ElevenLabs doubles valuation to $22B with $300M employee tender

Voice AI company ElevenLabs said on 30 September that it will let employees cash out part of their shares at a $22 billion valuation. The figure doubles the $11 billion the startup was worth in February 2026, when it raised $500 million from Sequoia.

A $300 million employee tender

The transaction was a $300 million tender offer, which gave employees the chance to sell their shares to investors. It was co-led by Wellington and T. Rowe Price, large institutional investors that back private companies with the intention of holding the stock after the company goes public.

It is the second time the four-year-old company has authorised a secondary deal for its staff. In September 2025 ElevenLabs ran a $100 million tender at a $6.6 billion valuation.

Liquidity as a retention tool

The move fits a wider trend: fast-growing AI startups are using employee liquidity as a retention tool, giving staff a stake they can realise now rather than a reason to leave for a competitor.

What ElevenLabs does

Founded in 2022, ElevenLabs is known for generating ultra-realistic human voices and sound effects. With the new valuation, the New York- and London-based company joins the ranks of Europe's most valuable startups.