Structured secondary-market access to Neuralink — the global leader in implantable brain-computer interfaces. Exclusively for professional investors.
The bonds offered are an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out.
* Pre-IPO markets move fast, and exact prices are confirmed only at the time of the trade. That's why every order includes a protective buffer – so your execution stays smooth and reliable even when the market shifts. In practice, we usually execute at around the current secondary market valuation, well below the cap. The cap is your ceiling, not your price: by placing an order, you consent to execution at any level up to it.
Neuralink's flagship N1 implant — a coin-sized device with 1,024 ultra-thin electrode threads — is placed into the brain by the proprietary R1 surgical robot to decode neural signals and let paralyzed patients control digital devices through thought alone.
The technology has reached clinical validation in 20+ patients across the U.S., Canada, UK, and UAE. Telepathy, Blindsight, and the VOICE speech-restoration program each hold FDA Breakthrough Device designation — three independent product lines on accelerated regulatory pathways.
Following the January 2026 announcement of high-volume production and fully automated surgery, Neuralink is transitioning from clinical research to commercial-scale deployment — positioning the company for an IPO or strategic exit in the medium term (2027–2030 estimated), in a BCI healthcare market projected to exceed USD 400 billion long-term.
Neuralink's last confirmed primary financing valued the company at USD 9.65 billion (Series E, June 2025). On the secondary market, transactions are reportedly clearing at implied valuations between USD 28 and 42 billion (September 2026). The dashed line marks Cometum's indicative entry valuation cap.
Solid line = primary funding rounds (post-money). Open point = secondary-market indication. Source: Cometum analysis based on public data and market research (Sacra, PitchBook, Bloomberg, Forge Global, Nasdaq Private Market (Sept 2026), Hiive, SiliconANGLE). All valuation figures are indicative. Secondary-market valuations represent observed transactions and do not necessarily reflect Cometum's entry price. Dashed line = Cometum entry valuation cap (non-binding, indicative).
Investors purchase the Cometum Bond — a German security with €1,000 denomination and €5,000 minimum subscription.
Cometum's SPV participates in one or more special purpose vehicles.
These special purpose vehicles are directly or indirectly holding the shares of Neuralink Inc.
Subordinated bearer bond providing structured participation in the value development of Neuralink — issued as a German security.
Cometum fees of 10.5 % are included in the nominal amount. Of each EUR 1,000 subscribed, EUR 895 is the investment amount that participates in Neuralink at the indicative entry valuation cap; distribution partner costs of up to 10 % are reflected in the cap. No ongoing fees are charged by Cometum. Additional costs may apply at the level of the underlying investment vehicles.
For professional clients as defined by MiFID II only. Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.
The binding terms and conditions of the Cometum Neuralink Bond (ISIN DE000A4AVXL5).
Status: June 2026Download PDFStatutory consumer information pursuant to Art. 246b EGBGB.
Status: June 2026Download PDFThe specific risks associated with the bonds of Cometum Direct Invest GmbH & Co. KG.
Status: June 2026Download PDFLawyer specialized in banking and capital markets law. Previously Ashurst LLP and CACEIS Bank.
sascha.miller@cometum.comSpecialist in Wealth Management & B2B Sales. Previously Scalable Capital and Reimann Investors.
uwe.passmann@cometum.comAvailable exclusively to professional clients as defined by MiFID II. Contact our team to receive the offering documents, terms and conditions, and the full risk notice.
Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.This website is operated by Cometum Direct Invest GmbH & Co. KG (the Issuer). All contents of this website are contents of the Issuer and are the sole responsibility of the Issuer.
This product is intended exclusively for professional clients as defined by MiFID II. Buyers of a bond assume a significant risk, which can lead to the complete loss of the invested capital. The information provided here is non-binding promotional material and, in its nature and form, expressly does not constitute financial or any other investment advice. The information mentioned in no way replaces investment advice tailored to the investor's circumstances. The issuer expressly points out the following facts: Only the information provided in the issuer's offering documents (Cometum Direct Invest GmbH & Co. KG), i.e., the terms and conditions of the bond and the risk notice, are decisive for the assessment of the bond. None of the information constitutes an invitation to submit an offer to purchase, nor is it an offer to subscribe to or buy the issuer's bond. Cometum is not a bank. This investment does not involve the direct acquisition of Neuralink shares by the investor, but rather a structured participation that allows economic participation in the value development of Neuralink.
Total loss risk. The bonds are an entrepreneurial investment. A total loss of the invested capital cannot be ruled out. Investors should only invest amounts whose loss they can bear economically and should adequately diversify their overall portfolio.
Qualified subordination. All claims under the bonds are subject to a qualified subordination. Payments of interest and principal are excluded not only in insolvency proceedings, but already outside insolvency for as long as and to the extent that such payment would cause the Issuer's over-indebtedness or inability to pay. Payments may therefore be delayed, reduced or lost entirely.
SPV chain & indirect exposure. The investment is made via a chain of special purpose vehicles. Cometum's SPV participates in one or more external SPVs which directly or indirectly hold shares in Neuralink Inc. Investors bear the risks of every entity in this chain, including counterparty, structural, transfer, insolvency and administrative risks at each level. Access to the underlying value development is intermediated and can be impaired or lost due to events at any level of the chain.
Fees and costs. Investors bear one-time and, if applicable, ongoing fees and costs (in particular an Entry Fee and a Participation Fee). These fees reduce the amount invested and the potential return and are due independently of the performance of the underlying investment.
FX risk. The underlying value development is denominated primarily in U.S. dollars, while the bond is issued in euros. Exchange-rate movements between USD and EUR can materially affect the euro-denominated value development of the bond, both positively and negatively, and can lead to losses independent of Neuralink's operating performance.
Competition & technology risk. Neuralink operates in a highly innovative, capital-intensive and competitive environment. Competing programmes (including Synchron, Paradromics, Precision Neuroscience, Blackrock Neurotech, Merge Labs and others), technological setbacks, clinical adverse events, regulatory decisions, changes in reimbursement, loss of key personnel, or slower-than-expected commercialisation can materially impair the value of the underlying and thus the value development of the bond.
This presentation does not constitute an offer. It is a non-binding invitation to professional clients to express interest (no offer). It is for informational purposes only.
The information mentioned in no way replaces investment advice tailored to the investor's circumstances. The valuation at which structured participation in Neuralink takes place may differ from the current market valuation. The cap represents the indicative, non-binding valuation at which the structured participation is intended to be entered. It does not necessarily correspond to the last publicly reported financing round or to prices observed on the secondary market. Neuralink is a privately held company; the effective per-share value of the underlying holding is not necessarily publicly known or fixed at the time of investment. Neuralink may issue additional shares — for example in connection with its IPO, the financing of an acquisition, further financing rounds, or employee participation programmes. Such issuances dilute existing holders: the total number of shares increases, and the proportion of the company attributable to each existing share decreases accordingly. As a result, the valuation at which the structured participation was entered may, in retrospect, prove higher relative to the effective per-share basis and may change to the investor's disadvantage. The headline valuation figures stated in this material are therefore not a reliable indicator of the value development of the investor's participation, which depends on the per-share value at the relevant point in time.