ElevenLabs hits $22 billion in share sale, not a new funding round

ElevenLabs, the London-based company behind AI-generated voices and voice agents, has doubled its private valuation to $22 billion after a $300 million sale of existing shares. The buyers, led by Wellington and T. Rowe Price, bought stock from employees and earlier investors rather than putting fresh money on the company’s balance sheet. That distinction matters: the deal gives staff and longtime backers a way to turn some paper wealth into cash while ElevenLabs remains private, and it signals what new institutional investors are willing to pay for a stake. The price is twice the $11 billion valuation set in ElevenLabs’ February funding round, reflecting strong investor expectations for AI systems that can handle spoken customer-service and routine business interactions—not simply a $300 million boost to the company’s operating cash.