ElevenLabs, the AI voice generation company that barely existed three years ago, is reportedly negotiating a secondary share sale that would value it at $22 billion. That’s double the $11 billion valuation it secured just weeks earlier in its Series D round.
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The $22 billion figure comes from Bloomberg reporting on tender offer discussions. A tender offer is when existing shareholders, typically employees and early investors, get a chance to sell their shares to new buyers before a company goes public.
ElevenLabs closed a $500 million Series D round on February 4, 2026, led by Sequoia Capital. That round valued the company at $11 billion and included participation from BlackRock, NVIDIA, a16z, and ICONIQ.
Before that, the company ran a $100 million employee tender offer back in September 2025 at a $6.6 billion valuation. Which itself was more than double the $3.3 billion Series C valuation from January 2025. And before that, the company hit unicorn status at $1.1 billion in early 2024.
