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Oct 1, 202642 views2 min read

ElevenLabs Doubles Valuation to 22 Billion Dollars on Surging AI Voice Agent Demand

AI voice startup ElevenLabs reached a $22 billion valuation on September 30, 2026, after completing a $300 million employee tender offer. The valuation doubles the $11 billion figure the company achieved in February 2026.

ElevenLabs Doubles Valuation to 22 Billion Dollars on Surging AI Voice Agent Demand
Source:TechCrunch

AI voice startup ElevenLabs reached a $22 billion valuation on September 30, 2026, after completing a $300 million employee tender offer. The deal doubled the company's $11 billion valuation from February 2026.

The tender offer was co-led by Wellington and T. Rowe Price. Other participants included EQT, Goldman Sachs, GIC, OTPP, Sapphire Ventures, and BDT & MSD. Existing backers Andreessen Horowitz, Lightspeed, ICONIQ, and D.E. Shaw also participated.

The transaction was a secondary sale, meaning the company did not raise fresh capital. Instead, it gave employees a chance to sell a portion of their vested equity.

The valuation increase is tied to the growth of ElevenLabs' "ElevenAgents" platform, which provides voice and chat agents for enterprise clients. The company says this segment has more than tripled its annual recurring revenue since February 2026. Agents now handle over 15 million conversations per week.

Enterprise customers account for 55% of the company's revenue. Clients include Stripe, Deutsche Telekom, SevenRooms, Admiral, and the governments of Greece and Ukraine.

ElevenLabs was founded in 2022. It recently released its "Eleven v4" and "v4 Turbo" text-to-speech models. The company aims to pursue an initial public offering within the next two to three years.

The startup faces competition from Google, OpenAI, Deepgram, and Cartesia. It is also navigating a class-action lawsuit in Illinois alleging unauthorized use of biometric voiceprints for model training.

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