{ "site": "wetwired.si", "tagline": "Tracking the race to wire the brain.", "last_updated": "2026-10-22", "notes": "Every number carries a source and date. \"verified\" = read on the company's own page or a primary/major outlet on the date given; \"unverified\" = single secondary report or company claim not confirmed elsewhere.", "companies": [ { "id": "neuralink", "name": "Neuralink", "tier": "invasive", "hq": "Fremont, California, US", "url": "https://neuralink.com/", "device": "N1 implant (\"Telepathy\"): a coin-sized wireless chip whose ultra-thin electrode threads are stitched into the motor cortex by a surgical robot.", "approach": "Invasive: intracortical, penetrating electrodes", "status": "Investigational. FDA IDE for its first-in-human study (May 2023); FDA Breakthrough Device designations for Blindsight (vision) and for speech. Trials in the US, Canada, UK and UAE.", "status_short": "FDA IDE trials (US, CA, UK, UAE)", "patients": { "display": "21+", "value": 21, "as_of": "2026-01-27", "qualifier": "21 participants enrolled worldwide (Jan 2026); no newer official total. A PRIME participant's public X account is labelled \"P24\" (Oct 2026), which suggests 24+ if numbering follows implant order - self-reported, unverified", "verified": true, "source": { "label": "Neuralink: \"Two Years of Telepathy\"", "url": "https://neuralink.com/updates/two-years-of-telepathy/", "date": "2026-01-27" } }, "last_milestone": { "date": "2026-10-01", "text": "Self-supervised decoder pretrained on 50,000 hours of brain data; reports an 11.32 bits-per-second record", "source": { "label": "Neuralink update", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/", "date": "2026-10-01" } }, "milestones": [ { "date": "2024-01-28", "text": "First human implant (PRIME study)", "source": { "label": "Reuters", "url": "https://www.reuters.com/technology/neuralink-implants-brain-chip-first-human-musk-says-2024-01-29/", "date": "2024-01-29" } }, { "date": "2026-09-16", "text": "VOICE trial: a participant with ALS, Terry, speaks through the implant (\"I love you\")", "source": { "label": "MobiHealthNews", "url": "https://www.mobihealthnews.com/news/neuralink-brain-implant-helps-man-als-speak-using-his-thoughts", "date": "2026-09-23" } }, { "date": "2026-10-01", "text": "11.32 BPS record with weeks-long decoding without recalibration", "source": { "label": "Neuralink", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/", "date": "2026-10-01" } } ], "funding": { "text": "$650M Series E (June 2025). Reported valuation ~$9B at that round.", "source": { "label": "Neuralink", "url": "https://neuralink.com/updates/neuralink-raises-650m-series-e/", "date": "2025-06-02" }, "valuation_source": { "label": "CNBC via Wikipedia (reported)", "url": "https://en.wikipedia.org/wiki/Neuralink", "date": "2025-07-17" } }, "status_sources": [ { "label": "Reuters: FDA clearance", "url": "https://www.reuters.com/science/elon-musks-neuralink-gets-us-fda-approval-human-clinical-study-brain-implants-2023-05-25/", "date": "2023-05-25" }, { "label": "Neuralink: Blindsight designation", "url": "https://neuralink.com/updates/neuralink-receives-breakthrough-device-designation-for-blindsight/", "date": "2024-09" }, { "label": "Neuralink: speech designation", "url": "https://neuralink.com/updates/neuralink-receives-breakthrough-device-designation-for-speech/", "date": "2025" } ] }, { "id": "synchron", "name": "Synchron", "tier": "invasive", "hq": "Brooklyn, New York, US", "url": "https://synchron.com/", "device": "Stentrode: a stent-mounted electrode array threaded up the jugular vein into a blood vessel beside the motor cortex. No open-brain surgery.", "approach": "Minimally invasive: endovascular", "status": "Investigational. FDA Breakthrough Device (Aug 2020); first FDA IDE for a permanently implanted BCI (Jul 2021); COMMAND study met its primary safety endpoint (Sep 2024). INTENT (US) and FOCUS-AUS studies enrolling in 2026; preparing a pivotal trial.", "status_short": "FDA IDE · pivotal trial in prep", "patients": { "display": "10", "value": 10, "as_of": "2024-09-30", "qualifier": "Publicly confirmed: 4 (SWITCH, Australia) + 6 (COMMAND, US). Newer trials are enrolling; no updated company total found. A June 2026 secondary report of \"100 patients\" is unverified.", "verified": true, "source": { "label": "Synchron / Business Wire: COMMAND results", "url": "https://www.businesswire.com/news/home/20240930433219/en/Synchron-Announces-Positive-Results-from-U.S.-COMMAND-Study-of-Endovascular-Brain-Computer-Interface", "date": "2024-09-30" } }, "last_milestone": { "date": "2026-08-10", "text": "INTENT study active at US sites (e.g. UB Neurosurgery, Buffalo)", "source": { "label": "UBNS", "url": "https://www.ubns.com/news/dr-elad-levy-groundbreaking-study-on-brain-computer-interface/", "date": "2026-08-10" } }, "milestones": [ { "date": "2021-07-28", "text": "First FDA IDE for a permanently implanted BCI", "source": { "label": "Business Wire", "url": "https://www.businesswire.com/news/home/20210728005305/en/Synchron-Receives-Green-Light-From-FDA-to-Begin-Breakthrough-Trial-of-Implantable-Brain-Computer-Interface-in-US", "date": "2021-07-28" } }, { "date": "2025-08-04", "text": "First native thought-control of an iPad via Apple's BCI HID protocol", "source": { "label": "Synchron news", "url": "https://synchron.com/news", "date": "2025-08-04" } }, { "date": "2026-04-30", "text": "Named to TIME100 Most Influential Companies; preparing larger trial for commercial approval", "source": { "label": "TIME", "url": "https://time.com/collection/time100-most-influential-companies/2026/synchron/", "date": "2026-04-30" } } ], "funding": { "text": "$200M Series D (Nov 2025).", "source": { "label": "Business Wire", "url": "https://www.businesswire.com/news/home/20251106150841/en/Synchron-Raises-%24200-Million-Series-D-to-Advance-Brain-Computer-Interface-Technology", "date": "2025-11-06" } } }, { "id": "precision", "name": "Precision Neuroscience", "tier": "invasive", "hq": "New York, US", "url": "https://www.precisionneuro.io/", "device": "Layer 7 Cortical Interface: a film thinner than a hair carrying up to thousands of electrodes, slid onto the brain's surface through a micro-slit in the skull.", "approach": "Minimally invasive: surface (ECoG), non-penetrating", "status": "FDA 510(k) clearance for Layer 7 (decision 30 Mar 2025) for implantation of up to 30 days. Long-term implant still in clinical studies.", "status_short": "FDA 510(k) cleared (≤30 days)", "patients": { "display": "100+", "value": 100, "as_of": "2026-10-15", "qualifier": "\"Implanted clinical study patients\", company claim. Most are temporary implants during brain surgery.", "verified": true, "source": { "label": "precisionneuro.io homepage", "url": "https://www.precisionneuro.io/", "date": "2026-10-15" } }, "last_milestone": { "date": "2026-10-14", "text": "Precision Brain Atlas: Layer 7 recordings from 70 patients at 12 medical centers (87,342 microelectrodes, 180+ hours)", "source": { "label": "Precision Neuroscience (X thread)", "url": "https://x.com/PrecisionNeuro_/status/2110356066102063551", "date": "2026-10-14" } }, "milestones": [ { "date": "2024-05", "text": "World record: 4,096 electrodes recording from a human brain (Mount Sinai)", "source": { "label": "Fierce Biotech", "url": "https://www.fiercebiotech.com/medtech/precision-neuroscience-deploys-4096-electrodes-brain-computer-interface-procedure", "date": "2024-05" } }, { "date": "2025-03-30", "text": "FDA 510(k) clearance, K242618", "source": { "label": "FDA", "url": "https://www.accessdata.fda.gov/cdrh_docs/pdf24/K242618.pdf", "date": "2025-03-30" } }, { "date": "2026-09-24", "text": "$250M Series D", "source": { "label": "GlobeNewswire", "url": "https://www.globenewswire.com/news-release/2026/09/24/3368254/0/en/precision-neuroscience-closes-oversubscribed-250m-series-d-led-by-pershing-square-inc-the-ackman-oxman-institute-and-a-leading-life-sciences-investment-fund.html", "date": "2026-09-24" } }, { "date": "2026-10-14", "text": "Precision Brain Atlas released: 70 patients, 12 centers, 87,342 microelectrodes", "source": { "label": "Precision Neuroscience (X thread)", "url": "https://x.com/PrecisionNeuro_/status/2110356066102063551", "date": "2026-10-14" } } ], "funding": { "text": "$250M Series D (Sep 2026). Valuation \"just over $1B\" (reported by NYT, not confirmed by company: unverified); ~$430M raised in total (reported).", "source": { "label": "HedgeCo summary of release + NYT", "url": "https://hedgeco.net/news/09/2026/precision-neuroscience-raised-250-million-series-d-at-about-a-1-billion-valuation.html", "date": "2026-09-28" } } }, { "id": "blackrock", "name": "Blackrock Neurotech", "tier": "invasive", "hq": "Salt Lake City, Utah, US", "url": "https://blackrockneurotech.com/", "device": "Utah Array: a 4×4 mm bed of silicon micro-needles. The workhorse behind most academic BCI records (BrainGate, UC Davis & Stanford speech BCIs).", "approach": "Invasive: intracortical, penetrating electrodes", "status": "Arrays used chronically in humans under FDA IDE research trials for ~20 years; MoveAgain BCI got FDA Breakthrough Device designation (Nov 2021). No approved chronic BCI product yet.", "status_short": "IDE research use · Breakthrough (2021)", "patients": { "display": "~40+", "value": 40, "as_of": "2024-04-29", "qualifier": "Reuters (Apr 2024): Blackrock tech had been used by ~40 people at the time of Tether's investment. No newer official count; treat as approximate.", "verified": false, "source": { "label": "Reuters", "url": "https://www.reuters.com/technology/crypto-company-tether-invests-200-mln-brain-chip-maker-blackrock-neurotech-2024-04-29/", "date": "2024-04-29" } }, "last_milestone": { "date": "2026-04-01", "text": "WIRED profile: a participant composing music with his Blackrock implant", "source": { "label": "Blackrock news", "url": "https://blackrockneurotech.com/news/", "date": "2026-04-01" } }, "milestones": [ { "date": "2021-11-17", "text": "MoveAgain BCI receives FDA Breakthrough Device designation", "source": { "label": "Blackrock", "url": "https://blackrockneurotech.com/insights/blackrock-neurotechs-moveagain-brain-computer-interface-system-receives-breakthrough-device-designation-from-the-fda/", "date": "2021-11-17" } }, { "date": "2024-04-29", "text": "Tether invests $200M for a majority stake", "source": { "label": "Reuters", "url": "https://www.reuters.com/technology/crypto-company-tether-invests-200-mln-brain-chip-maker-blackrock-neurotech-2024-04-29/", "date": "2024-04-29" } }, { "date": "2024-08", "text": "Utah Arrays power UC Davis speech BCI with up to 97% accuracy (NEJM)", "source": { "label": "UC Davis Health", "url": "https://health.ucdavis.edu/news/headlines/new-brain-computer-interface-allows-man-with-als-to-speak-again/2024/08", "date": "2024-08" } } ], "funding": { "text": "Tether: $200M for a majority stake (Apr 2024).", "source": { "label": "Reuters", "url": "https://www.reuters.com/technology/crypto-company-tether-invests-200-mln-brain-chip-maker-blackrock-neurotech-2024-04-29/", "date": "2024-04-29" } } }, { "id": "paradromics", "name": "Paradromics", "tier": "invasive", "hq": "Austin, Texas, US", "url": "https://paradromics.com/", "device": "Connexus BCI: a high-density microelectrode array in the cortex, wired to a transceiver in the chest that beams data through the skin. Built for speech.", "approach": "Invasive: intracortical, fully implanted", "status": "FDA IDE approved Nov 2025 for the Connect-One early feasibility study (U. Michigan, UC Davis, Mass General). Aug 2026: FDA OK to use personal phones and laptops in the trial. Oct 2026: partnership with Siemens Healthineers to build the imaging workflow around Connexus (MRI safety after implantation not yet established, per the company).", "status_short": "FDA IDE · Connect-One study", "patients": { "display": "1", "value": 1, "as_of": "2026-06-17", "qualifier": "First chronic Connect-One participant (Michigan). Plus a 2025 temporary implant during epilepsy surgery. No later count published.", "verified": true, "source": { "label": "Paradromics", "url": "https://paradromics.com/news/paradromics-completes-first-human-brain-computer-interface-bci-implantation/", "date": "2026-06-17" } }, "last_milestone": { "date": "2026-10-19", "text": "Siemens Healthineers partnership: an end-to-end MRI/fMRI/vascular/CT imaging workflow for BCI candidacy, surgical planning, implant localisation and outcomes", "source": { "label": "Paradromics", "url": "https://paradromics.com/news/paradromics-siemens-healthineers-launch-strategic-initiative-build-advanced-imaging-foundation-for-the-future-of-brain-computer-interfaces/", "date": "2026-10-19" } }, "milestones": [ { "date": "2025-11-20", "text": "FDA approves Connect-One IDE", "source": { "label": "Paradromics", "url": "https://paradromics.com/news/paradromics-receives-fda-approval-for-the-connect-one-clinical-study-with-the-connexus-brain-computer-interface/", "date": "2025-11-20" } }, { "date": "2026-06-17", "text": "First Connect-One implant at University of Michigan", "source": { "label": "Paradromics", "url": "https://paradromics.com/news/paradromics-completes-first-human-brain-computer-interface-bci-implantation/", "date": "2026-06-17" } }, { "date": "2026-09-14", "text": "Real-time speech: first participant answers open questions in her own words", "source": { "label": "Business Wire", "url": "https://www.businesswire.com/news/home/20260914434545/en/Paradromics-Achieves-Real-Time-Speech-with-Connexus-Brain-Computer-Interface", "date": "2026-09-14" } }, { "date": "2026-10-19", "text": "Siemens Healthineers partnership: an end-to-end MRI/fMRI/vascular/CT imaging workflow for BCI candidacy, surgical planning, implant localisation and outcomes", "source": { "label": "Paradromics", "url": "https://paradromics.com/news/paradromics-siemens-healthineers-launch-strategic-initiative-build-advanced-imaging-foundation-for-the-future-of-brain-computer-interfaces/", "date": "2026-10-19" } } ], "funding": null }, { "id": "science", "name": "Science Corp.", "tier": "invasive", "hq": "Alameda, California, US", "url": "https://science.xyz/", "device": "PRIMA: a 2 × 2 mm wireless photovoltaic chip under the retina plus camera glasses that beam near-infrared light, restoring central vision in geographic atrophy (dry AMD).", "approach": "Invasive: subretinal implant (eye, not skull)", "status": "CE marked and commercially launched in Europe (Jul 2026). FDA Breakthrough Device (2023) and Humanitarian Use Device designations (Jul 2026); US approval pending.", "status_short": "CE mark (EU) · FDA pending", "patients": { "display": "38+", "value": 38, "as_of": "2026-10-05", "qualifier": "38 implanted in the PRIMAvera pivotal trial (17 sites, 5 countries); plus Stargardt-disease patients in the PRIMAlia trial in Sydney (first implanted May 2026) and early European commercial cases (not counted).", "verified": true, "source": { "label": "Science Corp.: 36-month results", "url": "https://science.xyz/news/long-term-prima-results/", "date": "2026-10-05" } }, "last_milestone": { "date": "2026-10-13", "text": "Update on first Stargardt-disease patient (implanted May 2026): reads a word with PRIMA", "source": { "label": "Science Corp.: Stargardt trial update", "url": "https://science.xyz/news/stargardt-first-rehab/", "date": "2026-10-13" } }, "milestones": [ { "date": "2025-10-20", "text": "NEJM publishes pivotal PRIMA results", "source": { "label": "NEJM", "url": "https://www.nejm.org/doi/abs/10.1056/NEJMoa2501396", "date": "2025-10-20" } }, { "date": "2026-07-22", "text": "European commercial launch after CE mark", "source": { "label": "Science Corp.", "url": "https://science.xyz/news/", "date": "2026-07-22" } }, { "date": "2026-05", "text": "First Stargardt-disease patient implanted (PRIMAlia trial, Sydney Eye Hospital)", "source": { "label": "Science Corp.", "url": "https://science.xyz/news/stargardt-first-rehab/", "date": "2026-10-13" } }, { "date": "2026-10-05", "text": "36-month data: mean +29 letters of vision, better than at 12 months", "source": { "label": "Science Corp.", "url": "https://science.xyz/news/long-term-prima-results/", "date": "2026-10-05" } }, { "date": "2026-10-13", "text": "That Stargardt patient saw a letter in his first rehab session and read a word in his second", "source": { "label": "Science Corp.", "url": "https://science.xyz/news/stargardt-first-rehab/", "date": "2026-10-13" } } ], "funding": { "text": "$230M Series C (Mar 2026).", "source": { "label": "Science Corp.", "url": "https://science.xyz/news/series-c/", "date": "2026-03-05" } } }, { "id": "neuracle", "name": "Neuracle (NEO)", "tier": "invasive", "hq": "Shanghai, China", "url": "https://www.neuracle.cn/", "device": "NEO: a coin-sized titanium implant resting on the dura (8 contacts), wirelessly driving a pneumatic glove that restores grasp after spinal cord injury.", "approach": "Semi-invasive: epidural, under the skull, above the brain's membrane", "status": "China NMPA commercial registration approval (13 Mar 2026), widely described as the world's first market approval of an implanted BCI. First commercial surgery 13 Jul 2026 (Huashan Hospital).", "status_short": "Approved for sale (China NMPA)", "patients": { "display": "36+", "value": 36, "as_of": "2026-04-30", "qualifier": "36 implant procedures in the trial behind the approval, plus commercial cases since July 2026 (count not published).", "verified": true, "source": { "label": "Paradromics analysis of the NMPA approval", "url": "https://paradromics.com/blog/china-bci-developments/", "date": "2026-04-30" } }, "last_milestone": { "date": "2026-07-13", "text": "First surgery with a commercially approved BCI, Huashan Hospital, Shanghai", "source": { "label": "The Next Web", "url": "https://thenextweb.com/news/china-first-commercial-brain-implant-neuracle-neo", "date": "2026-07-17" } }, "milestones": [ { "date": "2026-03-13", "text": "NMPA approval: first commercially approved implanted BCI", "source": { "label": "Paradromics blog", "url": "https://paradromics.com/blog/china-bci-developments/", "date": "2026-04-30" } }, { "date": "2026-07-13", "text": "First commercial implant", "source": { "label": "The Next Web", "url": "https://thenextweb.com/news/china-first-commercial-brain-implant-neuracle-neo", "date": "2026-07-17" } } ], "funding": null }, { "id": "onward", "name": "ONWARD Medical", "tier": "invasive", "hq": "Eindhoven, Netherlands", "url": "https://www.onwd.com/brain-computer-interface/", "device": "ARC-BCI: a skull-mounted brain implant (with Clinatec) paired with ONWARD's spinal-cord stimulator, a \"digital bridge\" that turns intent to move into walking and hand movement.", "approach": "Invasive: epidural brain implant + spinal stimulator", "status": "Investigational. FDA Breakthrough Device designation for ARC-BCI. Listed on Euronext.", "status_short": "Investigational · Breakthrough", "patients": { "display": "7", "value": 7, "as_of": "2026-09-09", "qualifier": "ARC-BCI implants to date per the H1 2026 results, as summarised by a financial news site (company report not checked directly).", "verified": false, "source": { "label": "ONWARD H1 2026 results (summary)", "url": "https://www.stocktitan.net/news/ONWRY/onward-medical-reports-first-half-2026-results-with-strong-product-3l613v66kzhd.html", "date": "2026-09-09" } }, "last_milestone": { "date": "2026-01-22", "text": "Two more ARC-BCI implants completed", "source": { "label": "BioSpace (press release)", "url": "https://www.biospace.com/press-releases/onward-medical-completes-two-additional-brain-computer-interface-implants-paired-with-spinal-cord-stimulation-technology-to-restore-thought-driven-movement", "date": "2026-01-22" } }, "milestones": [ { "date": "2026-01-22", "text": "Two additional ARC-BCI implants", "source": { "label": "BioSpace", "url": "https://www.biospace.com/press-releases/onward-medical-completes-two-additional-brain-computer-interface-implants-paired-with-spinal-cord-stimulation-technology-to-restore-thought-driven-movement", "date": "2026-01-22" } } ], "funding": { "text": "Public company, listed on Euronext (ONWD).", "source": { "label": "ONWARD IR", "url": "https://ir.onwd.com/investor-relations/", "date": "2026-10-15" } } } ], "noninvasive": [ { "id": "meta", "name": "Meta Neural Band", "hq": "Menlo Park, California, US", "url": "https://about.fb.com/news/2025/09/meta-ray-ban-display-ai-glasses-emg-wristband/", "device": "sEMG wristband that reads nerve signals at the wrist to control Meta Ray-Ban Display glasses with tiny finger movements.", "status": "On sale since Sep 2025, from $799 bundled with the glasses.", "funding": "n/a (Meta Reality Labs)", "source": { "label": "Meta Newsroom", "url": "https://about.fb.com/news/2025/09/meta-ray-ban-display-ai-glasses-emg-wristband/", "date": "2025-09-17" } }, { "id": "kernel", "name": "Kernel", "hq": "Los Angeles area, US", "url": "https://www.kernel.com/", "device": "Kernel Flow 2: a helmet combining time-domain fNIRS (up to 40 modules) and EEG to measure brain activity. Used for research and brain-health measurement.", "status": "Commercial research device.", "funding": "Private company; no recent round disclosed.", "source": { "label": "Kernel", "url": "https://www.kernel.com/developers", "date": "2026-10-15" } }, { "id": "bridge", "name": "Bridge Neurotech", "hq": "US", "url": "https://www.bridgeneurotech.com/", "device": "Wearable ultrasound BCI (\"close to headphones\") that reads blood-flow changes in the brain, with predictive AI models to cut lag.", "status": "Launched Oct 2026; probes use Butterfly Network's ultrasound chips. First observational study in volunteers (Redwood City, CA).", "funding": "$13.5M launch funding, including General Catalyst.", "source": { "label": "WIRED", "url": "https://www.wired.com/story/bridge-neurotech-startup-rival-sam-altman-merge-labs/", "date": "2026-10-06" } } ], "hybrid": [ { "id": "merge", "name": "Merge Labs", "hq": "US", "url": "https://merge.io/", "device": "Research lab co-founded by Sam Altman. Plans to connect with neurons using molecules instead of electrodes and read them with ultrasound, avoiding implants into brain tissue. Reported to combine an ultrasound device with gene therapy that makes brain cells respond to sound; likely still needs a \"window\" in the skull.", "status": "Research stage. Multi-year licence for Butterfly Network's ultrasound-on-chip (Sep 2026).", "funding": "$252M seed at ~$850M valuation; OpenAI wrote the largest check (Jan 2026).", "source": { "label": "Merge Labs", "url": "https://merge.io/", "date": "2026-10-15" }, "approach": "Invasive, but no electrodes in brain tissue: gene therapy plus ultrasound", "sources": [ { "label": "Merge Labs", "url": "https://merge.io/", "date": "2026-10-15", "quote": "connect with neurons using molecules instead of electrodes, transmit and receive information using deep-reaching modalities like ultrasound, and avoid implants into brain tissue" }, { "label": "WIRED", "url": "https://www.wired.com/story/sam-altman-brain-computer-interface-merge-labs-spin-out-nonprofit-forest-neurotech/", "date": "2025-12-19", "quote": "it would likely still require a “window” in the skull to access the brain. Bloomberg reported in August that Merge is considering combining an ultrasound device with gene therapy" }, { "label": "Butterfly Network", "url": "https://ir.butterflynetwork.com/News/press-releases/news-details/2026/Merge-Labs-and-Butterfly-Network-Partner-to-Advance-Ultrasound-Based-Brain-Computer-Interfaces/default.aspx", "date": "2026-09-01" }, { "label": "TechCrunch", "url": "https://techcrunch.com/2026/01/15/openai-invests-in-sam-altmans-brain-computer-interface-startup-merge-labs/", "date": "2026-01-15" } ], "correction": "15 Oct 2026: previously listed as non-invasive and ultrasound-only; corrected after a reader note, checked against the sources above." } ], "timeline": [ { "date": "2016", "text": "Neuralink is founded; the modern BCI startup race begins.", "source": { "label": "Reuters", "url": "https://www.reuters.com/technology/want-details-elon-musks-brain-implant-trial-youll-have-ask-him-2024-02-02/", "date": "2024-02-02" } }, { "date": "2019-07", "text": "Neuralink unveils its \"threads\" and sewing robot", "source": { "label": "MIT Technology Review", "url": "https://www.technologyreview.com/2019/07/17/238818/elon-musks-neuralink-says-its-nearly-ready-for-the-first-human-volunteers/", "date": "2019-07-17" } }, { "date": "2019", "text": "Synchron's SWITCH study begins implanting the Stentrode in Australia", "source": { "label": "JAMA Neurology", "url": "https://jamanetwork.com/journals/jamaneurology/fullarticle/2799839", "date": "2023-01-09" } }, { "date": "2021-07-28", "text": "Synchron wins the first FDA IDE for a permanently implanted BCI", "source": { "label": "Business Wire", "url": "https://www.businesswire.com/news/home/20210728005305/en/Synchron-Receives-Green-Light-From-FDA-to-Begin-Breakthrough-Trial-of-Implantable-Brain-Computer-Interface-in-US", "date": "2021-07-28" } }, { "date": "2023-05-25", "text": "FDA clears Neuralink's first-in-human study", "source": { "label": "Reuters", "url": "https://www.reuters.com/science/elon-musks-neuralink-gets-us-fda-approval-human-clinical-study-brain-implants-2023-05-25/", "date": "2023-05-25" } }, { "date": "2023-08-23", "text": "Speech BCIs hit 62 words/min (Stanford) and ~78 words/min (UCSF) in Nature", "source": { "label": "Nature", "url": "https://www.nature.com/articles/s41586-023-06377-x", "date": "2023-08-23" } }, { "date": "2024-01-28", "text": "Neuralink implants its first human, Noland Arbaugh", "source": { "label": "Reuters", "url": "https://www.reuters.com/technology/neuralink-implants-brain-chip-first-human-musk-says-2024-01-29/", "date": "2024-01-29" } }, { "date": "2024-04-29", "text": "Tether buys a majority stake in Blackrock Neurotech for $200M", "source": { "label": "Reuters", "url": "https://www.reuters.com/technology/crypto-company-tether-invests-200-mln-brain-chip-maker-blackrock-neurotech-2024-04-29/", "date": "2024-04-29" } }, { "date": "2024-05", "text": "Precision sets a record: 4,096 electrodes on a human brain", "source": { "label": "Fierce Biotech", "url": "https://www.fiercebiotech.com/medtech/precision-neuroscience-deploys-4096-electrodes-brain-computer-interface-procedure", "date": "2024-05-31" } }, { "date": "2024-08", "text": "UC Davis speech BCI reaches up to 97% accuracy for a man with ALS", "source": { "label": "UC Davis Health", "url": "https://health.ucdavis.edu/news/headlines/new-brain-computer-interface-allows-man-with-als-to-speak-again/2024/08", "date": "2024-08" } }, { "date": "2024-09-30", "text": "Synchron's COMMAND study meets its primary safety endpoint in all 6 US patients", "source": { "label": "Business Wire", "url": "https://www.businesswire.com/news/home/20240930433219/en/Synchron-Announces-Positive-Results-from-U.S.-COMMAND-Study-of-Endovascular-Brain-Computer-Interface", "date": "2024-09-30" } }, { "date": "2025-03-30", "text": "Precision's Layer 7 gets FDA 510(k) clearance (up to 30 days)", "source": { "label": "FDA", "url": "https://www.accessdata.fda.gov/cdrh_docs/pdf24/K242618.pdf", "date": "2025-03-30" } }, { "date": "2025-05", "text": "Apple adds a BCI protocol to Switch Control; Synchron first to integrate", "source": { "label": "Apple Newsroom", "url": "https://www.apple.com/newsroom/2025/05/apple-unveils-powerful-accessibility-features-coming-later-this-year/", "date": "2025-05-13" } }, { "date": "2025-09", "text": "Meta ships the Neural Band EMG wristband with Ray-Ban Display", "source": { "label": "Meta", "url": "https://about.fb.com/news/2025/09/meta-ray-ban-display-ai-glasses-emg-wristband/", "date": "2025-09-17" } }, { "date": "2025-10-20", "text": "NEJM: Science's PRIMA implant restores reading vision in geographic atrophy", "source": { "label": "NEJM", "url": "https://www.nejm.org/doi/abs/10.1056/NEJMoa2501396", "date": "2025-10-20" } }, { "date": "2026-01-15", "text": "Merge Labs launches with a $252M seed; OpenAI biggest check", "source": { "label": "TechCrunch", "url": "https://techcrunch.com/2026/01/15/openai-invests-in-sam-altmans-brain-computer-interface-startup-merge-labs/", "date": "2026-01-15" } }, { "date": "2026-01-27", "text": "Neuralink: 21 participants enrolled worldwide", "source": { "label": "Neuralink", "url": "https://neuralink.com/updates/two-years-of-telepathy/", "date": "2026-01-27" } }, { "date": "2026-03-13", "text": "China approves Neuracle's NEO: first implanted BCI cleared for sale anywhere", "source": { "label": "Paradromics blog", "url": "https://paradromics.com/blog/china-bci-developments/", "date": "2026-04-30" } }, { "date": "2026-06-17", "text": "Paradromics' first Connexus implant in the Connect-One study", "source": { "label": "Paradromics", "url": "https://paradromics.com/news/paradromics-completes-first-human-brain-computer-interface-bci-implantation/", "date": "2026-06-17" } }, { "date": "2026-07-22", "text": "PRIMA goes on sale in Europe, the first vision BCI to market", "source": { "label": "Science Corp.", "url": "https://science.xyz/news/", "date": "2026-07-22" } }, { "date": "2026-09-14", "text": "Paradromics shows real-time speech; UCSF decodes speech + gestures at once (Nature Neuroscience)", "source": { "label": "Business Wire", "url": "https://www.businesswire.com/news/home/20260914434545/en/Paradromics-Achieves-Real-Time-Speech-with-Connexus-Brain-Computer-Interface", "date": "2026-09-14" } }, { "date": "2026-10-01", "text": "Neuralink claims an 11.32 bits-per-second cursor record", "source": { "label": "Neuralink", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/", "date": "2026-10-01" } }, { "date": "2026-10-19", "text": "Paradromics and Siemens Healthineers partner on a BCI imaging workflow", "source": { "label": "Paradromics", "url": "https://paradromics.com/news/paradromics-siemens-healthineers-launch-strategic-initiative-build-advanced-imaging-foundation-for-the-future-of-brain-computer-interfaces/", "date": "2026-10-19" } } ], "news": [ { "date": "2026-10-21", "title": "Coherence Neuro raises $45M (co-led by Founders Fund and the OpenAI Startup Fund; the company calls it a Series A, WIRED calls it seed) for a brain implant that watches tumours: three glioblastoma patients had the CIPHER probe on the cortex for ~30 min during surgery at Royal Melbourne Hospital, 7 more planned, then a long-term glioblastoma trial", "outlet": "Coherence Neuro", "url": "https://coherenceneuro.substack.com/p/inventing-cancer-therapy-that-learns" }, { "date": "2026-10-20", "title": "Phantom Neuro implants Phantom X, a sub-skin forearm sensor that turns muscle signals into wireless prosthetic-hand commands, in its first human participants (CYBORG study, Cabrini Health, Melbourne; ~1-hour procedures, no general anaesthetic; up to 10 participants)", "outlet": "PR Newswire", "url": "https://www.prnewswire.com/news-releases/phantom-neuro-implants-neural-interface-in-humans-for-the-first-time-302912256.html" }, { "date": "2026-10-20", "title": "MindEx, a four-chip \"cognitive\" BCI trial for severe paralysis at UT Southwestern (Dallas), surfaces on ClinicalTrials.gov: recording from four brain regions, 2 participants planned, recruiting since Feb 2026, PI Nader Pouratian", "outlet": "ClinicalTrials.gov NCT05936619", "url": "https://clinicaltrials.gov/study/NCT05936619" }, { "date": "2026-10-19", "title": "ISO publishes a China-led international standard on BCI reference architecture, developed with experts from Italy, South Korea, the UK, India and the US (Global Times, citing People's Daily; standard number not confirmed by WETWIRED)", "outlet": "Global Times", "url": "https://www.globaltimes.cn/page/202610/1372571.shtml" }, { "date": "2026-10-19", "title": "Paradromics and Siemens Healthineers partner on an end-to-end imaging workflow (MRI, fMRI, vascular imaging, CT) for implantable BCIs, from candidacy to long-term outcomes", "outlet": "Paradromics", "url": "https://paradromics.com/news/paradromics-siemens-healthineers-launch-strategic-initiative-build-advanced-imaging-foundation-for-the-future-of-brain-computer-interfaces/" }, { "date": "2026-10-15", "title": "Science Corp.'s PRIMA retinal implant named one of TIME's Best Inventions of 2026", "outlet": "TIME", "url": "https://time.com/collection/best-inventions/2026/science-corporation-prima/" }, { "date": "2026-10-15", "title": "Science News: Casey Harrell has said nearly 2 million words through his UC Davis speech BCI since 2023; Paradromics' first portable speech implant went into a 68-year-old patient in Michigan in June", "outlet": "Science News", "url": "https://www.sciencenews.org/article/brain-implants-restore-voices-injuries" }, { "date": "2026-10-14", "title": "Precision Neuroscience releases a Brain Atlas: surface recordings from 70 patients across 12 medical centers", "outlet": "Precision Neuroscience", "url": "https://x.com/PrecisionNeuro_/status/2110356066102063551" }, { "date": "2026-10-14", "title": "CereGate (Munich) closes an oversubscribed Series C for its Parkinson's gait BCI; amount undisclosed", "outlet": "Startbase", "url": "https://www.startbase.com/news/ceregate-schliesst-ueberzeichnete-series-c-runde/" }, { "date": "2026-10-13", "title": "Science Corp.: its first Stargardt-disease patient, implanted in May, has read a word with PRIMA", "outlet": "Science Corp.", "url": "https://science.xyz/news/stargardt-first-rehab/" } ], "unverified": [ "Synchron \"100 patients implanted\": single secondary report (neurotech.com, 9 Jun 2026), not confirmed by Synchron; the scoreboard uses the confirmed 10.", "Blackrock \"~40+ people\": 2024 company/press figure, no newer official count.", "Precision valuation \"just over $1B\": reported by NYT, not stated by the company.", "ONWARD \"7 ARC-BCI implants\": taken from a summary of the company's H1 2026 report, not checked against the report itself.", "Neuralink \"$9B valuation\": reported by media at the Series E; not stated by Neuralink.", "Neuralink \"$42B secondary valuation\": Business Insider report of secondary-market trades (Jul 2026), not a priced round.", "Synchron \"$275M Series E\": reported by neurotech.com (Jun 2026), not confirmed by the company (Dealroom, Aug 2026).", "Neuralink \"24+ participants\": inferred from a PRIME participant's own X handle/label \"Neuralink P24\" (https://x.com/SCI_Borg24, Oct 2026); numbering may not equal implant count; not confirmed by Neuralink. The scoreboard keeps the official 21." ], "scope": "A curated tracker of the leading BCI companies, not an exhaustive list. Sources are reviewed most weekdays; last_updated is the date of the last change.", "corrections": { "email": "contact@wetwired.si", "note": "Send a link to the source; we aim to correct errors quickly." }, "forecasts": { "made": "2026-10-18", "method": "Dated, falsifiable calls. confidence = WETWIRED probability the call happens by the deadline. Calls are never edited after publishing; a changed view is a new call. On the deadline status becomes right, wrong or void, with resolved_on and resolution_source filled in. Brier score = mean of (p - outcome)^2 over resolved calls (outcome 1 or 0). Market prices are snapshots read on the made date.", "scorecard": { "open": 9, "right": 0, "wrong": 0, "void": 0, "brier": null }, "calls": [ { "id": "F1", "short": "Neuralink: 30+ people implanted", "call": "Neuralink reaches at least 30 people implanted (cumulative), confirmed by Neuralink or a major outlet, by 31 Dec 2026.", "made": "2026-10-18", "deadline": "2026-12-31", "confidence": 0.65, "speculation": false, "reasoning": "12 people by Sep 2025, 21 by Jan 2026: about 2 a month. That pace lands in the high 30s by year end, and Musk promised \"high-volume production\" in 2026. We sit under the market because Neuralink has not published a total since January, and this call needs a public number. 50+ by year end: 15%, a sell against the market.", "market": { "text": "Kalshi 74% (30+), 30% (40+), 19% (50+)", "source": { "label": "Kalshi, read 19 Oct 2026", "url": "https://kalshi.com/markets/kxneuralinkcount/neuralink-count/kxneuralinkcount-26" }, "read": "2026-10-19" }, "scifi": { "trope": "Neuromancer (1984): \"jacking in\" is a street-level habit.", "distance": "Reality: a few dozen trial participants, every one a medical case. Decades away." }, "sources": [ { "label": "Reuters, 9 Sep 2025", "url": "https://www.reuters.com/business/healthcare-pharmaceuticals/musks-neuralink-says-12-people-have-received-its-implants-2025-09-09/" }, { "label": "Neuralink, 27 Jan 2026", "url": "https://neuralink.com/updates/two-years-of-telepathy/" }, { "label": "Reuters, 1 Jan 2026", "url": "https://www.reuters.com/business/healthcare-pharmaceuticals/musk-says-neuralink-start-high-volume-production-interface-devices-by-2026-2026-01-01/" }, { "label": "Kalshi, read 18 Oct 2026", "url": "https://kalshi.com/markets/kxneuralinkcount/neuralink-count/kxneuralinkcount-26" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "Neuralink's scale-up is real but slower than its price.", "catalyst": "Neuralink count update; Kalshi resolves 31 Dec 2026", "investor_read": "A miss would weigh on secondary prices (see F5)." }, { "id": "F2", "short": "First human Blindsight implant", "call": "Neuralink publicly confirms its first human Blindsight (vision) implant by 30 Jun 2027.", "made": "2026-10-18", "deadline": "2027-06-30", "confidence": 0.35, "speculation": false, "reasoning": "Musk has named three windows and missed them: \"later this year\" (Mar 2025), \"early 2026\" in the UAE (May 2025), \"6 to 12 months\" (Jun 2025). As of 18 Oct 2026 the count of human Blindsight implants is 0. A 1M-view recycled clip this week shows hype is ahead of the data. The FDA Breakthrough designation helps the paperwork, not the surgery date.", "market": null, "scifi": { "trope": "Geordi La Forge's VISOR (Star Trek: TNG, 1987).", "distance": "Reality: a first implant would give low-resolution flashes of light, nowhere near VISOR sight." }, "sources": [ { "label": "MobiHealthNews, Mar 2025", "url": "https://www.mobihealthnews.com/news/elon-musk-announces-neuralinks-first-human-implant-blindsight-coming-year" }, { "label": "Teslarati, May 2025", "url": "https://www.teslarati.com/neuralink-blindsight-human-trials/" }, { "label": "Neuralink trials page", "url": "https://neuralink.com/trials/visual-prosthesis/" }, { "label": "Community Note on the viral clip, 16 Oct 2026", "url": "https://x.com/TRUMPNEWS_QQ/status/2111185091355390272" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "Vision is Neuralink's next product, and it is late.", "catalyst": "First Blindsight implant announcement", "investor_read": "A first implant would mean a second product line. Until then, read Musk's dates as marketing." }, { "id": "F3", "short": "Tesla + SpaceX merger announced", "call": "A Tesla–SpaceX merger or takeover is officially announced by 31 Dec 2026.", "made": "2026-10-18", "deadline": "2026-12-31", "confidence": 0.25, "speculation": true, "reasoning": "Barclays (14 Oct) calls a tie-up \"increasingly the consensus expectation\" and points to Tesla's AGM, due by 6 Dec, as the vote. Musk talks of \"more and more overlap\", and the two already share the Terafab chip plant. But Barclays also says a late-October or November announcement makes AGM approval harder. Our view: likely in 2027, less likely in 2026.", "market": { "text": "Polymarket 27% (by 31 Dec 2026), 62% (by end-2027)", "source": { "label": "Polymarket, read 19 Oct 2026", "url": "https://polymarket.com/event/tesla-and-spacex-merger-officially-announced-by-june-30" }, "read": "2026-10-19" }, "scifi": { "trope": "Weyland-Yutani (Alien): one conglomerate building ships, robots and synthetic minds.", "distance": "Reality: the corporate structure is closer than the androids." }, "sources": [ { "label": "Yahoo Finance, 16 Oct 2026 (Barclays note)", "url": "https://finance.yahoo.com/markets/stocks/article/will-spacex-merge-with-tesla-speculation-resurfaces-it-could-happen-before-the-end-of-2026-162443386.html" }, { "label": "Polymarket, read 18 Oct 2026", "url": "https://polymarket.com/event/tesla-and-spacex-merger-officially-announced-by-june-30" }, { "label": "Wikipedia: SpaceX (IPO, Terafab)", "url": "https://en.wikipedia.org/wiki/SpaceX" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "A Musk mega-merger is likely, but more likely in 2027.", "catalyst": "Tesla AGM, due by 6 Dec 2026", "investor_read": "Puts Optimus, Grok and Terafab under one public roof. Still no Neuralink." }, { "id": "F4", "short": "Neuralink joins the Musk public stack", "call": "By 31 Dec 2027, Neuralink is announced as merging into SpaceX or Tesla, or files for its own IPO.", "made": "2026-10-18", "deadline": "2027-12-31", "confidence": 0.2, "speculation": true, "reasoning": "The precedent exists: xAI was folded into SpaceX in Feb 2026 at a reported $250B, months before SpaceX listed. Neuralink's secondary price has gone from a $9B round (Jun 2025) to about $42B (Jul 2026). Against it: no approved product, no revenue, and FDA trials make it an awkward thing for a public parent to own. This is speculation, priced as such.", "market": null, "scifi": { "trope": "The Culture's neural lace (Iain M. Banks). Musk took the word from Banks.", "distance": "In the novels the lace is standard kit in an AI-run civilisation. An AI + robots + BCI Musk stack is the nearest real analogue. Still fiction." }, "sources": [ { "label": "Wikipedia: SpaceXAI (xAI deal, Feb 2026)", "url": "https://en.wikipedia.org/wiki/SpaceXAI" }, { "label": "Neuralink, Series E, Jun 2025", "url": "https://neuralink.com/updates/neuralink-raises-650m-series-e/" }, { "label": "Business Insider, Jul 2026", "url": "https://www.businessinsider.com/investors-valuing-elon-musks-neuralink-at-42-billion-2026-7" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "Neuralink is the missing piece of the Musk stack.", "catalyst": "Any merger filing or IPO filing", "investor_read": "The only realistic route for public investors into Neuralink." }, { "id": "F5", "short": "Neuralink valued at $60B+ (secondary)", "call": "Neuralink's Nasdaq Private Market implied valuation reaches $60B or more on any day by 31 Dec 2026.", "made": "2026-10-18", "deadline": "2026-12-31", "confidence": 0.5, "speculation": false, "reasoning": "Secondary prices have run far ahead of patient numbers: about $42B in July, and a $257.66 NPM share price on 2 Oct. Merger talk lifts every Musk private name. But no new primary round has been confirmed since the Series E. A coin flip, slightly under the market.", "market": { "text": "Polymarket 57% ($60B); the $50B line has already resolved yes", "source": { "label": "Polymarket, read 19 Oct 2026", "url": "https://polymarket.com/event/will-neuralinks-valuation-hit-by-december-31" }, "read": "2026-10-19" }, "scifi": { "trope": "Altered Carbon: the cortical stack is the most valuable object in society.", "distance": "Markets are pricing the stack. The approved device count is still 0." }, "sources": [ { "label": "Business Insider, Jul 2026", "url": "https://www.businessinsider.com/investors-valuing-elon-musks-neuralink-at-42-billion-2026-7" }, { "label": "Nasdaq Private Market, 2 Oct 2026", "url": "http://www.nasdaqprivatemarket.com/company/neuralink/" }, { "label": "Polymarket, read 18 Oct 2026", "url": "https://polymarket.com/event/will-neuralinks-valuation-hit-by-december-31" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "Secondary prices are momentum, not fundamentals.", "catalyst": "Daily Nasdaq Private Market price", "investor_read": "Buying at $60B+ prices in approval, scale and a merger at once." }, { "id": "F6", "short": "Eyes first: PRIMA gets FDA approval", "call": "Science Corp.'s PRIMA retinal implant gets US FDA marketing approval (PMA, HDE or De Novo) by 31 Dec 2027, before any brain-implanted BCI.", "made": "2026-10-18", "deadline": "2027-12-31", "confidence": 0.55, "speculation": false, "reasoning": "PRIMA is already CE-marked and on sale in Europe (Jul 2026), holds FDA Breakthrough and Humanitarian Use designations, and has 36-month data on 38 trial patients. Every brain-implanted BCI in the US is still in feasibility or pre-pivotal studies. Risk: FDA timing.", "market": null, "scifi": { "trope": "Steve Austin's bionic eye (The Six Million Dollar Man, 1974).", "distance": "Reality: a 378-pixel chip that lets patients read letters. No 20x zoom yet." }, "sources": [ { "label": "Science Corp., 5 Oct 2026", "url": "https://science.xyz/news/long-term-prima-results/" }, { "label": "Science Corp., 13 Oct 2026", "url": "https://science.xyz/news/stargardt-first-rehab/" }, { "label": "TIME Best Inventions 2026", "url": "https://time.com/collection/best-inventions/2026/science-corporation-prima/" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "Eyes before brains: the first US BCI revenue is retinal.", "catalyst": "FDA decision on PRIMA (no date published)", "investor_read": "First reimbursable US BCI revenue. Private only (Science Corp.)." }, { "id": "F7", "short": "Synchron starts its pivotal trial", "call": "Synchron announces the first implant in a pivotal (approval) trial by 31 Dec 2027.", "made": "2026-10-18", "deadline": "2027-12-31", "confidence": 0.5, "speculation": false, "reasoning": "COMMAND met its primary safety endpoint (Sep 2024), and the $200M Series D (Nov 2025) was raised to move toward approval. A report says the CEO plans to file for a pivotal trial, and a $275M Series E has been reported, but neither is confirmed (unverified). No public start date.", "market": null, "scifi": { "trope": "Iron Man's Jarvis: run your devices by thought.", "distance": "Reality: patients click and type by thought. No conversation, no suit." }, "sources": [ { "label": "Synchron / Business Wire, Sep 2024", "url": "https://www.businesswire.com/news/home/20240930433219/en/Synchron-Announces-Positive-Results-from-U.S.-COMMAND-Study-of-Endovascular-Brain-Computer-Interface" }, { "label": "Business Wire, Nov 2025", "url": "https://www.businesswire.com/news/home/20251106150841/en/Synchron-Raises-%24200-Million-Series-D-to-Advance-Brain-Computer-Interface-Technology" }, { "label": "neurotech.com, 9 Jun 2026 (unverified)", "url": "https://neurotech.com/news/2026-06-09-synchron-reaches-100-patient-milestone-as-stentrode-bci-move" }, { "label": "Dealroom, Aug 2026", "url": "https://app.dealroom.co/news/note/synchron-s-reported-275m-series-e-remains-unconfirmed" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "Synchron is the US brain-BCI closest to an approval path.", "catalyst": "Pivotal-trial start", "investor_read": "Likely trigger for its next priced round or IPO talk." }, { "id": "F8", "short": "Neuracle IPO in Shanghai", "call": "Neuracle (Boraycon) prices an IPO on Shanghai's STAR Market by 31 Dec 2027, the first listing of an approved implanted-BCI maker.", "made": "2026-10-18", "deadline": "2027-12-31", "confidence": 0.45, "speculation": false, "reasoning": "China gave the world's first market approval for an implanted BCI (13 Mar 2026) and an insurance code within 48 hours. Neuracle finished IPO counselling on 6 May 2026. Policy wind is strong. Against: STAR listing queues and little product revenue so far (36Kr).", "market": null, "scifi": { "trope": "Ghost in the Shell: a state that industrialises the cyberbrain.", "distance": "Reality: one approved device for paralysis, but the state-backed scale-up is already visible." }, "sources": [ { "label": "Paradromics analysis, 30 Apr 2026", "url": "https://paradromics.com/blog/china-bci-developments/" }, { "label": "Bird & Bird, 2026", "url": "https://www.twobirds.com/en/insights/2026/china/china-clears-worlds-first-invasive-braincomputer-interface-for-commercial-use-what-the-regulatory-la" }, { "label": "36Kr, 11 Jun 2026", "url": "https://eu.36kr.com/en/p/3848015711425795" }, { "label": "SCMP, Sep 2026", "url": "https://www.scmp.com/business/china-business/article/3366744/eager-capital-prompts-ipo-plans-more-chinese-makers-brain-computer-interfaces" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "China will list the first approved implanted-BCI pure play.", "catalyst": "STAR Market filing accepted", "investor_read": "Gives the sector its first public comparable." }, { "id": "F9", "short": "Paradromics implants patient #2", "call": "Paradromics announces a second chronic Connect-One participant by 30 Jun 2027.", "made": "2026-10-18", "deadline": "2027-06-30", "confidence": 0.75, "speculation": false, "reasoning": "The FDA approved the study (Nov 2025) at three sites. Patient #1 (Jun 2026) is speaking in real time (Sep 2026), and in Aug 2026 the FDA cleared use with personal phones and laptops. The main risk is a recruitment or safety pause.", "market": null, "scifi": { "trope": "Star Trek's universal translator: thought into spoken words.", "distance": "Reality: one woman in Michigan answering open questions in real time." }, "sources": [ { "label": "Paradromics, 17 Jun 2026", "url": "https://paradromics.com/news/paradromics-completes-first-human-brain-computer-interface-bci-implantation/" }, { "label": "Business Wire, 14 Sep 2026", "url": "https://www.businesswire.com/news/home/20260914434545/en/Paradromics-Achieves-Real-Time-Speech-with-Connexus-Brain-Computer-Interface" }, { "label": "Business Wire, 26 Aug 2026", "url": "https://www.businesswire.com/news/home/20260826858731/en/Paradromics-Receives-FDA-Approval-to-Expand-BCI-Access-to-Personal-Computing-Devices-in-Connect-One-Clinical-Study" } ], "status": "open", "resolved_on": null, "resolution_source": null, "outcome": null, "thesis": "Speech is the killer app, and Paradromics is a leader.", "catalyst": "Second Connect-One implant", "investor_read": "De-risks the speech thesis ahead of its next raise." } ] }, "tropes": [ { "trope": "Jacking in", "work": "Neuromancer (1984)", "idea": "Elective implant for healthy people", "today": "21 participants, all in medical trials (Jan 2026)", "source": { "label": "Neuralink, 27 Jan 2026", "url": "https://neuralink.com/updates/two-years-of-telepathy/" }, "wetwired_year": "2040+", "confidence": "25%", "layer": "Platform makers with the highest channel counts" }, { "trope": "VISOR", "work": "Star Trek: TNG (1987)", "idea": "Artificial sight", "today": "PRIMA on sale in Europe; patients read letters (Oct 2026)", "source": { "label": "Science Corp., 13 Oct 2026", "url": "https://science.xyz/news/stargardt-first-rehab/" }, "wetwired_year": "2027 (US approval)", "confidence": "55%", "layer": "Retinal and visual-cortex prosthetics" }, { "trope": "Neural lace", "work": "The Culture (Iain M. Banks)", "idea": "High-bandwidth whole-brain link", "today": "11.32 bits/sec cursor record (Oct 2026)", "source": { "label": "Neuralink, 1 Oct 2026", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/" }, "wetwired_year": "100+ bits/sec in a human by 2032", "confidence": "35%", "layer": "High-channel electrodes, thin-film arrays" }, { "trope": "Universal translator", "work": "Star Trek", "idea": "Thought straight to speech", "today": "~2 million words through one speech BCI since 2023", "source": { "label": "Science News, 15 Oct 2026", "url": "https://www.sciencenews.org/article/brain-implants-restore-voices-injuries" }, "wetwired_year": "First approved speech BCI by 2030", "confidence": "50%", "layer": "Speech decoders, voice models" }, { "trope": "Jarvis", "work": "Iron Man (2008)", "idea": "Run your devices by thought", "today": "Trial patients drive wheelchairs and computers by thought (Jul 2026)", "source": { "label": "Neuralink on X, Jul 2026", "url": "https://x.com/neuralink/status/2080405463649100114" }, "wetwired_year": "Approved BCI for home device control by 2029", "confidence": "45%", "layer": "Device and OS integrations" }, { "trope": "Robot avatar", "work": "Avatar (2009), Surrogates", "idea": "Drive a body remotely", "today": "Nothing beyond wheelchairs and cursors. Musk has talked of BCI control of an Optimus body (unverified, no demo).", "source": { "label": "Neuralink on X, Jul 2026", "url": "https://x.com/neuralink/status/2080405463649100114" }, "wetwired_year": "Public BCI-to-humanoid demo by 2028", "confidence": "40%", "layer": "Robotics + BCI tie-ups" }, { "trope": "Cortical stack", "work": "Altered Carbon", "idea": "Back up the mind", "today": "Neural data as an asset: 50,000 hours pre-trained (Oct 2026); no memory read/write", "source": { "label": "Neuralink, 1 Oct 2026", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/" }, "wetwired_year": "2045+", "confidence": "10%", "layer": "Neural-data compute and storage" }, { "trope": "Skill download", "work": "The Matrix (1999)", "idea": "\"I know kung fu\"", "today": "No human precursor we can source", "source": null, "wetwired_year": "Not in 20 years", "confidence": "<5%", "layer": "None yet" }, { "trope": "State cyberbrain", "work": "Ghost in the Shell", "idea": "A national BCI industry", "today": "China: first implanted-BCI approval plus an insurance code in 48 hours (Mar 2026)", "source": { "label": "Bird & Bird, 2026", "url": "https://www.twobirds.com/en/insights/2026/china/china-clears-worlds-first-invasive-braincomputer-interface-for-commercial-use-what-the-regulatory-la" }, "wetwired_year": "1,000+ commercial implants a year in China by 2029", "confidence": "40%", "layer": "Chinese BCI IPOs" } ], "trends": [ { "title": "Money is ahead of patients.", "text": "Neuralink went from a $9B round (Jun 2025) to about $42B on secondaries (Jul 2026). Its published count has been 21 since January.", "sources": [ { "label": "Neuralink, Series E, Jun 2025", "url": "https://neuralink.com/updates/neuralink-raises-650m-series-e/" }, { "label": "Business Insider, Jul 2026", "url": "https://www.businessinsider.com/investors-valuing-elon-musks-neuralink-at-42-billion-2026-7" }, { "label": "Neuralink, 27 Jan 2026", "url": "https://neuralink.com/updates/two-years-of-telepathy/" } ] }, { "title": "Eyes before brains.", "text": "The first FDA approval of an implanted BCI looks likely to be a retinal implant, not a brain one.", "sources": [ { "label": "Science Corp., 5 Oct 2026", "url": "https://science.xyz/news/long-term-prima-results/" } ] }, { "title": "China sets the regulatory pace.", "text": "China approved the first implanted BCI, issued an insurance code within 48 hours, and has an IPO queue forming (Neuracle; BrainCo filed in Hong Kong).", "sources": [ { "label": "Bird & Bird, 2026", "url": "https://www.twobirds.com/en/insights/2026/china/china-clears-worlds-first-invasive-braincomputer-interface-for-commercial-use-what-the-regulatory-la" }, { "label": "36Kr, 11 Jun 2026", "url": "https://eu.36kr.com/en/p/3848015711425795" }, { "label": "Wikipedia: BrainCo (Bloomberg, Jan 2026)", "url": "https://en.wikipedia.org/wiki/BrainCo" } ] }, { "title": "Speech is the killer app.", "text": "One man has said about 2M words through a speech BCI. Neuralink (VOICE trial) and Paradromics both showed speech in Sep 2026.", "sources": [ { "label": "Science News, 15 Oct 2026", "url": "https://www.sciencenews.org/article/brain-implants-restore-voices-injuries" }, { "label": "Neuralink on X, 18 Sep 2026", "url": "https://x.com/neuralink/status/2100993363403063404" }, { "label": "Business Wire, 14 Sep 2026", "url": "https://www.businesswire.com/news/home/20260914434545/en/Paradromics-Achieves-Real-Time-Speech-with-Connexus-Brain-Computer-Interface" } ] }, { "title": "The Musk stack is converging.", "text": "xAI was folded into SpaceX, SpaceX and Tesla share the Terafab chip plant, and a merger is on the table. Neuralink is the one big Musk asset still outside the stack.", "sources": [ { "label": "Wikipedia: SpaceXAI (xAI deal, Feb 2026)", "url": "https://en.wikipedia.org/wiki/SpaceXAI" }, { "label": "Wikipedia: SpaceX (IPO, Terafab)", "url": "https://en.wikipedia.org/wiki/SpaceX" }, { "label": "Yahoo Finance, 16 Oct 2026 (Barclays note)", "url": "https://finance.yahoo.com/markets/stocks/article/will-spacex-merge-with-tesla-speculation-resurfaces-it-could-happen-before-the-end-of-2026-162443386.html" } ] } ], "investable": { "note": "WETWIRED's view; research, not investment advice.", "public": [ { "ticker": "ONWD", "listing": "Euronext (ADR: ONWRY)", "name": "ONWARD Medical", "exposure": "Direct, small", "detail": "ARC-BCI brain implant is investigational: 7 implants (unverified). Revenue comes from ARC-EX, its non-invasive spinal stimulator: €4.2M in H1 2026, plus a €40.6M equity raise.", "sources": [ { "label": "ONWARD H1 2026 release", "url": "https://ir.onwd.com/static-files/d09584e7-1a3d-4d35-91c6-69c88fd667eb" }, { "label": "ONWARD H1 2026 summary (unverified)", "url": "https://www.stocktitan.net/news/ONWRY/onward-medical-reports-first-half-2026-results-with-strong-product-3l613v66kzhd.html" } ] }, { "ticker": "CLPT", "listing": "Nasdaq", "name": "ClearPoint Neuro", "exposure": "Pick and shovel", "detail": "Brain-surgery navigation; BCI surgical partnership with Blackrock Neurotech (2021). The stock trades on gene-therapy partners: down 24% on 29 Sep 2026 after uniQure's AMT-130 update.", "sources": [ { "label": "ClearPoint Neuro, Jul 2021", "url": "https://ir.clearpointneuro.com/news-events/press-releases/detail/1044/blackrock-neurotech-clearpoint-neuro-to-address" }, { "label": "Yahoo Finance, 29 Sep 2026", "url": "https://finance.yahoo.com/healthcare/articles/clearpoint-neuro-shares-fall-24-133006485.html" } ] }, { "ticker": "MDT", "listing": "NYSE", "name": "Medtronic", "exposure": "Real tech, tiny slice", "detail": "BrainSense adaptive DBS (FDA, Feb 2025): the first closed-loop brain-sensing implant sold at scale. Too small to move a mega-cap.", "sources": [ { "label": "Medtronic, 24 Feb 2025", "url": "https://news.medtronic.com/2025-02-24-Medtronic-earns-U-S-FDA-approval-for-the-worlds-first-Adaptive-deep-brain-stimulation-system-for-people-with-Parkinsons" } ] }, { "ticker": "BFLY", "listing": "NYSE", "name": "Butterfly Network", "exposure": "Indirect, option on Merge Labs", "detail": "Has licensed its ultrasound-on-chip to Merge Labs, the Altman-backed BCI lab (Sep 2026).", "sources": [ { "label": "Butterfly Network IR, Sep 2026", "url": "https://ir.butterflynetwork.com/News/press-releases/news-details/2026/Merge-Labs-and-Butterfly-Network-Partner-to-Advance-Ultrasound-Based-Brain-Computer-Interfaces/default.aspx" } ] }, { "ticker": "NMTC", "listing": "Nasdaq", "name": "NeuroOne Medical", "exposure": "Pick and shovel, microcap", "detail": "FDA-cleared thin-film brain electrodes (the \"neural lace\" layer).", "sources": [ { "label": "NeuroOne", "url": "https://nmtc1.com/" }, { "label": "Frontiers in Neuroscience, 2022", "url": "https://www.frontiersin.org/journals/neuroscience/articles/10.3389/fnins.2022.876877/full" } ] }, { "ticker": "NVDA", "listing": "Nasdaq", "name": "Nvidia", "exposure": "Compute layer, negligible exposure", "detail": "Synchron built its Chiral brain foundation model with Nvidia (Mar 2025).", "sources": [ { "label": "Business Wire, Mar 2025", "url": "https://www.businesswire.com/news/home/20250319964709/en/Synchron-Unveils-Chiral-the-Worlds-First-Cognitive-AI-Brain-Foundation-Model" } ] }, { "ticker": "NXL", "listing": "Nasdaq", "name": "Nexalin Technology", "exposure": "Weak: not a BCI", "detail": "Non-invasive brain stimulation that reads no signals. 52-week range $2.10–$50.70: a volatile microcap.", "sources": [ { "label": "CNBC quote page", "url": "https://www.cnbc.com/quotes/NXL" } ] }, { "ticker": "TSLA / SPCX", "listing": "Nasdaq", "name": "Tesla / SpaceX", "exposure": "None today (speculation)", "detail": "Neither owns Neuralink as far as public sources show. Any Neuralink link through them is merger speculation.", "sources": [ { "label": "Yahoo Finance, 16 Oct 2026 (Barclays note)", "url": "https://finance.yahoo.com/markets/stocks/article/will-spacex-merge-with-tesla-speculation-resurfaces-it-could-happen-before-the-end-of-2026-162443386.html" } ] } ], "private": [ { "name": "Neuralink", "access": "Secondary markets (Nasdaq Private Market, Forge, EquityZen, Hiive): accredited investors only, usually via SPVs with fees. NPM price $257.66 (2 Oct 2026). ARK Venture Fund added it in Q2 2025; its current weight is unverified.", "sources": [ { "label": "Nasdaq Private Market, 2 Oct 2026", "url": "http://www.nasdaqprivatemarket.com/company/neuralink/" }, { "label": "ARK Venture Fund, Q2 2025 update", "url": "https://www.ark-funds.com/articles/venture-fund/ark-venture-q2-2025-update" } ] }, { "name": "Precision Neuroscience", "access": "$250M Series D (Sep 2026) at a reported ~$1B (unverified). NPM price $7.51 (2 Oct 2026).", "sources": [ { "label": "HedgeCo, 28 Sep 2026", "url": "https://hedgeco.net/news/09/2026/precision-neuroscience-raised-250-million-series-d-at-about-a-1-billion-valuation.html" }, { "label": "Nasdaq Private Market, 2 Oct 2026", "url": "http://www.nasdaqprivatemarket.com/company/precision-neuro/" } ] }, { "name": "Synchron", "access": "$200M Series D (Nov 2025). A $275M Series E has been reported but not confirmed (unverified). Secondary trades are sporadic.", "sources": [ { "label": "Business Wire, Nov 2025", "url": "https://www.businesswire.com/news/home/20251106150841/en/Synchron-Raises-%24200-Million-Series-D-to-Advance-Brain-Computer-Interface-Technology" }, { "label": "Dealroom, Aug 2026", "url": "https://app.dealroom.co/news/note/synchron-s-reported-275m-series-e-remains-unconfirmed" } ] }, { "name": "Science Corp.", "access": "$230M Series C (Mar 2026). No public secondary price.", "sources": [ { "label": "Science Corp., Series C, Mar 2026", "url": "https://science.xyz/news/series-c/" } ] }, { "name": "Paradromics", "access": "First chronic human implant in Jun 2026. No public round or price found.", "sources": [ { "label": "Paradromics, 17 Jun 2026", "url": "https://paradromics.com/news/paradromics-completes-first-human-brain-computer-interface-bci-implantation/" } ] }, { "name": "Blackrock Neurotech", "access": "Majority-owned by Tether since 2024 ($200M).", "sources": [ { "label": "Reuters, Apr 2024", "url": "https://www.reuters.com/technology/crypto-company-tether-invests-200-mln-brain-chip-maker-blackrock-neurotech-2024-04-29/" } ] }, { "name": "China", "access": "Neuracle is on the Shanghai STAR IPO track. BrainCo (non-invasive) filed confidentially in Hong Kong (Jan 2026).", "sources": [ { "label": "36Kr, 11 Jun 2026", "url": "https://eu.36kr.com/en/p/3848015711425795" }, { "label": "Wikipedia: BrainCo (Bloomberg, Jan 2026)", "url": "https://en.wikipedia.org/wiki/BrainCo" } ] } ], "layers": [ { "id": "l-implants", "layer": "Implants (the platforms)", "view": { "direction": "Bullish", "confidence": 0.6, "text": "Capital, approvals and trial results are all accelerating. But the best risk/reward is in names approaching approval (Science, Synchron) rather than the most famous one.", "label": "WETWIRED's view" }, "public": [ { "ticker": "ONWD", "note": "ONWARD Medical: ARC-BCI is investigational (7 implants, unverified)", "sources": [ { "label": "ONWARD H1 2026 summary (unverified)", "url": "https://www.stocktitan.net/news/ONWRY/onward-medical-reports-first-half-2026-results-with-strong-product-3l613v66kzhd.html" } ] } ], "private": "Neuralink, Synchron, Precision, Paradromics, Science Corp., Blackrock (majority-owned by Tether), Neuracle (pre-IPO, China).", "exposure": "Secondary markets for accredited investors (Nasdaq Private Market, Forge, EquityZen, Hiive), usually via SPVs with fees. ARK Venture Fund added Neuralink in Q2 2025. ONWD is the one listed implant maker.", "exposure_sources": [ { "label": "Nasdaq Private Market, 2 Oct 2026", "url": "http://www.nasdaqprivatemarket.com/company/neuralink/" }, { "label": "ARK Venture Fund, Q2 2025 update", "url": "https://www.ark-funds.com/articles/venture-fund/ark-venture-q2-2025-update" } ], "catalysts": [ { "when": "by 31 Dec 2026", "what": "Neuralink publishes a new patient count (Kalshi resolves on it)", "source": { "label": "Kalshi, read 18 Oct 2026", "url": "https://kalshi.com/markets/kxneuralinkcount/neuralink-count/kxneuralinkcount-26" } }, { "when": "by 6 Dec 2026", "what": "Tesla AGM: a possible vote on a SpaceX merger, read-through for Neuralink", "source": { "label": "Yahoo Finance, 16 Oct 2026 (Barclays note)", "url": "https://finance.yahoo.com/markets/stocks/article/will-spacex-merge-with-tesla-speculation-resurfaces-it-could-happen-before-the-end-of-2026-162443386.html" } }, { "when": "no date set", "what": "FDA decision on PRIMA, the likely first US approval of an implanted BCI", "source": { "label": "Science Corp., 5 Oct 2026", "url": "https://science.xyz/news/long-term-prima-results/" } } ], "risks": "No brain-implanted BCI is approved in the US. Prices run far ahead of patients (Neuralink ~$42B on secondaries vs 21 published participants). Reimbursement is untested outside China. Access is illiquid and accredited-only.", "risk_sources": [ { "label": "Business Insider, Jul 2026", "url": "https://www.businessinsider.com/investors-valuing-elon-musks-neuralink-at-42-billion-2026-7" }, { "label": "Neuralink, 27 Jan 2026", "url": "https://neuralink.com/updates/two-years-of-telepathy/" } ], "where_this_goes": { "trope": "Neural lace (The Culture) and the VISOR (Star Trek)", "text": "Whole-brain bandwidth and artificial sight. Today: 11.32 bits/sec, and the first retinal implant on sale in Europe.", "sources": [ { "label": "Neuralink, 1 Oct 2026", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/" }, { "label": "Science Corp., 5 Oct 2026", "url": "https://science.xyz/news/long-term-prima-results/" } ] } }, { "id": "l-surgery", "layer": "Surgical robotics & delivery", "view": { "direction": "Neutral", "confidence": 0.55, "text": "Real need, but no listed company sells BCI surgery as its main business.", "label": "WETWIRED's view" }, "public": [ { "ticker": "CLPT", "note": "ClearPoint Neuro: brain navigation; Blackrock BCI partnership (2021)", "sources": [ { "label": "ClearPoint Neuro, Jul 2021", "url": "https://ir.clearpointneuro.com/news-events/press-releases/detail/1044/blackrock-neurotech-clearpoint-neuro-to-address" } ] }, { "ticker": "MDT", "note": "Medtronic: implants and runs DBS at scale", "sources": [ { "label": "Medtronic, 24 Feb 2025", "url": "https://news.medtronic.com/2025-02-24-Medtronic-earns-U-S-FDA-approval-for-the-worlds-first-Adaptive-deep-brain-stimulation-system-for-people-with-Parkinsons" } ] } ], "private": "Neuralink (in-house R1 robot). Most BCI makers build or borrow their own surgical tools.", "exposure": "CLPT is the closest listed pick-and-shovel. In MDT the exposure is a rounding error.", "exposure_sources": [ { "label": "ClearPoint Neuro, Jul 2021", "url": "https://ir.clearpointneuro.com/news-events/press-releases/detail/1044/blackrock-neurotech-clearpoint-neuro-to-address" } ], "catalysts": [ { "when": "28 Oct 2026", "what": "ClearPoint Q3 results", "source": { "label": "ClearPoint Neuro, 14 Oct 2026", "url": "https://ir.clearpointneuro.com/news-events/press-releases/detail/1157/clearpoint-neuro-to-announce-third-quarter-2026-results" } }, { "when": "by 31 Dec 2026", "what": "Neuralink's automated-surgery promise falls due", "source": { "label": "Reuters, 1 Jan 2026", "url": "https://www.reuters.com/business/healthcare-pharmaceuticals/musk-says-neuralink-start-high-volume-production-interface-devices-by-2026-2026-01-01/" } } ], "risks": "CLPT trades on gene-therapy partners, not BCI: it fell 24% on 29 Sep 2026 after uniQure's AMT-130 update, and law firms have opened investor investigations. BCI makers keep robots in-house, so there is no merchant market yet.", "risk_sources": [ { "label": "Yahoo Finance, 29 Sep 2026", "url": "https://finance.yahoo.com/healthcare/articles/clearpoint-neuro-shares-fall-24-133006485.html" } ], "where_this_goes": { "trope": "The ripperdoc (Cyberpunk 2077)", "text": "Implant surgery as a routine, automated service. Today: Neuralink's in-house robot and a promise of \"almost entirely automated\" surgery in 2026.", "sources": [ { "label": "Neuralink: technology", "url": "https://neuralink.com/technology/" }, { "label": "Reuters, 1 Jan 2026", "url": "https://www.reuters.com/business/healthcare-pharmaceuticals/musk-says-neuralink-start-high-volume-production-interface-devices-by-2026-2026-01-01/" } ] } }, { "id": "l-electrodes", "layer": "Electrodes & materials", "view": { "direction": "Neutral", "confidence": 0.5, "text": "The right layer, the wrong vehicles: the best electrode makers are private.", "label": "WETWIRED's view" }, "public": [ { "ticker": "NMTC", "note": "NeuroOne: FDA-cleared thin-film electrodes", "sources": [ { "label": "Frontiers in Neuroscience, 2022", "url": "https://www.frontiersin.org/journals/neuroscience/articles/10.3389/fnins.2022.876877/full" } ] }, { "ticker": "BFLY", "note": "Butterfly Network: ultrasound-on-chip licensed to Merge Labs (Sep 2026)", "sources": [ { "label": "Butterfly Network IR, Sep 2026", "url": "https://ir.butterflynetwork.com/News/press-releases/news-details/2026/Merge-Labs-and-Butterfly-Network-Partner-to-Advance-Ultrasound-Based-Brain-Computer-Interfaces/default.aspx" } ] } ], "private": "Blackrock Neurotech (the Utah array used in most academic BCIs), Precision (thin-film Layer 7), Paradromics, Merge Labs (gene therapy + ultrasound).", "exposure": "Microcaps (NMTC, BFLY) or private rounds. Blackrock is controlled by Tether and not open to outside investors.", "exposure_sources": [ { "label": "Reuters, Apr 2024", "url": "https://www.reuters.com/technology/crypto-company-tether-invests-200-mln-brain-chip-maker-blackrock-neurotech-2024-04-29/" } ], "catalysts": [ { "when": "no date set", "what": "Merge Labs/Butterfly technical milestones", "source": { "label": "Butterfly Network IR, Sep 2026", "url": "https://ir.butterflynetwork.com/News/press-releases/news-details/2026/Merge-Labs-and-Butterfly-Network-Partner-to-Advance-Ultrasound-Based-Brain-Computer-Interfaces/default.aspx" } }, { "when": "early 2028 (unverified)", "what": "Precision's first permanent implant target", "source": { "label": "HedgeCo, 28 Sep 2026", "url": "https://hedgeco.net/news/09/2026/precision-neuroscience-raised-250-million-series-d-at-about-a-1-billion-valuation.html" } } ], "risks": "Microcap dilution, tiny revenue, and single-customer dependence (BFLY on Merge Labs).", "risk_sources": [ { "label": "Butterfly Network IR, Sep 2026", "url": "https://ir.butterflynetwork.com/News/press-releases/news-details/2026/Merge-Labs-and-Butterfly-Network-Partner-to-Advance-Ultrasound-Based-Brain-Computer-Interfaces/default.aspx" } ], "where_this_goes": { "trope": "Neural lace (Iain M. Banks)", "text": "A fine mesh that grows into the brain. Today: thin-film arrays and polymer threads; sheep recordings stable for 4 years.", "sources": [ { "label": "Frontiers in Neuroscience, 2022", "url": "https://www.frontiersin.org/journals/neuroscience/articles/10.3389/fnins.2022.876877/full" }, { "label": "Business Wire, 8 Oct 2026", "url": "https://www.businesswire.com/news/home/20261008255555/en/Paradromics-Demonstrates-Four-Years-of-Stable-Neural-Recording-in-Major-Brain-Computer-Interface-Durability-Milestone" } ] } }, { "id": "l-chips", "layer": "Chips & signal processing", "view": { "direction": "Neutral", "confidence": 0.6, "text": "Watch it, don't buy it for BCI.", "label": "WETWIRED's view" }, "public": [ { "ticker": "NVDA", "note": "Nvidia: Synchron built its Chiral model on Nvidia (Mar 2025)", "sources": [ { "label": "Business Wire, Mar 2025", "url": "https://www.businesswire.com/news/home/20250319964709/en/Synchron-Unveils-Chiral-the-Worlds-First-Cognitive-AI-Brain-Foundation-Model" } ] }, { "ticker": "TSLA / SPCX", "note": "Tesla and SpaceX: building the Terafab chip plant together (AI chips, not BCI)", "sources": [ { "label": "Wikipedia: SpaceX (IPO, Terafab)", "url": "https://en.wikipedia.org/wiki/SpaceX" } ] } ], "private": "Neuralink designs its own implant chip. Every major BCI maker does the same.", "exposure": "None pure-play. BCI is a rounding error for any listed chipmaker.", "exposure_sources": [ { "label": "Business Wire, Mar 2025", "url": "https://www.businesswire.com/news/home/20250319964709/en/Synchron-Unveils-Chiral-the-Worlds-First-Cognitive-AI-Brain-Foundation-Model" } ], "catalysts": [ { "when": "by 6 Dec 2026", "what": "Tesla AGM and merger talk (Terafab under one roof)", "source": { "label": "Yahoo Finance, 16 Oct 2026 (Barclays note)", "url": "https://finance.yahoo.com/markets/stocks/article/will-spacex-merge-with-tesla-speculation-resurfaces-it-could-happen-before-the-end-of-2026-162443386.html" } } ], "risks": "There is no merchant market for BCI chips; implant makers keep them in-house.", "risk_sources": [ { "label": "Neuralink: technology", "url": "https://neuralink.com/technology/" } ], "where_this_goes": { "trope": "The cyberbrain (Ghost in the Shell)", "text": "Silicon that sits inside the skull. Today: Neuralink's coin-sized wireless implant with custom electronics.", "sources": [ { "label": "Neuralink: technology", "url": "https://neuralink.com/technology/" } ] } }, { "id": "l-data", "layer": "Neural data & AI software", "view": { "direction": "Bullish", "confidence": 0.55, "text": "The fastest-improving layer: performance is software-limited, so gains compound with every patient-hour.", "label": "WETWIRED's view" }, "public": [ { "ticker": "NVDA", "note": "Compute for decoder training (Synchron Chiral)", "sources": [ { "label": "Business Wire, Mar 2025", "url": "https://www.businesswire.com/news/home/20250319964709/en/Synchron-Unveils-Chiral-the-Worlds-First-Cognitive-AI-Brain-Foundation-Model" } ] }, { "ticker": "SPCX", "note": "SpaceX owns SpaceXSI (Grok); any link to Neuralink is speculation", "sources": [ { "label": "Wikipedia: SpaceXAI (xAI deal, Feb 2026)", "url": "https://en.wikipedia.org/wiki/SpaceXAI" } ] } ], "private": "Neuralink (decoders, 11.32 bits/sec record), Synchron (Chiral), Paradromics (real-time speech).", "exposure": "Indirect only: via the implant makers, or via compute.", "exposure_sources": [ { "label": "Neuralink, 1 Oct 2026", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/" } ], "catalysts": [ { "when": "Sep 2026 on", "what": "Speech results: Neuralink VOICE trial and Paradromics real-time speech", "source": { "label": "Business Wire, 14 Sep 2026", "url": "https://www.businesswire.com/news/home/20260914434545/en/Paradromics-Achieves-Real-Time-Speech-with-Connexus-Brain-Computer-Interface" } }, { "when": "ongoing", "what": "Neuralink decoder records (last: 1 Oct 2026)", "source": { "label": "Neuralink, 1 Oct 2026", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/" } } ], "risks": "Neural-data privacy rules could tighten. Decoders are only as good as each company's patient count.", "risk_sources": [], "where_this_goes": { "trope": "The cortical stack (Altered Carbon)", "text": "The mind as data. Today: Neuralink pretrains decoders on 50,000 hours of brain recordings, and one speech-BCI user has said ~2M words.", "sources": [ { "label": "Neuralink, 1 Oct 2026", "url": "https://neuralink.com/updates/pretraining-on-50000-hours/" }, { "label": "Science News, 15 Oct 2026", "url": "https://www.sciencenews.org/article/brain-implants-restore-voices-injuries" } ] } }, { "id": "l-rehab", "layer": "Rehab & non-invasive", "view": { "direction": "Bullish", "confidence": 0.6, "text": "Revenue now, not in 2030. The nearest thing to an investable BCI-adjacent business today.", "label": "WETWIRED's view" }, "public": [ { "ticker": "ONWD", "note": "ONWARD: ARC-EX spinal stimulator sales €3.4M in H1 2026, up from €1.0M", "sources": [ { "label": "ONWARD H1 2026 summary (unverified)", "url": "https://www.stocktitan.net/news/ONWRY/onward-medical-reports-first-half-2026-results-with-strong-product-3l613v66kzhd.html" } ] }, { "ticker": "MDT", "note": "Medtronic: BrainSense adaptive DBS (FDA, Feb 2025)", "sources": [ { "label": "Medtronic, 24 Feb 2025", "url": "https://news.medtronic.com/2025-02-24-Medtronic-earns-U-S-FDA-approval-for-the-worlds-first-Adaptive-deep-brain-stimulation-system-for-people-with-Parkinsons" } ] }, { "ticker": "META", "note": "Meta: Neural Band EMG wristband (Sep 2025)", "sources": [ { "label": "Meta, Sep 2025", "url": "https://about.fb.com/news/2025/09/meta-ray-ban-display-ai-glasses-emg-wristband/" } ] }, { "ticker": "NXL", "note": "Nexalin: brain stimulation, not a BCI; 52-week range $2.10–$50.70", "sources": [ { "label": "CNBC quote page", "url": "https://www.cnbc.com/quotes/NXL" } ] } ], "private": "BrainCo (China, filed for a Hong Kong IPO in Jan 2026), Kernel.", "exposure": "Listed stocks. The only BCI-adjacent layer with product revenue today.", "exposure_sources": [ { "label": "ONWARD H1 2026 release", "url": "https://ir.onwd.com/static-files/d09584e7-1a3d-4d35-91c6-69c88fd667eb" } ], "catalysts": [ { "when": "next results date TBC", "what": "ONWARD FY2026 results (calendar)", "source": { "label": "ONWARD financial calendar", "url": "https://ir.onwd.com/financial-information/" } }, { "when": "2026–27", "what": "BrainCo Hong Kong listing", "source": { "label": "Wikipedia: BrainCo (Bloomberg, Jan 2026)", "url": "https://en.wikipedia.org/wiki/BrainCo" } } ], "risks": "Small revenue bases; ONWARD is loss-making and raised €40.6M in H1 2026. NXL is a volatile microcap.", "risk_sources": [ { "label": "ONWARD H1 2026 release", "url": "https://ir.onwd.com/static-files/d09584e7-1a3d-4d35-91c6-69c88fd667eb" }, { "label": "CNBC quote page", "url": "https://www.cnbc.com/quotes/NXL" } ], "where_this_goes": { "trope": "Jarvis (Iron Man)", "text": "Control by intention, no surgery. Today: Meta's EMG wristband ships with its display glasses.", "sources": [ { "label": "Meta, Sep 2025", "url": "https://about.fb.com/news/2025/09/meta-ray-ban-display-ai-glasses-emg-wristband/" } ] } } ] }, "tagline_direction": "Investment-focused BCI research: investable map by layer, dated theses scored in public, tracker as the evidence base.", "sponsor_slots": [ { "where": "site header", "status": "open" }, { "where": "investable map (#invest)", "status": "open" } ], "charts": { "note": "Chart data. Every point carries its own source; nothing is interpolated or estimated. Counts are not comparable across companies (temporary vs chronic, eye vs brain).", "neuralink_patients": [ { "date": "2024-01-28", "value": 1, "label": "First human implant", "source": { "label": "Reuters, 29 Jan 2024", "url": "https://www.reuters.com/technology/neuralink-implants-brain-chip-first-human-musk-says-2024-01-29/" } }, { "date": "2025-09-09", "value": 12, "label": "12 people implanted", "source": { "label": "Reuters, 9 Sep 2025", "url": "https://www.reuters.com/business/healthcare-pharmaceuticals/musks-neuralink-says-12-people-have-received-its-implants-2025-09-09/" } }, { "date": "2026-01-27", "value": 21, "label": "21 participants enrolled", "source": { "label": "Neuralink, 27 Jan 2026", "url": "https://neuralink.com/updates/two-years-of-telepathy/" } } ], "funding_rounds": [ { "company": "Neuralink", "id": "neuralink", "amount_musd": 650, "round": "Series E", "date": "2025-06", "source": { "label": "Neuralink, 2 Jun 2025", "url": "https://neuralink.com/updates/neuralink-raises-650m-series-e/" } }, { "company": "Merge Labs", "id": "merge", "amount_musd": 252, "round": "Seed", "date": "2026-01", "source": { "label": "TechCrunch, 15 Jan 2026", "url": "https://techcrunch.com/2026/01/15/openai-invests-in-sam-altmans-brain-computer-interface-startup-merge-labs/" } }, { "company": "Precision", "id": "precision", "amount_musd": 250, "round": "Series D", "date": "2026-09", "source": { "label": "GlobeNewswire, 24 Sep 2026", "url": "https://www.globenewswire.com/news-release/2026/09/24/3368254/0/en/precision-neuroscience-closes-oversubscribed-250m-series-d-led-by-pershing-square-inc-the-ackman-oxman-institute-and-a-leading-life-sciences-investment-fund.html" } }, { "company": "Science Corp.", "id": "science", "amount_musd": 230, "round": "Series C", "date": "2026-03", "source": { "label": "Science Corp., 5 Mar 2026", "url": "https://science.xyz/news/series-c/" } }, { "company": "Synchron", "id": "synchron", "amount_musd": 200, "round": "Series D", "date": "2025-11", "source": { "label": "Business Wire, 6 Nov 2025", "url": "https://www.businesswire.com/news/home/20251106150841/en/Synchron-Raises-%24200-Million-Series-D-to-Advance-Brain-Computer-Interface-Technology" } }, { "company": "Blackrock", "id": "blackrock", "amount_musd": 200, "round": "Tether, majority stake", "date": "2024-04", "source": { "label": "Reuters, 29 Apr 2024", "url": "https://www.reuters.com/technology/crypto-company-tether-invests-200-mln-brain-chip-maker-blackrock-neurotech-2024-04-29/" } }, { "company": "Bridge Neurotech", "id": "bridge", "amount_musd": 13.5, "round": "Launch", "date": "2026-10", "source": { "label": "WIRED, 6 Oct 2026", "url": "https://www.wired.com/story/bridge-neurotech-startup-rival-sam-altman-merge-labs/" } }, { "company": "Coherence Neuro", "id": "coherence", "amount_musd": 45, "round": "Series A (company's term; WIRED: seed)", "date": "2026-10", "source": { "label": "Coherence Neuro, 21 Oct 2026", "url": "https://coherenceneuro.substack.com/p/inventing-cancer-therapy-that-learns" } } ], "trope_work_years": { "Neural lace": { "year": 1987, "source": { "label": "Wikipedia: Consider Phlebas (first Culture novel, 1987)", "url": "https://en.wikipedia.org/wiki/Consider_Phlebas" } }, "Universal translator": { "year": 1966, "source": { "label": "Wikipedia: Star Trek (1966)", "url": "https://en.wikipedia.org/wiki/Star_Trek:_The_Original_Series" } }, "Cortical stack": { "year": 2002, "source": { "label": "Wikipedia: Altered Carbon (2002)", "url": "https://en.wikipedia.org/wiki/Altered_Carbon" } }, "State cyberbrain": { "year": 1989, "source": { "label": "Wikipedia: Ghost in the Shell manga (1989)", "url": "https://en.wikipedia.org/wiki/Ghost_in_the_Shell_(manga)" } } }, "market_odds": { "F1": { "p": 0.74, "venue": "Kalshi", "line": "30+" }, "F3": { "p": 0.27, "venue": "Polymarket", "line": "by 31 Dec 2026" }, "F5": { "p": 0.57, "venue": "Polymarket", "line": "$60B" } } }, "images": { "note": "Section illustrations are AI-generated for WETWIRED (no real people, no logos). No product photos are used.", "files": [ "img/hero-1088.jpg", "img/invest-1088.jpg", "img/forecasts-1088.jpg", "img/scifi-1088.jpg", "img/companies-1088.jpg", "img/news-1088.jpg", "og.png" ] } }