ElevenLabs Valued at $22 Billion After Tender Offer

ElevenLabs, the AI audio research and product giant, said on Wednesday (Sept. 30) that following a tender offer stock sale, the company is now among the most valuable AI companies in the world, valued at $22 billion.

Existing investors and employees sold $300 million worth of stock in a tender offer led by Wellington and T Rowe Price, according to a statement. A tender offer is a type of secondary transaction where holders of private company shares are allowed to sell their vested stock or options back to the company or to outside investors. It allows those shareholders to lock in a guaranteed cash profit before a company may go public, and it can help the company reduce risk.

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London-based ElevenLabs, which is fast emerging as a Suno competitor in the AI music space, is now among the top 10 most valuable AI companies outside China, according to the Financial Times.

In September, ElevenLabs announced it was partnering with Universal Music Group (UMG) on the development of an AI-powered music platform that will allow fans to co-create, remix and mash up music from UMG artists and songwriters who choose to participate, using ElevenLabs’ AI voice re-creation technology to create “personalized vocal experiences.”

The deal with UMG adds to ElevenLabs’ music partnerships, which also include digital indie licensing organization Merlin, independent music publisher Kobalt and music production library SourceAudio.

Launched in 2022, ElevenLabs has since become the authorized AI voice partner for A-list actors like Michael Caine and Matthew McConaughey. Its music platform ElevenMusic has partnerships with Liza Minnelli, Art Garfunkel, “BBL Drizzy” creator King Willonius, The Danger Twins and Justin Love.

In February, ElevenLabs raised $500 million in its Series D funding round, which valued the company at $11 billion. And in May, it surpassed $500 million in average annual return (ARR) in the first four months of 2026, up from $350 million ARR at the end of 2025. Its investors include BlackRock, Wellington, NVIDIA’s venture capital arm NVentures, Santander, Jamie Foxx and Eva Longoria.