larger.

Precision Neuroscience has raised about $467 million according to the latest financing data and is now valued around $1.04 billion. Synchron has raised around $345 million and is worth approximately $820 million. BrainCo has raised more than $500 million and is valued above $1 billion in our dataset.

The opposite pattern also exists.

Nyxoah has raised hundreds of millions of dollars across its history but currently has a public valuation well below that cumulative amount. Saluda Medical shows a similar gap. CVRx has also consumed substantially more historical capital than its current public equity value.

Medical-device development is expensive. Companies can spend years paying for engineering, trials, regulatory work, manufacturing and commercial teams before reaching scale. Every financing round also creates dilution.

Cumulative funding tells us how much capital has gone into a company. It does not tell us what investors believe the equity is worth today.

Who is buying neurotech start-ups, and for how much? The medical giants that already sell stimulation devices. Boston Scientific paid $3.7B for Axonics in 2024, Medtronic $650M for SPR in 2026. No maker of brain implants has been bought recently. Chart from NewMarketPitch's Neurotech report.

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Sample pages from an earlier edition. The report has been updated with new data since.

Are EEG startups becoming a serious part of neurotechnology?

Yes. EEG and brain-monitoring companies have built a real middle tier of the neurotechnology market, with several businesses now worth hundreds of millions of dollars.

Ceribell is already the standout. Its rapid EEG system generated $89.1 million of revenue in 2025, 36% more than the previous year. Subscription revenue grew even faster, and the company ended the year with 647 active accounts.

Beacon Biosignals is building a different model around at-home EEG, clinical data and analytics. The company expanded its Series B to more than $97 million in 2026, taking cumulative funding above $132 million.

Zeto raised $31 million in a Series B to expand its wearable clinical EEG platform. Its devices already have FDA clearances and are being sold to US hospitals.

Epitel is working on wearable wireless EEG. Omniscient Neurotechnology uses AI for brain mapping. CoMind has moved into the same broader monitoring market with a non-invasive optical system and announced $102.5 million in financing.

These businesses are generally worth less than the leading BCI developers, but their path to adoption is easier to see. Hospitals already use EEG, insurers already understand neurological diagnostics and companies can improve an existing clinical workflow rather than create a completely new one.

Company	Approx. valuation	Technology	Useful commercial/funding evidence
Ceribell	~$900M	Rapid EEG	$89.1M 2025 revenue
Beacon Biosignals	$320M–$430M	At-home EEG + analytics	$97M Series B
CoMind	$300M–$420M	Optical brain monitoring	$102.5M funding
Omniscient Neurotechnology	$250M–$370M	AI brain mapping	~$72M funding
Zeto	$210M–$390M	Wearable clinical EEG	$31M Series B
Epitel	$173M–$325M	Wireless wearable EEG	~$39M funding
Brainomix	$165M–$305M	AI stroke imaging	~$59M funding
Neurable	$175M–$295M	Consumer BCI	~$65M funding

Does having an approved neurotechnology product lead to a higher valuation?

No. Regulatory and commercial progress help, but the largest neurotechnology valuations today are often attached to companies that still have no mass-market product.

SetPoint Medical already has FDA approval for its rheumatoid-arthritis neurostimulation system. NeuroPace has an established responsive neurostimulation system for epilepsy. electroCore sells non-invasive vagus nerve stimulation. Inspire has built a commercial sleep-apnea business.

Those companies have cleared hurdles that most BCI startups have not.

Still, Neuralink is valued far above all of them. Precision Neuroscience has crossed $1 billion while its core BCI remains investigational. Merge Labs was valued around $850 million almost from launch.

Approval reduces risk and gives a company a clearer path to revenue. A broad technology platform can carry a much larger theoretical ceiling even when commercial risk is still high.

The strongest valuations should eventually belong to companies that can show both. That is why the next major BCI clinical and regulatory milestones matter so much.

Is neurotech money moving to brain-computer interfaces? Yes, since 2025. Start-ups building them raised about $1.4B in 2026 so far, about three times more than those making stimulation devices, which hospitals already buy. Chart from NewMarketPitch's Neurotech report.

Do implants take the money while headsets make the sales? Yes. Implants took about 70% of the $3.1B recently raised by brain-computer interface start-ups. Yet research firms say headsets and other devices that need no surgery make 60% to 88% of the market’s sales. Chart from NewMarketPitch's Neurotech report.

From our neurotech report, updated regularly. Have a look ↓

Sample pages from an earlier edition. The report has been updated with new data since.

Are investors betting more on invasive brain-computer interfaces?

Yes. Most of the biggest BCI valuations currently belong to companies that place sensors close to the brain, where neural signals are much richer.

Neuralink uses intracortical electrodes. Precision Neuroscience places a thin array on the cortical surface. Synchron positions electrodes inside blood vessels adjacent to brain tissue. Paradromics is developing implanted high-bandwidth neural interfaces. Blackrock Neurotech has worked with implanted human neural interfaces for decades.

Recent Financial Times reporting on the BCI industry points to the same investment pattern. Invasive systems are receiving a large share of capital because signal quality remains one of the hardest problems in BCI.

Our valuation data makes the gap visible.

Neuralink is worth tens of billions. Precision is around $1 billion. Synchron is above $800 million. Paradromics is around $500–650 million and Blackrock Neurotech around $350–500 million.

Older external EEG businesses such as EMOTIV, NeuroSky, g.tec and OpenBCI generally sit below $50 million.

The best non-invasive startups are trying to break that pattern with ultrasound, optics, biological interfaces or much better signal processing. Until one of those approaches can match the usefulness of implanted signals, capital is likely to remain concentrated around technologies that get physically closer to neurons.

Is neurotechnology funding actually accelerating right now?

Yes. BCI funding in particular has accelerated sharply, and the newest rounds are much larger than the typical neurotechnology financings we saw a few years ago.

The Financial Times reports that BCI companies have raised more than $1 billion in 2026 alone.

Precision Neuroscience recently raised $287.5 million. Synchron's latest round was $200 million. Merge Labs launched with plans for roughly $250 million of seed capital. BrainCo raised more than $270 million in a recent financing.

China is adding another wave. StairMed raised RMB500 million in one round and said it had raised more than RMB1.1 billion over roughly a year. Gestala reportedly accumulated about RMB570 million shortly after launch.

EEG and monitoring companies are also raising meaningful amounts. Beacon Biosignals expanded its Series B to $97 million. CoMind announced $102.5 million. Zeto raised $31 million.

Several companies are raising nine-figure rounds at the same time, across different countries and different approaches to reading or stimulating the nervous system. That's a much stronger sign of a financing cycle than one unusually large Neuralink round.

Which neurotechnology startups are moving up the valuation ranking fastest?

Precision Neuroscience, Synchron and several Chinese BCI companies currently have the clearest evidence of rapid upward movement.

Precision gives us the cleanest numerical example. Forge records its previous Series C at roughly $543 million and its latest Series D at $1.04 billion. That is roughly a 90% increase between priced rounds.

Synchron has followed a similar direction over a longer period. Forge data puts its 2022 Series C around $401 million and its latest Series D around $822 million. Its valuation has therefore roughly doubled.

BrainCo's latest financing pushed its valuation above $1 billion in our dataset, while recent capital formation at StairMed and Gestala shows how quickly Chinese BCI companies are moving into the upper part of the ranking.

Ceribell deserves a mention for a completely different reason. Its progress is being measured through revenue rather than private funding. The company grew annual revenue by 36% in 2025 and now has hundreds of active hospital accounts.

Those are the moves we care about most: a new priced round at a materially higher value, rapid commercial growth or a regulatory step that changes how close the company is to making money. A partnership announcement on its own rarely deserves the same weight.

Which neurotechnology companies are worth more than $500 million?

Around 20 companies in our ranking are worth at least roughly $500 million when we use the midpoint of valuation ranges.

The mix is surprisingly broad.

The BCI group includes Neuralink, Neuracle, BrainCo, Precision Neuroscience, Synchron, Merge Labs, Zhiran Medical, StairMed and Paradromics.

The therapeutic group includes Inspire Medical Systems, Mainstay Medical, Amber Therapeutics, Magnus Medical, SPR Therapeutics, Presidio Medical, Salvia BioElectronics, BrainsWay, Nalu Medical and SetPoint Medical.

Ceribell reaches the group through neurological diagnostics rather than stimulation or BCI.

That tells us that $500 million is achievable through several neurotechnology business models. Above $1 billion, however, the ranking becomes much more concentrated around companies with either a large existing commercial market or a very broad BCI story.

Company	Approx. midpoint/value	Category
Neuralink	$26.5B	Implantable BCI
Inspire Medical Systems	~$2.1B	Neuromodulation
Neuracle	~$1.35B	BCI
Mainstay Medical	~$1.25B	Neuromodulation
BrainCo	~$1.15B	BCI/prosthetics
Precision Neuroscience	~$1.04B	BCI
Ceribell	~$900M	EEG diagnostics
Synchron	~$860M	BCI
Merge Labs	~$850M	BCI
Zhiran Medical	~$750M	BCI
Amber Therapeutics	~$665M	Neuromodulation
Magnus Medical	~$650M	Brain stimulation
SPR Therapeutics	~$650M	Neurostimulation
StairMed	~$625M	BCI
Presidio Medical	~$600M	Neuromodulation
Paradromics	~$575M	BCI
Salvia BioElectronics	~$575M	Neuromodulation
BrainsWay	~$540M	Brain stimulation
Nalu Medical	~$523M	Neurostimulation
SetPoint Medical	~$510M	Neuroimmune stimulation

So what does the neurotechnology valuation ranking tell us today?

Neurotechnology has clearly become a major investment market, but most of the extraordinary valuation upside is now concentrated in brain-computer interfaces rather than the broader neurotechnology industry.

Neuralink dominates the ranking. Its conservative $24–29 billion estimate already makes it worth more than the next several companies combined, and newer secondary-market evidence points higher.

The next tier looks completely different. Precision Neuroscience has recently crossed $1 billion. Synchron is above $800 million. Merge Labs started near that level. Neuracle and BrainCo have pushed Chinese BCI companies into the same group.

At the same time, mature neurostimulation businesses give us a useful reality check. Nalu sold for roughly $533 million. Nevro sold for about $250 million. NeuroPace and BrainsWay sit around half a billion dollars. SetPoint has an FDA-approved product yet remains in that same broad valuation zone.

There are effectively two neurotechnology markets running alongside each other.

One is a medical-device industry where companies are priced around clinical evidence, revenue, reimbursement and identifiable patient populations. The other is a BCI race where investors are also pricing the possibility of a completely new computing platform.

Today, the BCI side is winning the valuation race by a huge margin.

Whether those valuations eventually look justified will depend on something much harder than raising another large round: these companies need to move from impressive human experiments involving dozens or hundreds of people to technology that can safely reach tens of thousands, and eventually much more.

That transition has barely started.

Our methodology

This analysis ranks companies in the neurotechnology market using the most defensible current valuation evidence available rather than simply repeating the last valuation that happened to be reported. We focus on companies whose core business is centered on neurotechnology and exclude broader businesses where neural technology is only a small activity.

We reviewed completed funding rounds, company announcements, public-market values, acquisition announcements, regulatory filings, revenue disclosures, operating metrics, clinical progress and credible financial reporting. For private companies, a recently completed financing with a disclosed or reasonably inferable valuation generally carries more weight than older fundraising figures or isolated secondary-market indications.

We keep observed, implied and estimated valuations separate. Observed valuations come from public market capitalizations, completed acquisitions or financings with a disclosed valuation. Implied valuations use financing information where enough of the capitalization or transaction structure is known. Estimated ranges rely more heavily on operating progress, comparable companies, revenue, acquisitions and other financial evidence.

Recency matters, but we do not automatically discard older valuation anchors. When the last hard valuation is dated, we look at what has changed inside the company since then, including new financing, clinical milestones, regulatory progress, revenue growth and changes in comparable-company valuations. We do not apply a mechanical annual uplift.

Private secondary transactions are useful but treated more cautiously than completed institutional rounds. This is especially relevant for Neuralink, where the last primary financing provides one anchor while more recent secondary-market trading points to substantially higher implied values. Thin trading, restricted access to shares and transaction-specific premiums can make those prices noisier.

When a funding amount is known but the valuation is not, we may estimate a range using reasonable stage-specific dilution assumptions. When reliable revenue or commercial data exists, we can also compare the company with similar public businesses or transactions. These remain estimates rather than company-disclosed valuations, which is why ranges are used whenever the evidence does not justify a precise number.

Acquisitions and public companies provide particularly useful reality checks. Transactions such as Globus Medical's acquisition of Nevro and Boston Scientific's acquisition of the remaining Nalu Medical equity show what strategic buyers have actually paid for established neurotechnology businesses. Ceribell, Inspire Medical Systems and other listed companies provide continuously repriced public-market references.

Key sources include Neuralink's Series E announcement, Semafor on Neuralink's financing valuation, the Financial Times on BCI investment and Neuralink funding, Precision Neuroscience on its clinical footprint, Synchron on its Series D and development program, the Financial Times on Merge Labs, and OpenAI on its investment in Merge Labs.

We also used China's Ministry of Industry and Information Technology for the national BCI development plan, StairMed's financing announcement, Ceribell's full-year financial results, Boston Scientific's Nalu Medical acquisition announcement, Globus Medical's Nevro acquisition announcement, and SetPoint Medical's FDA approval announcement.

For the brain-monitoring segment, useful primary sources include Beacon Biosignals on its expanded Series B, CoMind on its $102.5 million financing, and Zeto on its $31 million Series B.

Finally, we deliberately use valuation ranges where the underlying evidence cannot support an exact figure. A transparent $500–750 million estimate based on several credible inputs is more useful than an exact-looking number built from assumptions that do not justify that precision.