ElevenLabs, the AI voice technology company behind some of the most realistic synthetic speech on the internet, is gunning for an initial public offering within the next two to three years. CEO Mati Staniszewski laid out the timeline publicly, putting the London and New York-based startup on a collision course with the public markets around 2028.
The company closed a $500 million Series D round on February 4, 2026, led by Sequoia Capital, which valued the business at $11 billion post-money. That’s more than triple the $3.3 billion valuation it carried just a year earlier, in January 2025.
A revenue machine that keeps accelerating
ElevenLabs reported over $330 million in annual recurring revenue by the end of 2025. By April 2026, estimates put that figure north of $500 million in ARR.
The company was pulling in roughly $4.6 million in ARR back in 2023. Going from under $5 million to over $500 million in about three years is the kind of growth curve that makes venture capitalists lose sleep for all the right reasons.
