ElevenLabs doubles valuation to $22B in employee tender offer

Voice AI startup ElevenLabs announced today that it’s letting employees cash out a portion of their vested equity at a $22 billion valuation — double the $11 billion valuation the company reached in February, when it raised $500 million.

The $300 million tender offer, which gave employees the chance to sell shares to investors, was co-led by Wellington and T. Rowe Price, large institutional investors that typically back private companies with the intention of holding onto the stock after an IPO. The offering fits a broader trend among fast-growing AI startups, which are increasingly using employee liquidity events as a retention tool to keep staff from leaving for competitors.

This marks the second time the four-year-old company has authorized a secondary sale for employees; it previously held a $100 million tender at a $6.6 billion valuation in September 2025.

Founded in 2022, ElevenLabs is known for generating ultra-realistic human voices and sound effects. With its new valuation, the New York- and London-based company joins the ranks of Europe’s most valuable startups. TechCrunch sat down with co-founder and CEO Mati Staniszewski last week.

Why it matters

ElevenLabs’ rapid valuation growth — without a new primary funding round — shows how much investor appetite remains for AI infrastructure bets, even as the tender-offer route lets the company reward staff without yet facing public-market scrutiny.