ElevenLabs doubles its valuation to $22bn in a $300m share sale

Mati Staniszewski at All-In x RAISE Summit

Credit: TNW

ElevenLabs is now worth $22bn, double its $11bn valuation in February. Employees and existing investors sold $300m of shares, the voice AI company said in a blog post on Wednesday.

Wellington Management and T. Rowe Price led the deal. Six investors bought in for the first time. They are EQT, Goldman Sachs, Singapore’s GIC, Ontario Teachers’ Pension Plan, Sapphire Ventures and BDT & MSD. Existing backers, including Andreessen Horowitz, Lightspeed and ICONIQ, also took part.

“As we grow, it’s important to us to let our people share in some of the value they are creating for our customers and the wider world,” chief executive Mati Staniszewski said in the announcement.

The sale completes the tender that Bloomberg reported in July was in the works. It came on the same day that ElevenLabs opened a Brussels office. In September 2025, the company ran a $100m employee tender at a $6.6bn valuation.

What the company reported

Enterprise customers now bring in 55% of ElevenLabs’ revenue, the company said. Its ElevenAgents platform runs voice agents that answer customer calls. It now handles more than 15m conversations a week, three times as many as in February. The product’s annual recurring revenue has also tripled over that period.

Stripe, Deutsche Telekom and Admiral have rolled out its agents since February, the company said. So have the governments of Ukraine and Greece. ElevenLabs now employs more than 800 people.

“The team is able to make improvements at every layer of the stack,” said Emma Norchet of T. Rowe Price.

A listing in two years

Staniszewski told Sifted that the tender would help ElevenLabs hire and keep researchers, as it competes with larger AI companies. He said it wants to be ready for a possible stock market listing. His timeline is the next two to two and a half years.

In September, ElevenLabs hired the finance chief who took Adyen public. In January, Staniszewski told Sifted that enterprise customers made up about half of revenue in December 2025. He predicted the share would reach 60% by the end of 2026.

The ElevenLabs valuation was $9m after its first funding round, in 2022.

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