Butterfly Network Inc. (NYSE:BFLY) stock is trading higher on Thursday after it commented on Midjourney’s announcement of Midjourney Medical and the Midjourney Scanner, a full-body tomographic imaging system.
Elon Musk replied to the announcement on X, calling it “cool” and several unrelated X replies later dropped “100” when replying to a tweet about big dreams in the AI boom.
• Butterfly Network stock is challenging resistance. Why is BFLY stock breaking out?
Butterfly Highlights Role In Midjourney Medical Scanner
The digital health company offers ultrasound imaging and sensing with its proprietary Ultrasound-on-Chip semiconductor technology and software solutions.
The current scanner prototype uses 40 of Butterfly’s Ultrasound-on-Chip imaging modules under a co-development and licensing agreement between the companies.
Future versions are expected to incorporate significantly more modules as the platform scales.
The partnership operates through Butterfly Embedded, Butterfly’s Ultrasound-on-Chip licensing and co-development business, formerly known as Octiv.
In an SEC filing on Nov. 17, 2025, Butterfly disclosed that the agreement with Midjourney is expected to generate up to $74 million in payments over five years.
Large Long-Term Opportunity
William Blair noted that Midjourney plans to expand access to its scanner technology by launching dedicated Midjourney Spas, targeting 5,000 locations, each with roughly 10 scanners.
The first site, expected to open in San Francisco in late 2027, will serve as a test bed for the infrastructure required to scale the model.
Alongside the spa rollout, Midjourney aims to develop next-generation scanners for launch in 2028 and expand its installed base to more than 50,000 scanners globally by 2031.
Assuming about 40 chips per scanner, William Blair said the plan could represent a significant long-term opportunity for Butterfly.
Analyst Flags Questions
However, analyst Andrew Brackmann highlighted several key uncertainties, including how Midjourney plans to secure FDA approval for a new imaging platform quickly enough to support the projected demand, and how it intends to obtain insurance reimbursement for scans, which he views as critical to realizing the large market opportunity being discussed.
Brackmann also questioned the rationale for routine whole-body scanning, noting that there is currently no early evidence from the Scanner demonstrating clear utility for such regular use.
While these remain significant unanswered questions, William Blair acknowledged that Midjourney’s vision is ambitious.
BFLY Stock Price Activity: Butterfly Network shares were up 31.87% at $7.54 at the time of publication on Thursday, according to Benzinga Pro data.
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