ElevenLabs is in early-stage talks with investors about a secondary share sale that could value the company at approximately $22bn, according to a Bloomberg report. The proposed tender offer — which would give employees the opportunity to liquidate a portion of their equity — could close as early as September if negotiations proceed.
A Valuation That's Doubled in Months
If completed at the reported figure, the deal would represent a 2x increase in ElevenLabs' valuation since it raised $500m at an $11bn valuation in February 2025. That February round was led by Sequoia Capital, with follow-on participation from Andreessen Horowitz and Iconiq, alongside new investors including Lightspeed, Evantic Capital, and Bond.
Founded in 2022 by ex-Google and Palantir engineers Mati Staniszewski and Piotr Dabkowski, ElevenLabs has rapidly become one of Europe's most valuable AI companies. Its voice generation platform serves a wide range of verticals — from publishing and advertising to customer service and enterprise software.
Enterprise Pivot Drives Growth
The latest funding discussions coincide with a deliberate shift in ElevenLabs' business mix. In a recent interview, CEO Staniszewski revealed that the company's revenue was roughly 50-50 split between consumer and enterprise at the end of 2025, but projected that figure to shift to a 70% enterprise revenue share by end of 2027.
This enterprise-first direction positions ElevenLabs squarely against incumbents in the AI audio and voice space, competing for large-scale deployment contracts across industries.
IPO Ambitions in Focus
ElevenLabs has been openly telegraphing its public market ambitions for some time.
"There's still so much to build. We stay hungry, knowing how early this space still is as we build toward IPO and beyond." — Mati Staniszewski, LinkedIn
The company currently employs around 400 people across offices in London, Warsaw, and New York, and received nearly 250,000 job applications in the past year alone — a signal of both its brand pull and the broader appetite for AI talent.
An ElevenLabs spokesperson declined to comment on the reported share sale discussions.
