ElevenLabs valuation climbs to $22 billion in employee share sale
The secondary deal gives staff cash out while marking a sharp jump from the company’s February valuation.
ElevenLabs has let employees sell some vested shares in a secondary deal that values the AI voice company at $22 billion, up from the $11 billion mark it reached after its February fundraising. The $300 million tender offer was co-led by Wellington and T. Rowe Price and gives staff liquidity in a market where AI startups are using equity sales to help retain talent. The company previously ran a $100 million tender in September 2025 at a $6.6 billion valuation, making this its second employee secondary transaction. Separately, two Google alumni closed BAG Ventures’ $11.3 million fund to invest in early-stage AI startups they think will win enterprise spending as buyers move away from experimentation and toward products that deliver measurable outcomes.
Why it matters
The sale gives ElevenLabs employees a way to realize value without waiting for an exit, while also showing that private market demand for the company has strengthened since February. It is the company’s second employee secondary transaction, which suggests liquidity for staff is becoming part of how it manages retention and ownership as it grows.
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Sources
- TechCrunch