Neuralink, the brain-implant startup founded by Elon Musk, has secured $600 million in fresh funding, bringing its valuation to $9 billion before the latest capital infusion, according to a report from Semafor on Tuesday.

The new financing marks a major leap in valuation for Neuralink, which was estimated to be worth around $5 billion in 2023 based on private stock transactions. The company had previously raised $280 million in a round led by Peter Thiel’s Founders Fund.

Reports earlier this year from Bloomberg indicated that Neuralink was aiming to raise approximately $500 million, suggesting investor interest in the neurotechnology venture remains strong.

Neuralink is currently testing its brain-computer interface device, designed to help individuals with severe spinal cord injuries regain digital communication capabilities. The company made headlines earlier this year when its first patient, fitted with the implant, demonstrated the ability to move a computer cursor, play video games, browse the web, and post on social media—using only brain signals.

Earlier this month, the U.S. Food and Drug Administration granted the company a “breakthrough device” designation, a status that could expedite the development and review process for the implant.

Musk has laid out ambitious goals for Neuralink, suggesting that the brain chip technology could eventually be available at walk-in clinics to treat a wide range of conditions, including obesity, depression, autism, and schizophrenia. He has even floated futuristic applications such as telepathy and brain-controlled web browsing.

While the company remains in early testing stages, the latest fundraising underscores investor confidence in Musk’s long-term vision of merging humans with machines.