Recent research has demonstrated the usefulness of neural networks as variational ansatz functions for quantum many-body states. However, high-dimensional sampling spaces and transient autocorrelations confront these approaches with a challenging computational bottleneck. Compared to conventional neural networks, physical-model devices offer a fast, efficient and inherently parallel substrate capable of related forms of Markov chain Monte Carlo sampling. Here, we demonstrate the ability of a neuromorphic chip to represent the ground states of quantum spin models by variational energy minimization. We develop a training algorithm and apply it to the transverse field Ising model, showing good performance at moderate system sizes ($N\leq 10$). A systematic hyperparameter study shows that scalability to larger system sizes mainly depends on sample quality, which is limited by temporal parameter variations on the analog neuromorphic chip. Our work thus provides an important step towards harnessing the capabilities of neuromorphic hardware for tackling the curse of dimensionality in quantum many-body problems.