ElevenLabs has raised its valuation to $22 billion through a $300 million secondary transaction in which employees sold part of their shares. Led by Wellington Management and T. Rowe Price, the transaction did not provide the company with new capital. The company, which reached an $11 billion valuation with a $500 million investment led by Sequoia Capital in February 2026, was founded by Mati Staniszewski and Piotr Dąbkowski in 2022. Developing text-to-speech conversion, voice cloning, dubbing and voice agents, ElevenLabs operates with approximately 800 employees in 20 countries. Its annualized recurring revenue has surpassed $600 million. v4 and v4 Turbo support more than 90 languages. The CEO is targeting an IPO within two to two and a half years.
Why it matters
The fact that the transaction was secondary indicates that the resulting $22 billion valuation stems not from new money entering the company’s coffers, but from the market price formed for existing shares. While this distinction is important in terms of providing liquidity to employees, it also means that ElevenLabs cannot directly use funds from the transaction to finance new investments. Annualized revenue of more than $600 million and support for more than 90 languages show that the company has brought its products to a broad user base and range of markets. The open question for investors is how this valuation will be supported by revenue growth and under what conditions the IPO target stated by the CEO will be achieved.
Background
ElevenLabs is not a new name in the FikirPilot archive: we have published 2 news articles mentioning the name in the last 90 days; the latest is dated September 29, 2026.