ElevenLabs, a developer of AI voice technology, plans to launch an initial public offering around 2028. CEO Mati Staniszewski confirmed the timeline, noting that the company is currently focused on scaling its operations and strengthening its executive team.
The startup recently secured $500 million in a Series D funding round led by Sequoia Capital, reaching a post-money valuation of $11 billion. This figure represents more than a threefold increase from the $3.3 billion valuation recorded in January 2025.
The company's annual recurring revenue reached over $330 million by the end of 2025 and surpassed $500 million by April 2026. Management aims to double the 2025 revenue figure during 2026, targeting approximately $660 million.
Cumulative funding since the company's inception in 2022 ranges between $781 million and $850 million. Investors in the latest round include Andreessen Horowitz, ICONIQ, Lightspeed Venture Partners, and BlackRock, with previous backing from NVIDIA and Salesforce.
ElevenLabs serves 41% of Fortune 500 companies, including Meta and Deutsche Telekom. The company plans to use the new capital for research and development, as well as geographic expansion into India, Japan, Brazil, and Mexico.
Secondary market discussions suggest that the company's valuation could potentially reach $22 billion. The startup has evolved from a text-to-speech tool provider into a platform offering conversational agents and dubbing technology.
