ElevenLabs explores $22B valuation in employee share sale

ElevenLabs, the AI voice startup, is in early discussions with investors about a secondary tender offering that would value the company at roughly $22 billion, according to Bloomberg. The proposed transaction would allow employees to sell shares, with the tender offering expected to take place by September, though the discussions remain in early stages and terms could change.investing

Valuation Doubles Again

The $22 billion figure would represent a doubling of the $11 billion valuation ElevenLabs achieved in its $500 million Series D round, which closed in February and was led by Sequoia Capital. It would also continue a pattern that has become something of a company signature: ElevenLabs' valuations have repeatedly arrived in multiples of eleven, rising from $3.3 billion in its January 2025 Series C, to $6.6 billion in a September 2025 employee tender offer, and then to $11 billion earlier this year.elevenlabs+3

The company, founded in 2022 by Piotr Dąbkowski and Mati Staniszewski, has grown rapidly. ElevenLabs crossed $330 million in annual recurring revenue by the end of 2025 and surpassed $500 million in ARR by late April 2026. A May extension of the Series D brought in new backers including BlackRock ↗ 1.22%, Nvidia ↗ 0.14%, and Salesforce ↘ 2.09%, alongside actors Jamie Foxx and Eva Longoria and "Squid Game" creator Hwang Dong-hyuk.sourcery+2

Growing Investor Interest

If the tender offering proceeds as described, it would mark the third time ElevenLabs has used such a mechanism to provide employees with liquidity. In September 2025, the company ran a $100 million tender offer at a $6.6 billion valuation, allowing staff who had worked at least one year to sell shares. CEO Staniszewski has said the company aims to be ready for a public listing within two to three years, with a potential dual listing that could include the Warsaw Stock Exchange.reuters+3

The startup's cap table has broadened considerably. In June, Poland's state development bank BGK took a minority stake through its investment arm, Vinci, putting about $11 million behind the company as part of an initiative to strengthen the domestic AI ecosystem. ElevenLabs plans to grow its Warsaw team from around 60 to more than 200 over the next 18 months.sourcery

Tender Offers Proliferate Among AI Startups

The move would come amid a wave of secondary share sales across the AI sector, as fast-growing private companies seek to reward employees while delaying public listings. U.K. autonomous driving startup Wayve recently launched an $85 million employee tender offer at an $8.5 billion valuation. OpenAI has also expanded its own secondary sales to accommodate employee liquidity at ever-higher valuations.techcrunch