ElevenLabs valued at $22bn after $300m staff and investor share sale
ElevenLabs is now valued at $22 billion after existing shareholders sold $300 million of stock. The London-based company announced the figure on Sept. 30. The tender offer was led by Wellington and T. Rowe Price, Billboard reported.
The deal was organised as a tender offer, a sale where current holders sell shares to incoming or existing backers. It does not raise new cash for the company itself. In this case the sellers were existing investors and employees.
ElevenLabs describes itself as an AI audio research and product company. It launched in 2022. Its backers include BlackRock, Wellington, NVIDIA's NVentures, Santander, Jamie Foxx and Eva Longoria.
The new price doubles the company's valuation from February. Then it raised $500 million in a Series D round, a late-stage private funding round, at an $11 billion valuation. Revenue has climbed fast alongside it. ElevenLabs passed $500 million in ARR, annual recurring revenue, the yearly run-rate from subscriptions, in the first four months of 2026, up from $350 million at the end of 2025.
By September, the company said it was pacing at $600 million in annual recurring revenue in an interview with TechCrunch.
For the music business, the timing matters. In September, ElevenLabs announced a partnership with Universal Music Group to develop an AI-powered music platform for fan co-creation and remixes.
The sale had been trailed for months. In early July, Bloomberg reported that the company was in talks for a tender offer at a $22 billion valuation, expected by September. That structure follows a pattern. ElevenLabs ran a $100 million employee tender at a $6.6 billion valuation in September 2025, led by Sequoia and ICONIQ, and closed a second $100 million tender by May. Its Series C in January 2025 raised $180 million at a $3.3 billion valuation.
