ElevenLabs Reaches $22 Billion Valuation

ElevenLabs has completed an employee tender offer totaling $300 million at a company valuation of $22 billion. The tender was led by Wellington and T. Rowe Price. A group of investors invested in ElevenLabs for the first time as part of this tender offer, including Goldman Sachs, Ontario Teachers’ Pension Plan, Sapphire Ventures, and BDT & MSD. The $22 billion figure follows the first investment round completed by ElevenLabs in 2022, which closed at a valuation of $9 million. At present, ElevenLabs employs more than 800 people.

ElevenLabs has disclosed that 55 percent of its revenue is generated from enterprise customers. In addition, the ElevenAgents platform conducts more than 15 million conversations on a weekly basis. In August 2025, ElevenLabs launched the ElevenMusic platform with licensing agreements entered into with Merlin and Kobalt. On September 10, the company signed a multi-year partnership agreement with Universal Music Group. The Singapore sovereign wealth fund GIC holds an ownership stake of 4.7 percent in Universal Music Group.

In February, competing platform Suno announced that it had reached more than 2 million paid subscribers on its platform.