ElevenLabs doubles its valuation to $22B in a tender offer

ElevenLabs has closed a $300 million employee tender offer that values the voice AI company at $22 billion, double the $11 billion valuation it carried after its February round, Silicon Republic reported. The offer was led by Wellington and T Rowe Price. The February Series D raised $500 million from investors including Sequoia Capital, Andreessen Horowitz and Iconiq.

The company was founded in 2022 and employs around 800 people, with headquarters in London and New York. It sells three things: an agentic customer-service platform, a creative toolkit for audio, imagery and video, and an API for developers.

The number the company is leading with is conversation volume. ElevenLabs says its ElevenAgents platform handles more than 15 million customer-service conversations a week, three times the volume it carried in February, and that its annual recurring revenue has more than tripled over the same period. That is the shape of the bet: voice is moving from a generation feature into deployed infrastructure, and the agent platform, not the model, is what enterprises pay for.

Music Business Worldwide put the figure in context: $22 billion is more than four times the $5.4 billion post-money valuation that AI music generator Suno reached in June through a $400 million-plus Series D. ElevenLabs entered song generation in August 2025 with what is now ElevenMusic, and has licensing agreements with Merlin, Kobalt and Believe; on September 10 it signed a multi-year deal with Universal Music Group, which the two firms described as ElevenLabs' first with a major record company.

Alongside the tender, the company shipped Eleven v4 and v4 Turbo, text-to-speech models the company says speak, listen and translate across more than 90 languages. It lists Stripe, Deutsche Telekom, DoorDash's SevenRooms and Admiral, plus the governments of Ukraine and Greece, among active enterprise clients, and says five of the world's ten largest technology companies use the platform.

For creators, the practical signal is narrower than the headline number. A vendor valued at $22 billion and monetising agents is a vendor that has to keep the creative tier moving enough to feed developers but price it as a side business. The models a video maker uses for narration and dubbing are the same models that now underwrite call-centre contracts, and the roadmap follows the larger customer.

The tender is complete; the company says the valuation reflects 15 million agent conversations a week and ARR that has more than tripled since February.