ElevenLabs reaches $11B valuation, targets 2028 IPO after $500M Series D
In brief
- ElevenLabs secured $500M Series D from Sequoia, Andreessen Horowitz, ICONIQ, Lightspeed, and BlackRock
- Valuation tripled to $11B post-money from $3.3B in January 2025
- CEO Mati Staniszewski announced 2028 IPO target; ARR projected to exceed $500M by April 2026
- 41% of Fortune 500 companies use ElevenLabs; clients include Deutsche Telekom and Meta
Growth trajectory reshapes the AI landscape
ElevenLabs' valuation more than tripled from $3.3 billion in January 2025 to its current $11 billion valuation. The company's revenue growth mirrors this expansion. ElevenLabs reported over $330 million in annual recurring revenue by the end of 2025, up from roughly $4.6 million in 2023. By April 2026, estimates put that figure north of $500 million in ARR.
The company set an ambitious target for 2026. ElevenLabs' goal to double its end-of-2025 revenue during 2026 would put it on track for somewhere around $660 million. That acceleration reflects surging demand for AI voice technology across enterprises.
Secondary market activity suggests a valuation potentially approaching $22 billion, signaling investor appetite that extends beyond the formal funding round.
Series D coalition and capital allocation
The Series D round attracted Andreessen Horowitz, ICONIQ, Lightspeed Venture Partners, and BlackRock alongside Sequoia. This investor roster underscores confidence in ElevenLabs' market position and execution.
ElevenLabs counts 41% of Fortune 500 companies among its users, with clients including Deutsche Telekom and Meta. The company's product suite spans conversational agents, dubbing technology, and voice AI capabilities for corporate workflows.
Capital from this round will fuel two priorities. Staniszewski signaled that fresh capital will flow into research and development, along with geographic expansion into India, Japan, Brazil, and Mexico. ElevenLabs has raised cumulative funding between $781 million and $850 million since its founding in 2022, positioning the company for sustained scaling ahead of its public market debut.
