ElevenLabs, the AI voice company, said on September 30 that a $300 million share sale by employees values it at $22 billion. Wellington and T. Rowe Price led the deal, and investors including EQT, Goldman Sachs and Singapore’s GIC bought in for the first time. The valuation is double the $11 billion of its funding round in February.
New to this? Read it in simple words
- ElevenLabs is a company that makes AI voices and talking AI helpers.
- Its workers sold some of their shares for $300 million in total.
- The sale puts the company’s value at $22 billion, double the value in February.
- The company says businesses now pay more than half of its revenue.
- Valuation
- What investors think a whole company is worth.
- Tender offer
- A deal where workers or owners can sell some of their shares to new investors.
- Voice agent
- An AI that talks with people by voice, for example on a phone line.
The deal
The $300 million employee tender values ElevenLabs at $22 billion, the company says. A tender lets employees sell part of their vested shares to investors, and the company itself raises no new money.
Wellington and T. Rowe Price led it. EQT, Goldman Sachs, GIC, the Ontario Teachers’ Pension Plan, Sapphire Ventures and BDT & MSD invested for the first time, alongside existing backers such as Andreessen Horowitz.
It is the company’s second tender for staff. The first, in September 2025, was $100 million at a $6.6 billion valuation, TechCrunch reports.
Valuations at its last three deals, as the company and TechCrunch report them.
What drives it
ElevenLabs says businesses now bring in 55% of its revenue. Its fastest-growing product is ElevenAgents, a platform for voice agents that handle calls in sales, support and other work.
The company says annual recurring revenue from ElevenAgents has more than tripled since February, and that its agents handle more than 15 million conversations a week. Chief executive Mati Staniszewski told TechCrunch last week that total annual recurring revenue is $600 million.
Customers it names include Stripe and Deutsche Telekom, and the governments of Ukraine and Greece. It says it now has more than 800 employees.
What the numbers do not show
The revenue and usage figures are the company’s own, and the outlets that covered the deal repeated them. ElevenLabs is private, so it does not publish audited accounts.
Asked about a reported plan to list on the stock market in 2028, Staniszewski said the company is preparing to be able to do it “in the next years”. Whether it does will depend on timing, he said.
“It’s important to us to let our people share in some of the value they are creating,” Staniszewski said of the tender.
Sources
Every fact in this story comes from the sources below. Open them to check our work.
- 1Primary source · September 30, 2026ElevenLabs valuation increases to $22 billion fueled by enterprise demand for conversational agents ElevenLabs
- 2
- 3Research · September 30, 2026AI voice firm Elevenlabs hits $22bn valuation in fresh boost for UK tech City AM
- 4Research · September 24, 2026ElevenLabs’ CEO on margins, IPO timing, and telling customers they’re talking to a bot TechCrunch
We read ElevenLabs’ announcement and compared TechCrunch and City AM, which both report from it. The revenue, usage and staff figures are the company’s own. The $600 million revenue figure comes from the chief executive’s interview with TechCrunch on September 24.