AI voice startup ElevenLabs eyes $22B valuation through employee stock sale

AI voice startup ElevenLabs is exploring a secondary share sale that could value the company at about $22 billion, less than six months after raising $500 million at half that valuation. The proposed deal would give employees a chance to sell part of their holdings, a sign of just how quickly demand for top AI companies is reshaping the private market.

According to a Bloomberg report citing people familiar with the matter, the transaction is expected to take place by September and would value the London-based startup at roughly $22 billion. The company has not publicly confirmed the plans.

“ElevenLabs has held early talks with investors to let employees sell shares in a secondary offering that would value the artificial intelligence startup at roughly $22 billion,” Bloomberg reported, citing people familiar with the matter.

If completed, the transaction would roughly double ElevenLabs’ valuation from the $11 billion price set during its February funding round. Bloomberg said the tender offer is expected to take place by September, though the discussions are still in the early stages and the terms could change before any deal is finalized.

The timing stands out. ElevenLabs closed a $500 million Series D funding round in February at an $11 billion valuation. If the secondary sale proceeds at the reported price, it would mark another sharp jump for one of the fastest-growing AI startups, reflecting investor appetite for companies building the infrastructure for generative AI.

ElevenLabs explores employee share sale that could double its valuation to $22 billion

Secondary share sales have become increasingly common across the AI sector. Instead of raising fresh capital for the business, these deals allow existing shareholders, including employees, to sell some of their stock to new investors. The approach gives early team members liquidity without waiting for an acquisition or public listing and helps startups compete for AI researchers and engineers in a fiercely competitive hiring market.

Founded in 2022 by CEO Mati Staniszewski and Piotr Dabkowski, ElevenLabs first gained attention with technology that converts text into natural-sounding speech. Since then, the company has broadened its product lineup to include speech-to-text, AI dubbing, conversational voice agents, sound effects, and music generation.

Its customer base stretches across media, technology, gaming, and healthcare. Enterprise clients include Cisco, Deutsche Telekom, Revolut, Meta, Salesforce, and Time. Publishers such as The New Yorker, The Washington Post, and The Atlantic use the platform, along with game developers including Paradox Interactive and Cloud Imperium Games.

The company says it finished 2025 with more than $330 million in annual recurring revenue, placing it among the fastest-growing private AI software companies. That growth has fueled expectations that ElevenLabs could eventually pursue an initial public offering, though the company has not announced any IPO timeline.

ElevenLabs operates with a relatively small workforce of about 50 remote employees spread across Europe, the Americas, and Asia. Leadership expects to roughly double headcount this year as the company expands its international footprint. It already has offices across Europe, Brazil, Mexico, India, South Korea, Japan, and the United States.

The reported share sale comes at a time when private AI companies continue to command premium valuations. Investors remain eager to back startups with strong revenue growth and enterprise adoption, especially those building the core technologies that businesses use to create voice interfaces, AI agents, and multilingual applications.

If completed at the reported valuation, the transaction would place ElevenLabs among the world’s most valuable privately held AI startups and give employees an opportunity to realize some of the value created during the company’s remarkable rise.

ElevenLabs Team