Enhanced said the $US10 million ($NZ16.9 million) prize would go to the winner of the men's 100m final if he runs faster than Bolt's 9.58 seconds, the time the Jamaican set in Berlin in 2009 and which is viewed as one of the most untouchable marks in the sport.
The announcement followed the inaugural Enhanced Games, held on Sunday at Resorts World Las Vegas, where athletes produced one swimming "world record" and 21 personal bests.
His time will not make official record books because competitors' results are considered illegal by global sporting authorities.
The Enhanced Games permits athletes who use substances banned by the World Anti-Doping Agency (WADA), while the swimmers are also allowed to wear polyurethane "super-suits" banned in 2010.
Chief executive Maximilian Martin said in a shareholder letter that the debut event showed the impact of "medically supervised enhancement protocols," with 13 athletes setting 21 new personal bests.
The company said all competitors cleared medical screenings and left the event healthy.
Enhanced said its first event had secured more than $US32 million in contracted sponsorship value and that planning for the 2027 Games was already underway.
The company also said it was considering smaller events before then, with endurance sports identified as a possible next area of expansion.
