ElevenLabs: Employee Buyout at $22 Billion Co-led by Funds

ElevenLabs has opened a liquidity window of $300 million for its employees, establishing a valuation of $22 billion. The operation, co-led by Wellington and T. Rowe Price, comes after a first secondary offering in 2025 and doubles the valuation achieved during the fundraising in February.

Second Liquidity Window for $300M

For the second time, ElevenLabs has authorized a secondary transaction benefiting its employees. The recent buyback offer, amounting to $300 million, allowed them to sell a portion of their shares to investors. The transaction was co-led by Wellington and T. Rowe Price, two institutional investors that support private companies with the intention of holding their shares after the IPO. This operation is part of a trend where high-growth AI startups use employee liquidity as a retention tool.

Valuation Raised to $22B, Doubling February's Figure

The operation sets a valuation of $22 billion for ElevenLabs, enabling employees to monetize a portion of their vested shares. This valuation doubles the $11 billion observed during a $500 million fundraising in February. Previously, in September 2025, the company had already organized a secondary offering of $100 million at a valuation of $6.6 billion.

Profile: 2022, Dual Presence, and European Status

Founded in 2022, ElevenLabs has offices in New York and London. The company has gained attention for its ability to produce synthetic voices and ambient sounds with striking realism. Its current valuation places it among the highest-valued European startups.