ElevenLabs doubles valuation to $22B in $300M tender offer

ElevenLabs has doubled its valuation to $22 billion following a $300 million secondary share sale, pushing the London-based voice AI startup into the ranks of the world’s most valuable private AI companies.

The tender offer was led by Wellington Management and T. Rowe Price and allowed existing investors and employees to sell shares rather than providing new capital to the company.

The transaction also brought in institutional investors including Goldman Sachs and Singapore’s GIC. CEO Mati Staniszewski told the Financial Times that the secondary sale would help ElevenLabs attract and retain researchers as it competes with larger AI labs for talent.

The $22 billion valuation is double the $11 billion price tag ElevenLabs received in February, when it raised $500 million in a Series D led by Sequoia Capital. Andreessen Horowitz and ICONIQ also increased their investments in that round.

ElevenLabs’ business has expanded rapidly alongside its valuation. The company ended 2025 with roughly $350 million in annual recurring revenue and said in May that ARR had already surpassed $500 million during the first four months of 2026, driven largely by enterprise adoption of its voice agents.

Those agents are now handling more than 15 million conversations per week, roughly triple their February level, according to Reuters. Businesses are using them for tasks including customer service, refunds, insurance renewals and appointment bookings.

ElevenLabs has also continued developing its own foundation models rather than relying entirely on systems from OpenAI, Anthropic or Google. Earlier this week it released Eleven v4 and Eleven v4 Turbo, with the latter targeting real-time voice applications at median inference latency of around 100 milliseconds.

The company was founded in 2022 by Staniszewski and Piotr Dąbkowski and has since expanded to about 800 employees across 20 countries. Its customers include Deutsche Telekom, KPN, Stripe, Revolut and the governments of Ukraine and Greece.

The latest transaction could also give employees liquidity ahead of an eventual public listing.

Staniszewski told the Financial Times that ElevenLabs wants to be ready for an IPO within the next two to two-and-a-half years, though whether the company ultimately lists will depend on market conditions and other factors.