Elon Musk's brain-tech company Neuralink briefly claimed it was a “small disadvantaged business” in a federal filing—just weeks before raising $650 million and being valued at more than $9 billion.
Filed As Disadvantaged, Then Valued In Billions
The SDB box was checked on an April 24 federal filing with the Small Business Administration, a time when Musk was heading the Trump administration's Department of Government Efficiency. Under SBA rules, that status is supposed to apply to companies that are at least 51% owned by socially and economically disadvantaged individuals. It can result in easier access to federal contracts.
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Neuralink later said the filing was a mistake. “Neuralink has never applied for nor received a benefit from the federal government. The box on the SAM.gov was erroneously checked and has since been updated,” a company spokesperson told CNBC on July 19.
According to Neuralink's profile on SBA.gov, the company currently has no active or former SBA certifications, despite being self-registered as an SDB. The agency notes that such self-attestations are not verified by SBA.
The filing listed Jared Birchall as the contact. Birchall also runs Musk's family office.
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Human Trials, Bold Claims
Neuralink has implanted its brain-computer interface device into nine human patients, and aims to reach 20 implants by the end of the year. The company recently completed two surgeries in a single day for the first time.
“Neuralink will do live-changing good for ultimately millions, maybe billions, of people,” Musk said on X on July 21. “Imagine your loved one being able to walk again or your parent with dementia being able to recognize their child again.”
Co-founder DJ Seo confirmed the goal: “Our goal is at least 20 before the end of 2025.”
The company is also planning human trials of its vision-restoring “Blindsight” implant in the United Arab Emirates by 2026.
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Criticism And Big Backers
Despite the progress, Neuralink has faced criticism, including from the deaf community, after Musk claimed the tech could help restore hearing.
Neuralink's backers include major investors like Cathie Wood's ARK Invest, Founders Fund, Sequoia Capital and Thrive Capital. The $650 million Series E round closed in June.
The company says it is building ultra-high-bandwidth brain-machine interfaces and is actively hiring engineers in San Francisco. Founded in 2016 and incorporated in Nevada, Neuralink lists its focus as biotechnology R&D.
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