The voice AI startup is reportedly weighing a staff share sale that would value it at nearly double its February funding round, according to people familiar with the discussions.
ElevenLabs is in early talks with investors about an employee tender offer that would value the voice AI startup at roughly $22 billion, according to Bloomberg, which cited people familiar with the matter.
The figure would roughly double the $11 billion valuation the company reached five months ago, when it closed a $500 million Series D led by Sequoia Capital.
The discussions are described as preliminary and the terms could still change. A tender offer would let ElevenLabs employees sell shares to outside investors, a mechanism that has become increasingly common among AI startups racing to retain talent without forcing a full public listing.
The tender is expected to take place by September, and the pattern behind it is now familiar. ElevenLabs ran its first staff share sale in September 2025 at a $6.6 billion valuation, itself more than double the $3.3 billion mark set by its Series C round in January 2025.
