AI voice startup ElevenLabs is in early talks with investors about a secondary share sale that could value the company at around $22bn, according to reports.
The proposed tender offer, which would allow employees to sell some of their shares, could take place as early as September if discussions progress, Bloomberg reported on Thursday. If completed at that valuation, it would mark a doubling of ElevenLabs' valuation since it raised $500m at an $11bn valuation in February.
Founded in 2022 by former Google and Palantir employees Mati Staniszewski and Piotr Dabkowski, ElevenLabs has emerged as one of Europe's most valuable AI startups. The company develops AI-powered voice generation tools used across sectors including publishing, advertising, customer service and enterprise software.
The latest discussions come as ElevenLabs increasingly shifts its focus towards enterprise customers. In a recent interview with Sifted, cofounder and CEO Staniszewski said the company's revenue split, which stood at roughly 50-50 between consumer and enterprise customers at the end of 2025, was expected to tilt to 70% enterprise revenue by the end of 2027.
The company’s February round was led by Sequoia Capital, with existing investors Andreessen Horowitz and Iconiq also participating. New investors included Lightspeed, Evantic Capital and Bond.
ElevenLabs has repeatedly signalled its ambition to pursue a public listing. "There's still so much to build," Staniszewski wrote on LinkedIn earlier this year. "We stay hungry, knowing how early this space still is as we build toward IPO and beyond."
The company, which has offices in London, Warsaw and New York, employs around 400 people and received nearly 250k job applications last year.
An ElevenLabs spokesperson declined to comment.
