Betting on a neurotech company? See who’s really ahead before you pick a side

Updated October 202670+ pagesPDF

Neurotech: Who’s Ahead
Cover of NewMarketPitch's Neurotech: Who’s Ahead report, 2026 edition
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.
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.
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.
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.
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.
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.
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.
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.

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Inside the report

  • Who’s ahead, and who’s falling behind
  • How far the challengers are behind
  • Who has real patients, who only promises
  • What technologies are gaining traction
  • Who are the top companies today
  • What are their valuations
  • Who’s getting funded, and by whom
  • Which business models are winning
  • What are the biggest unsolved problems
  • What has changed in the last 12 months
  • Where are the biggest opportunities
  • Who are the likely future winners
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Verified data with sourcesUpdated in October 2026