ElevenLabs, the voice AI company, revealed today that it will let its employees sell a portion of their vested equity at a $22 billion valuation — a figure that doubles the $11 billion valuation it reached when it raised $500 million back in February. Through a recent $300 million tender offer, staff were given the chance to sell their shares to investors.

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Wellington and T. Rowe Price co-led the transaction. Both are large institutional investors known for backing private companies with the goal of holding onto the stock once the company goes public. This kind of offering reflects a broader trend among rapidly growing AI startups, which increasingly turn to employee liquidity as a way to retain talent and keep staff from jumping ship to rivals.

For ElevenLabs, now four years old, this marks the second time it has authorized a secondary transaction for its employees. The company had previously run a $100 million tender at a $6.6 billion valuation in September 2025.

Launched in 2022, ElevenLabs has built its reputation on producing ultra-realistic human voices and sound effects. With this latest valuation, the New York- and London-based company now stands among Europe's most valuable startups.