Elon Musk's brain implant company, Neuralink, plans to raise approximately $500 million in funding, valuing the company at approximately $8.5 billion.
The company has begun preliminary discussions with potential investors, but the terms of the funding round have not yet been finalized, according to the report.
The startup was valued at $5 billion in 2023, based on private equity deals.
The company had previously raised $280 million in a funding round led by Peter Thiel's Founders Fund.
Neuralink is currently testing its implant, which aims to help people with spinal cord injuries.
The device allowed the first patient to play video games, browse the internet, post on social media, and move the mouse cursor on his laptop directly using his brain.
The FDA initially rejected Neuralink's application to begin clinical trials, citing safety risks. The agency has since granted the company approval to conduct clinical trials, which are ongoing.
Musk has expressed grand ambitions for the company, saying his chip will allow both healthy and disabled people to go to local health facilities for quick surgery to insert devices to treat obesity, autism, depression, and schizophrenia. He even envisions it being used for internet browsing and telepathy.
Synechron, a competitor to Neuralink, is also testing an implant that could help people with motor disabilities type on a computer.