Neuralink, the brain-computer interface company founded by Elon Musk, has raised $600 million in a new funding round, boosting its valuation to $9 billion, according to a report by Semaphore citing unnamed sources.

The report did not disclose the investors involved in the round. However, it confirms an earlier Bloomberg report from April that Neuralink was seeking to raise $500 million at an initial valuation of $8.5 billion.

Neuralink last secured $43 million in venture capital in November 2023, and was valued at around $5 billion in June 2023, according to TechCrunch.

The company received FDA approval last year for its brain implant device, which aims to help individuals with severe neurological conditions communicate and interact using only their brain signals.

So far, three patients have received Neuralink implants. In a recent milestone, a patient who is unable to speak released a video showing how he used the Neuralink chip to edit and narrate YouTube videos solely through brain activity.

As the brain-tech race accelerates, Neuralink’s growing valuation and successful human trials mark a significant step toward commercializing neural interface technology.