AI Voice Firm ElevenLabs Sees Valuation Double to $22 Billion

Meta Description: ElevenLabs employees can sell vested shares in a $300 million tender at $22 billion, doubling February's $11 billion valuation as AI startups offer liquidity.

Tags: ElevenLabs, AI voice, employee liquidity, tender offer, startup valuation

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ElevenLabs announced today that employees can cash out a portion of their vested equity at a $22 billion valuation, doubling the $11 billion valuation the company hit when it raised $500 million in February. The move matters because it shows how a private AI startup can give staff real cash while investors try to lock in access to shares before a potential public listing.

Founded in 2022: A Voice AI Company Builds a Track Record

Founded in 2022, ElevenLabs became known for generating ultra-realistic human voices and sound effects. The New York- and London-based company is described in the announcement as four-year-old, a reminder that its valuation has changed quickly. Voice AI depends on specialized research and engineering talent, so demand for skilled staff has become a central constraint for companies in the category. Equity is one tool used to address that constraint, but private-company shares are not automatically liquid: employees can only sell if a secondary market or tender offer is available.

September 2025 and February: Two Valuation Marks Before the Latest Tender

The latest liquidity program follows two earlier reference points. In September 2025, ElevenLabs held a $100 million tender at a $6.6 billion valuation, its first secondary transaction for employees. A secondary transaction lets employees sell existing shares to investors rather than waiting for the company to go public. In February, the company raised $500 million at an $11 billion valuation, a financing round that placed it among Europe’s most valuable startups. Those events show how ElevenLabs has used both primary funding and employee share sales to mark the value of the business while staying private.

Today: A $300 Million Tender at a $22 Billion Valuation

ElevenLabs announced today that it is allowing employees to cash out a portion of their vested equity at a $22 billion valuation, doubling the $11 billion figure from February. The recent $300 million tender offer gives employees an opportunity to sell shares to investors. The transaction was co-led by Wellington and T. Rowe Price, large institutional investors who back private companies with the intention of retaining the stock after the company goes public. With the new $22 billion valuation, the New York- and London-based ElevenLabs joins the ranks of Europe’s most valuable startups.

Why the Liquidity Program Matters

This is the second time the four-year-old ElevenLabs has authorized a secondary transaction for employees, and it is part of a growing trend among fast-growing AI startups that use employee liquidity as a retention tool to prevent staff from leaving for competitors. In this stage, a tender offer does more than reward early employees; it also gives outside investors a way to acquire shares before a possible public listing. The next development to watch is whether ElevenLabs continues to expand these liquidity events or moves closer to an offering, because the investors in this transaction are described as intending to retain the stock after the company goes public.