ElevenLabs weighs secondary sale at $22B as revenue surges

ElevenLabs is in early talks for a secondary share sale that could value the AI voice company at about $22 billion, according to Bloomberg reporting cited by Reuters and other outlets. The proposed tender would let employees sell stock rather than bring in new capital, and it is expected to take place by September if the discussions advance.

If completed, the valuation would roughly double the company’s $11 billion Series D pricing from February 2026 and extend a rapid re-rating that included a $6.6 billion employee tender offer in September 2025. Reported metrics tied to the company’s rise include annual recurring revenue of about $500 million by early 2026, up from roughly $350 million at the end of 2025, and total funding that now exceeds $800 million.

The move matters because secondary sales give early employees liquidity while preserving the company’s cash, and they also provide a fresh market price without the dilution of a primary round. ElevenLabs, founded in 2022 and based in London, builds AI tools that generate realistic speech and has emerged as one of Europe’s most valuable private AI companies, with the new valuation potentially placing it ahead of several regional peers.