ElevenLabs, the AI voice technology company, is preparing for an initial public offering by 2028, according to CEO Mati Staniszewski. The company closed a $500 million Series D round on Feb. 4, 2026, at an $11 billion post-money valuation—more than triple its $3.3 billion price tag from January 2025.
Secondary market trading suggests early investors believe the valuation is conservative, with some indications pointing to a potential $22 billion figure. The pace matters: ElevenLabs has gone from $4.6 million in annual recurring revenue in 2023 to over $500 million by April 2026. The company ended 2025 with $330 million ARR and is targeting $660 million for full-year 2026.
Sequoia Capital led the round, with participation from Andreessen Horowitz, ICONIQ, Lightspeed Venture Partners, and BlackRock. NVIDIA and Salesforce Ventures participated in earlier rounds. The $500 million is earmarked for research and development and expansion into India, Japan, Brazil, and Mexico.
Enterprise adoption is driving the economics. Forty-one percent of Fortune 500 companies are now ElevenLabs customers, including Deutsche Telekom and Meta. The company has moved beyond its initial text-to-speech offering to include conversational agents, advanced dubbing technology, and other voice AI capabilities designed to integrate into corporate workflows.
ElevenLabs has raised between $781 million and $850 million since its 2022 founding. The involvement of major institutional investors—particularly NVIDIA's stake—signals confidence in the company's role within the broader AI infrastructure ecosystem. CEO Staniszewski recently hired a chief financial officer to strengthen governance and reporting ahead of the public markets.
