AI voice startup ElevenLabs has doubled its valuation to $22 billion following a $300 million employee tender offer co-led by Wellington Management and T. Rowe Price. The secondary transaction allows employees to cash out equity while bringing in major institutional backers like Goldman Sachs and GIC. The valuation surge is driven by rapid enterprise adoption of ElevenAgents, which now handles over 15 million weekly conversations. CEO Mati Staniszewski targets IPO readiness within two to two and a half years.
ElevenLabs valuation growth
- ▪Piotr Dąbkowski and Mati Staniszewski founded ElevenLabs in 2022, when the startup was valued at $9 million
- ▪London-based AI voice startup ElevenLabs reached a $22 billion valuation following a $300 million share sale on September 30, 2026, doubling its February 2026 valuation of $11 billion
Employee tender offers and talent retention
- ▪ElevenLabs competes for AI research talent against major tech companies, utilizing secondary stock offerings to remain competitive in hiring and retention
- ▪ElevenLabs' $300 million transaction, co-led by Wellington Management and T. Rowe Price, was structured as an employee tender offer, allowing employees and existing shareholders to sell their vested equity to investors
- ▪ElevenLabs' September 30, 2026 transaction marks the second time ElevenLabs has authorized a secondary transaction for employees, following a $100 million tender in September 2025
Investors in the share sale
- ▪ElevenLabs' $300 million tender offer was co-led by Wellington Management and T. Rowe Price, who back private companies with the intention of retaining stock post-IPO
- ▪New institutional investors participating in ElevenLabs' $300 million employee tender offer for the first time include Goldman Sachs, GIC, EQT, Ontario Teachers’ Pension Plan, Sapphire Ventures, and BDT & MSD Partners
Enterprise platform performance and adoption
- ▪Enterprise customers account for 55% of ElevenLabs' revenue, with ElevenAgents deployed by governments in Ukraine and Greece, and companies like Stripe and Deutsche Telekom
- ▪ElevenLabs' enterprise platform ElevenAgents handles more than 15 million conversations each week, representing a threefold volume increase since February 2026
Initial public offering plans
- ▪ElevenLabs Chief Executive Officer Mati Staniszewski stated that the company aims to be ready for an initial public offering within the next two to two and a half years
- ▪Mati Staniszewski indicated that while ElevenLabs aims for IPO readiness, whether it actually goes public will depend on various external factors
Debatable claims
- ▪Frequent employee tender offers undermine the long-term stability of startups
- ▪Government deployment of AI voice agents poses unacceptable risks to public trust
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