ElevenLabs in talks for tender offer at $22B valuation, doubling its price tag in weeks
ElevenLabs, the AI voice generation company that barely existed three years ago, is reportedly negotiating a secondary share sale that would value it at $22 billion. That’s double the $11 billion valuation it secured just weeks earlier in its Series D round.
The fastest doubling act in tech
The $22 billion figure comes from Bloomberg reporting on tender offer discussions. A tender offer is when existing shareholders, typically employees and early investors, get a chance to sell their shares to new buyers before a company goes public.
ElevenLabs closed a $500 million Series D round on February 4, 2026, led by Sequoia Capital. That round valued the company at $11 billion and included participation from BlackRock, NVIDIA, a16z, and ICONIQ.
Before that, the company ran a $100 million employee tender offer back in September 2025 at a $6.6 billion valuation. Which itself was more than double the $3.3 billion Series C valuation from January 2025. And before that, the company hit unicorn status at $1.1 billion in early 2024.
If you’re keeping score at home: $1.1 billion to $22 billion in roughly two years. The math works out to a 20x jump.
Why crypto investors should pay attention
The company reportedly surpassed $500 million in annualized recurring revenue by early 2026. Total funding for ElevenLabs now exceeds $780 million across multiple rounds. The investor roster includes Sequoia, a16z, BlackRock, NVIDIA, and ICONIQ — several of which are also active in crypto investing.
The IPO question and what it signals
ElevenLabs has reportedly expressed ambitions to pursue an initial public offering within the next two to three years. A tender offer at $22 billion would serve as a stepping stone toward that goal, establishing a secondary market price point and giving early stakeholders partial liquidity.
Founded in 2022 by Mati Staniszewski and Piotr Dabkowski, the company has built its business around AI-powered voice synthesis and audio generation tools.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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