A startup specializing in voice cloning is aiming to nearly double its valuation. ElevenLabs, the AI company behind realistic voice software, is talking to investors about a tender offer - a deal that lets employees and early backers sell shares before an initial public offering. The proposed valuation: $22 billion.
In February 2026, ElevenLabs raised $500 million from Sequoia Capital, Andreessen Horowitz, and Iconiq at an $11 billion valuation. Now the company is eyeing a tender offer at roughly $22 billion.
Who Is ElevenLabs and Who Backs It Mati Staniszewski and Piotr Dabkowski, who were high-school friends in Poland, founded the company. The company develops AI tools that produce a broad array of lifelike voices in dozens of languages. Actors and creators have taken notice: Jamie Foxx and "Squid Game" creator Hwang Dong-hyuk are celebrity partners and investors.
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Nvidia Corp. joined as a financial backer in May 2026. Other big-name backers include Sequoia, Andreessen Horowitz, and Iconiq. Even the country of Poland acquired a stake in June 2026.
Retail investors got a chance to buy shares through Robinhood Ventures in May 2026. ElevenLabs competes with OpenAI and Google, both of which have launched their own voice replication offerings.
The tender offer lets early insiders sell before the company goes public. Co-founder Staniszewski previously stated, "the firm aims to be ready for a stock market listing in two to three years, potentially making it one of the first AI companies started in Europe to prepare for an IPO." But the talks are preliminary and could change. The offer is expected to be done by September 2026.
Secondary share sales, or tender offers, are common among high-growth startups as a way to provide liquidity to early investors and employees without forcing an IPO. ElevenLabs' decision to pursue such a sale at a $22 billion valuation, just months after its last funding round, indicates strong internal confidence and sustained investor appetite for AI voice technology.
What to Watch If the tender offer closes at $22 billion, it will follow earlier valuations that climbed from $3.3 billion in early 2025 to $6.6 billion later that year, and then to $11 billion in February 2026. The deadline is September 2026.
ElevenLabs' rapid valuation growth - from $3.3 billion to $22 billion in roughly 18 months - reflects surging demand for AI voice technology across entertainment, customer service, and enterprise applications.
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