ElevenLabs Doubles Valuation to $22 Billion as AI Voice Demand Surges

ElevenLabs, the artificial-intelligence company known for its highly realistic voice-generation technology, has reached a $22 billion valuation after completing a $300 million employee tender offer. The new valuation is twice the $11 billion valuation the company achieved in February 2026, when it raised $500 million in a Series D funding round. The latest transaction was led by Wellington and T. Rowe Price, with participation from both existing investors and new institutional backers.

Unlike a conventional fundraising round, the latest transaction was structured as a tender offer, allowing employees and existing shareholders to sell some of their shares to investors. The arrangement provides liquidity to employees without necessarily injecting the full $300 million into ElevenLabs’ operating balance sheet. New investors included EQT, Goldman Sachs, GIC, Ontario Teachers’ Pension Plan, Sapphire Ventures and BDT & MSD, while existing backers such as Andreessen Horowitz and Lightspeed also participated.

The rapid increase in valuation comes as ElevenLabs expands beyond text-to-speech technology into AI-powered conversational agents. The company says its ElevenAgents platform now handles more than 15 million conversations every week, three times the level recorded in February. These agents can perform tasks such as processing refunds, renewing insurance policies and booking appointments, making voice AI increasingly relevant to customer service and business operations.

Enterprise customers are becoming an increasingly important part of the company’s business. ElevenLabs says enterprise customers now account for 55% of its revenue, while organizations including Stripe, Deutsche Telekom, DoorDash’s SevenRooms, Admiral and Customers Bank have deployed ElevenAgents. Governments in Ukraine and Greece have also introduced the technology for various operations. The company says its voice models can speak, listen and translate across more than 90 languages.

The new valuation places ElevenLabs among the most valuable private AI companies outside China and highlights investor confidence in voice-based AI as the industry moves toward more autonomous agents. Founded in 2022 by Mati Staniszewski and Piotr Dąbkowski, the company has grown from a $9 million valuation at its first funding round to $22 billion in just four years. Staniszewski has said the company wants to become IPO-ready within roughly two to two-and-a-half years, although an eventual public listing will depend on market conditions and other factors.