Neuralink

Neuralink is a pioneer in the field of brain-computer interfaces (BCI), developing implantable devices that connect the brain directly to a computer.

Neuralink was founded in 2016 by Elon Musk together with a team of eight scientists and engineers. By May 2026, the company had raised $1.85 billion in funding, and its valuation in the latest round reached $9 billion. On the secondary market, Neuralink shares trade at an implied valuation of around $9.7 billion.

The N1 implant already enables people with paralysis to control a smartphone, a computer, and a robotic arm with their mind. Neuralink's technology is turning what was once considered science fiction into a working medical tool.

The company's breakthroughs are regularly covered by The New York Times, The Wall Street Journal, Reuters, Bloomberg, MIT Technology Review, and other leading global media outlets.

Why Neuralink Is Interesting to Investors

• Leader in a new industry. Neuralink is the best-known and most advanced player in the neural interface space. By early 2026, the company had implanted its device in more than five patients with paralysis and ALS, and its PRIME Study technology has been recognized as a breakthrough by the FDA.
• Strong team and capital. Elon Musk is not only the founder but also a primary investor. The company is also backed by Peter Thiel's Founders Fund, Sequoia Capital, Vy Capital, and other top-tier venture funds. The investor base reflects a high level of confidence in the technology.
• Regulatory support. In 2025, Neuralink received two FDA Breakthrough Device Designations – one for speech-restoration technology and one for Blindsight (vision restoration). These accelerate the path to commercialization.
• A massive market. In the United States alone, more than 5 million people live with paralysis, and tens of millions more are affected by conditions such as ALS, multiple sclerosis, and stroke. Neuralink operates in an industry capable of fundamentally changing medicine.
• The founder. Elon Musk is the most prominent technology entrepreneur in the world – founder of Tesla, SpaceX, and xAI. His involvement gives Neuralink a level of investor and media attention unavailable to other companies in the sector.

Neuralink and the Neural Interface Market

A Brain-Computer Interface (BCI) is a device that reads neural signals and translates them into commands for external devices – smartphones, computers, prosthetics. The technology bypasses damaged nerve pathways and gives people with paralysis control over digital tools through thought.

Neuralink's N1 implant contains more than 1,000 electrodes placed in the cortex by a dedicated surgical robot, R1. The N1 already enables people with paralysis to control a smartphone with their mind faster than someone using their thumbs. One patient plays Civilization VI, chess, and Mario Kart entirely hands-free.

In 2025, the company moved beyond the U.S. and launched clinical trials in Canada, the UK, Germany, and the UAE. By the end of 2025, Neuralink had planned to implant the N1 in another 20–30 patients globally. Analysts estimate the global BCI market at $400 billion by 2040 – placing Neuralink among the main beneficiaries of this growth.

Neuralink and the Path to IPO

The neural interface market is gaining momentum. Synchron raised $145 million from Bezos Expeditions and Bill Gates in 2024, Precision Neuroscience secured funding at a $500 million valuation, and BrainGate continues its academic research. Neuralink remains the technology leader in terms of patients implanted, data volume, and capital raised.

The company has raised approximately $1.85 billion to date. The largest round was a Series E of $650 million in June 2025 at a $9 billion valuation. Since then, Neuralink's share price on the secondary market has continued to rise – the implied valuation reached $9.7 billion in 2026, and analysts expect the next round may price the company above $15 billion.

Elon Musk's SpaceX filed a confidential IPO application in April 2026 at a target valuation of $2 trillion. Analysts see Neuralink as one of the next IPO candidates in Musk's portfolio – once clinical trials reach significant scale and the company is ready to bring its product to market.

The current Neuralink share price on the secondary market is around $82.87 (per Hiive, late April 2026). The price reflects recent transactions between private investors and represents the company's current valuation. The IPO price may differ depending on market conditions and demand.

The $15 Billion Round: What We Know

In 2025, Neuralink closed a Series E of $650 million at a $9 billion valuation. Investors in the round included Founders Fund, Sequoia Capital, Vy Capital, and Elon Musk himself. According to Bloomberg and Reuters, the company is preparing for the next funding round at a valuation of $12–15 billion, expected to close in 2026.

Investor interest is reinforced by rapid progress: by early 2026, Neuralink had implanted the N1 chip in more than five patients, received two FDA Breakthrough Device Designations, and expanded clinical trials to four countries.

An additional growth driver is Blindsight – the company's vision-restoration technology. According to Musk, the first successful implantation of the vision device could happen as early as 2026. It would potentially be one of the most significant medical breakthroughs in decades.

The Neuralink Team

As of early 2026, the company employs more than 635 people. The team includes neuroscientists, mechanical engineers, machine learning specialists, neurosurgeons, software engineers, and regulatory experts. The headquarters is located in Austin, Texas, with an additional office and research center in Fremont, California.

The Neuralink team is unique for combining three directions at once: building an implantable medical device (hardware), developing neural networks to interpret brain signals (software/AI), and the R1 surgical robot, which can implant the chip with precision unavailable to a human. This stack cannot be assembled externally – it has been built inside the company over years.

Competitors

• Synchron. Develops Stentrode, a less invasive neural implant inserted through blood vessels without open brain surgery. Raised $145 million from Bezos Expeditions and Bill Gates in 2024. The technology is safer but offers fewer signal channels – its functionality is more limited than Neuralink's.
• Precision Neuroscience. Develops a thin-film implant placed on the surface of the brain. Valuation around $500 million. A less invasive alternative, but at an earlier trial stage compared to Neuralink.
• BrainGate. An academic consortium of universities with a 20-year history. Implants chips in patients with paralysis but operates in research mode, without a commercial product.
• Blackrock Neurotech. One of the longest-standing players in the market – its chips have been in patients for more than 15 years. A strong base of clinical data, but technology that is dated compared to N1.

Neuralink leads its competitors through a combination of high electrode density (more than 1,000 channels in N1), the R1 surgical robot for precise implantation, real-time AI signal processing, and the scale of its clinical trials. No other company in the industry brings these factors together in a single product.

The Elon Musk Phenomenon

"The Neuralink implant already lets people with paralysis control a smartphone with their mind – faster than someone using their thumbs." – Elon Musk, founder of Neuralink

Musk founded Neuralink in 2016 with the goal of creating a direct interface between the human brain and a computer. He is also the founder of Tesla, SpaceX, and xAI – companies with a combined market value of more than $7 trillion. The level of investor and media attention his projects attract is unmatched by any other technology figure of our time. Musk's approach is to bet on radical technologies in areas most companies consider impossible. Neuralink fits that logic: what looked like science fiction ten years ago is becoming medical reality in 2026.

Pre-IPO Investment Specifics

• The typical holding period in the project ranges from one year to several years. This horizon is unpredictable and cannot be set in advance.
• Exit is only possible after the company's shares list on a public exchange.
• Pre-IPO positions carry high risk but offer high potential returns in the event of a successful listing.
• Minimum order size: $5,000.
• For investors starting at $200,000, the position can be structured through a dedicated SPV – an individual legal entity created for a specific deal.

Participation is available through the Booking format. You submit a request to purchase Polymarket shares on the secondary market, after which an investor pool is formed and shares are acquired from current shareholders.

The final price is fixed at the time the secondary deal closes. Closing timeline is 2 weeks to 2 months depending on share availability and legal processing.

A ROFR period (~30 days) also applies – a standard procedure in which the company or existing shareholders have the right to purchase the shares at the agreed price. Once this period expires, the deal is finalized and shares are distributed among investors. If the deal does not go through, funds are returned to your account.

This format allows you to reserve participation in the deal ahead of an official IPO announcement and lock in a price at the current secondary market level.

1. What is Pre-IPO?

Pre-IPO (Pre-Initial Public Offering) refers to investing in a company at a late stage of development before its shares are listed on a stock exchange. It gives investors the opportunity to enter a business well ahead of an IPO or M&A deal at a price that is typically below the public market level.

2. How does Pre-IPO differ from IPO?

In an IPO, shares are immediately listed on an exchange and become liquid. Pre-IPO is a venture stage: shares are not yet publicly traded, and the investment horizon is typically 1–5 years before the company goes public.

3. Why do companies raise capital at the Pre-IPO stage?

Companies need additional capital for growth ahead of a public listing, as well as to strengthen their balance sheet, expand their product lineup, or enter new markets.

4. How is the share price determined at the Pre-IPO stage?

The price is based on the company's funding rounds and transactions on the secondary market between private investors. The indicative price on the platform reflects the current secondary market level. The final price is fixed at the time the deal closes and may differ from the listed price.

5. How can I participate in Pre-IPO through Regolith?

The platform offers two formats for Pre-IPO participation:

• Direct purchase – shares have already been acquired by Regolith and are available to investors. You select a company, submit a request, and your funds are allocated to the corresponding trust series.
• Booking (request collection) – for certain deals, shares are purchased on the secondary market after an investor pool is formed. You submit a request, after which shares are acquired from current shareholders and distributed through a trust or a separate SPV. Minimum amount – $5,000. Closing timeline – 2 weeks to 2 months.

The format is indicated on the page of each offering.

6. What is the secondary market?

It is a market where current shareholders of private companies sell their stakes before the company goes public. The buyer receives the same rights to the shares as early investors.

7. What is the closing timeline for booking format deals?

2 weeks to 2 months depending on share availability on the secondary market and legal processing. A ROFR period (~30 days) also applies.

8. What is a ROFR period?

ROFR (Right of First Refusal) is the right of first refusal. After a secondary deal is closed, the company or its existing shareholders have ~30 days to purchase the shares at the agreed price. If they decline, the deal is finalized. If they exercise this right, funds are returned to investors' accounts.

9. How is the deal structured legally?

For standard requests, the structure uses a US trust with a separate series for each investment. The investor signs a set of agreements (participation agreement, trust series accession agreement, etc.). For investors from $200,000, a separate SPV (Special Purpose Vehicle) – an individual legal entity created for a specific deal – may be used.

10. Where are the shares held?

Shares are held within the trust structure. The trust is the legal owner of the shares, and the investor is its beneficiary within the selected series.

11. How is my participation confirmed?

Documents are available in your personal account: series participation agreement, trust declaration, and asset specification. These confirm your beneficiary status.

12. Can I verify that Regolith is actually participating in the deal?

Yes. Supporting documents for each trust series are published in your personal account, detailing the terms and ownership structure.

13. What is the minimum amount to participate?

It depends on the format. For direct purchases, the minimum amount is listed on the page of each offering. For the booking format – $5,000.

14. What is the typical investment term?

The average term is 12–36 months, until the company's IPO or M&A. Exact timelines cannot be determined in advance.

15. When and how can I exit a deal?

Exit is only possible upon a liquidity event – an IPO or sale of the company to a strategic investor. At that point, shares are sold and profits are distributed among investors.

16. What fees apply?

An entry fee of 5% applies at the time of purchase. Upon exit, a 20% success fee on profits is charged. There are no management fees or exit fees.

17. Do I receive dividends before the IPO?

No. Most Pre-IPO companies reinvest profits into growth. Investor returns are generated solely through an increase in the company's valuation and a successful public listing.

18. What are the risks of Pre-IPO investing?

Pre-IPO investments fall under the venture category. Key risks include:

• postponement or cancellation of the IPO
• decline in the company's valuation
• ROFR exercise (the company repurchases shares and the deal does not go through)
• low liquidity on the secondary market
• broader market and macroeconomic factors

19. Can I know in advance how much I will earn?

No. Returns depend on the company's valuation at the time of IPO or M&A and overall market conditions. Potential returns may range from x2 to x5 on the initial investment, but there is also a risk of capital loss.

20. What happens if the company's IPO is delayed or does not take place?

The investor retains ownership of their stake in the company. In the event of an IPO cancellation, exit may be possible through a sale to a strategic buyer (M&A) or by holding shares until a future listing attempt.

21. What happens if the company's valuation declines?

In such a case, the deal's return may be significantly lower than expected or result in losses.

22. What happens if the company goes bankrupt?

Pre-IPO investments are classified as venture investments and carry a high level of risk. In the event of bankruptcy or cessation of operations, invested funds may be lost in full as the shares lose their value.

23. What is the probability of a company successfully going public?

According to venture statistics, a significant portion of early-stage companies never reach an IPO. For late-stage companies with major institutional investors, the probability of going public is substantially higher. However, neither the timing nor the fact of an IPO can be guaranteed.

24. What are some examples of share price changes in Pre-IPO investments?

The examples below illustrate how share prices can change from the point of entry at the Pre-IPO stage through to IPO or secondary market trading.

SpaceX
In 2022–2023, SpaceX shares on the private market were available at around $60 per share. By May 2026, the price on the secondary market had risen to ~$610 – roughly a 10x increase from the 2022 level. In April 2026, SpaceX filed a confidential IPO application. According to Bloomberg, the target valuation for the listing is $2 trillion, which would make it potentially the largest public offering in stock-market history.

Circle (USDC issuer)
In December 2024, Circle shares at the Pre-IPO stage were trading at $24. In June 2025, the company went public on the NYSE (ticker: CRCL). Shares reached a peak of approximately $290 before correcting. As of March 9, 2026, shares trade in the $98–112 range. Growth from the Pre-IPO level ($24) to the current ~$105 represents over 300%.

Sample calculation including Regolith fees
Suppose an investor invested $100,000 in Circle at $24 per share at the Pre-IPO stage. They would have received approximately 4,166 shares. The company went public on the NYSE in June 2025, with shares reaching $290.
At a sale price of $105 (current level), the portfolio would be worth approximately $437,000.
Gross return would be +337%.
From this amount, an entry fee of 5% ($5,000) and a success fee of 20% on profits ($67,460) are deducted.
The investor's net result after all deductions would be approximately $365,000, corresponding to a return of +265% on the initial amount.

These examples illustrate how the Pre-IPO model works: share price growth can be exponential, but the actual outcome depends on the specific company, timing of entry, and market conditions.