ElevenLabs Valuation Doubles to $22B on Employee Stock Sale

Existing shareholders and employees of ElevenLabs sold $300 million of stock in a secondary tender led by Wellington and T. Rowe Price. The transaction establishes a valuation of $22B for the AI voice startup, doubling its valuation from February when it raised $500M. This rapid growth has left early investors with returns of roughly 1,500x over four years.

The company employs over 800 people across 20 countries and trains its own AI models instead of relying on providers like OpenAI or Google. Its customer base includes Deutsche Telekom, Stripe and the governments of Greece and Ukraine, and it aims to be IPO ready within 2.5 years. Nvidia joined as a strategic investor in 2025.