Editor’s Note: On Tuesdays we turn the spotlight outside of Porter & Co. to bring you exclusive access to the research, the thinking, and the investment ideas of the analysts who Porter follows.
If you’re new to Porter & Co. and want to find out more about The Spotlight you can go here – and if you want access to all past Spotlights you can find them here.
This month, we’ve handed the reins over to Matt Milner who’s been taking us inside Elon Musk’s ever-expanding empire and showing you how to invest in his companies before they go public.
Enjoy.
Musk Dives Into Mind Control
Mind control gets a bad rap.
Also known as coercive persuasion or brainwashing, mind control refers to various techniques used to manipulate a person’s beliefs, emotions, or behaviors — often without their awareness.
Given this definition, the bad rap seems warranted.
Which is why we were so surprised that Elon Musk decided to found a company that’s singularly focused on it.
Why would he do such a thing?
And furthermore, why would I be so adamant that you invest in it?
Let’s take a look.
Never Bet Against Elon
As I explained in Part 1 and Part 2 of this series, Musk has been getting slaughtered lately.
But now he’s picking fights with some of President Donald Trump’s top guys.
Last week, for example, he called Peter Navarro, Trump’s senior trade adviser, “a moron” and “dumber than a sack of bricks.” He also gave him a nickname: “Peter Retarrdo.”
But I wouldn’t count Elon out. In fact, I’d never bet against him. Never.
Because no matter how much the odds seem stacked against him, in the end, everything he touches seems to turn to gold.
And now, with his sights set on making sure that human beings aren’t “left behind” as a species, Musk is at it again…
The Human Brain Gets An Upgrade
In 2016, Musk started a new company called Neuralink.
The company aims to develop implantable brain-computer interfaces (“BCI”).
BCIs enable direct communication between the human brain and computers. In other words, this is mind control. Or at least, this is Elon’s version of mind control.
If he succeeds (and remember: never bet against Elon), perhaps mind control will stop getting such a bad rap. After all, Neuralink claims it will restore vision to those born blind, and will allow people with paraplegia to regain movement.
But for Musk, solving brain and spinal injuries is just the first step. His longer-term goal with Neuralink is even more dramatic:
He’s aiming to achieve what he calls human/AI symbiosis. This is where the human brain gets augmented with AI technology. Humans might have what it takes to handle decision-making in important arenas like morals and love. But for everything else, why not bring in a super-computer?
By combining human and computer brains, Elon believes it’s less likely that we’ll be “left behind” as a species. As he argues, “With a high bandwidth, brain-machine interface, we can actually go along for the ride.”
Sounds familiar, doesn’t it? Sounds like a cyborg. Like something out of a movie, perhaps one featuring Arnold Schwarzenegger.
Is this for real?
The Rapidly Evolving Field Of BCIs
Neuralink is part of the fast-growing BCI field. And yes, this is for real. In fact, given the potential here to revolutionize several large and important sectors, there is considerable excitement about it. For example:
- Medical: BCIs can assist individuals with paralysis, enable communication for those with speech impairments, and offer new treatments for those with neurological disorders like paralysis, blindness, memory loss, and epilepsy.
- Communication: By enabling direct brain-to-device interactions, BCIs can facilitate seamless control of any type of digital device.
- Entertainment: By enhancing gaming experiences through direct neural control (“neurogaming”), BCIs can create immersive environments.
The global BCI market is currently valued at about $3 billion, and it’s projected to grow to around $12 billion by 2034.
The Players
Given the size and importance of this market, it’s no surprise that competitors to Neuralink have emerged.
One player is called Synchron. Its investors include Jeff Bezos and Bill Gates, and the company is already doing FDA-approved human trials. It’s implanted its stent-like device in the blood vessels of 10 patients — six in the U.S. and four in Australia. Its approach is “semi-invasive,” which means that there’s less risk of damage to brain tissue, but lower signal quality.
Another player is called Naqi Logix. With its earbud-based BCI, this company’s alternative is non-invasive.
Other players include a Chinese team from Xuanwu Hospital and Tsinghua University, which has developed a device called the Neural Electronic Opportunity (“NEO”).
But Neuralink’s approach is unique. In particular, to maximize signal quality, its wireless brain chips are inserted directly inside the brain…
Neuralink’s N1 Device
Neuralink’s device, the N1, is about 8mm thick, the size of a large coin.
It’s placed inside the skull by a high-precision surgical robot. The procedure involves removing a small portion of the skull so the implant can be placed flush with the bone surface. The goal here is for seamless integration without protrusions.
The robot precisely inserts the flexible electrode threads into targeted brain regions, minimizing potential damage to surrounding tissue.
Then, 1,024 ultra-thin, flexible electrode threads — each thinner than a human hair — are inserted into the brain tissue. These threads are designed to interface directly with neurons in the brain’s cerebral cortex. These threads detect and transmit neural signals, facilitating communication between the brain and external devices.
The implant operates wirelessly, eliminating the need for external connectors. It transmits data via a low-energy Bluetooth-like protocol to external devices, such as computers or smartphones. This is what enables users to control these devices through thought alone. The batteries are recharged inductively, just like a smartwatch.
Between 2019 and 2022, Neuralink conducted animal trials. Its trial subjects included a pig named Gertrude, and a monkey named Pager, who was able to play the video game Pong using its mind.
In May 2023, Neuralink received FDA approval to commence human clinical trials. The PRIME Study (Precise Robotically Implanted Brain-Computer Interface) was launched to evaluate the safety and efficacy of the N1 implant in individuals with quadriplegia due to cervical spinal cord injury or amyotrophic lateral sclerosis (“ALS”).
In January 2024, the first human patient received an implant. The patient, Noland Arbaugh, demonstrated the ability to control a computer cursor using thought, indicating effective neuron signal detection. He reported using the device daily for various tasks, which enhanced his independence and quality of life.
That being said, some technical challenges came up. For instance, approximately 85% of Noland’s electrode threads retracted from their initial position, reducing the number of effective channels for neural signal transmission. Neuralink addressed this by adjusting the device settings and exploring solutions to prevent future occurrences.
The second patient, who has a spinal-cord injury, utilized the implant to play video games and design 3D objects, showcasing the device’s versatility
By early 2025, Neuralink had successfully implanted its device in three human patients. And now it’s actively recruiting additional participants. It aims to implant its device in 20 to 30 more individuals within the year.
Controversies & Concerns
But beyond the technical challenges with BCIs, there are also ethical challenges — especially around implanting chips in healthy individuals.
As the technology advances, concerns regarding mental privacy, cognitive autonomy, and potential misuse have emerged. The ability to access and interpret neural data raises questions about consent and the potential for “brain surveillance.” Activists and ethicists are advocating for regulations to protect individuals’ mental rights.
Given these concerns, the BCI sector faces significant regulatory scrutiny.
The thing is, Elon’s leadership of the Department of Government Efficiency (“DOGE”) has had significant implications for Neuralink.
For example, under DOGE’s cost-cutting initiatives, the FDA experienced staff reductions, including personnel responsible for reviewing Neuralink’s clinical trial applications.
These layoffs have led to concerns about the potential for expedited approvals due to diminished regulatory scrutiny, which could benefit Neuralink by accelerating its clinical trials.
Last week, we looked at a few of the ways Elon’s roles as head of DOGE and “First Buddy” could help xAI succeed. Today, let’s look at how his roles could help Neuralink.
Helping Neuralink Succeed
Here are a few of the main ways that Elon’s position in the U.S. government could help his company Neuralink succeed:
1. Streamlined Regulatory Approvals:
- As noted above, as head of DOGE, Musk could influence the streamlining of regulatory processes. This could help expedite approvals from agencies like the FDA for Neuralink’s N1 device.
2. Access to Government Funding:
- DOGE’s role includes overseeing government contracts and grants. Musk’s position could facilitate Neuralink’s access to federal funding opportunities.
3. Alignment with National Initiatives:
- DOGE aims to enhance governmental efficiency, potentially aligning with technological advancements. Neuralink’s innovations could be positioned as supporting these national objectives.
4. Influence on Policy Development:
- Musk’s role allows him to shape policies related to technology and healthcare, potentially creating a favorable environment for Neuralink’s operations.
Bottom line? Musk’s political influence could certainly help him position Neuralink as the leader in the BCI sector.
That’s why, in the coming months and years, I’m projecting that Neuralink’s revenue — and valuation — will blast off like a rocket ship.
Elon’s Empire
With his constellation of extraordinary companies like Neuralink, Elon is building the leading empire on the globe.
And like many investors who focus on the private markets, we believe these companies will soon go public — and make Elon the world’s first trillionaire.
The thing is, Elon has a habit of taking his early investors along for the ride, and making them wealthy beyond their wildest dreams.
That’s why, for the month of April, I’m planning to do two things for Porter & Co. readers:
First, I’m planning to share all the details of the companies in Elon’s Empire, from xAI to Neuralink to SpaceX.
And secondly, I’ll be revealing how investors like you can get exposure to these extraordinary companies — before they potentially go public.
So, stay tuned for next week’s email.
In the meantime, check out this new video I just released, with Porter, on the ticker symbol that lets you grab a pre-IPO stake in Elon Musk’s biggest, most ambitious project of his life.
Happy investing,
Matt Milner
P.S. As you’re starting to understand, everything Elon touches seems to turn to gold.
So if you can’t wait to learn how to get investment exposure to Elon’s pre-IPO empire, click here.