What happened in this Tech story?

AI voice generation startup ElevenLabs is letting employees cash out shares at a $22 billion valuation, doubling its worth in just months through a $300 million tender offer led by Wellington and T. Rowe Price.

What is a key fact in this story? (1)

**ElevenLabs** authorized a $300 million employee tender offer at a $22 billion valuation, co-led by Wellington and T. Rowe Price — large institutional investors that intend to hold the stock after the company goes public

What is a key fact in this story? (2)

The new $22 billion valuation doubles the $11 billion mark ElevenLabs hit when it raised $500 million in February

ElevenLabs hits $22B valuation in employee tender — SkimNews

By TechCrunch · Summarized & edited by Kapil Samant · 2026-09-30

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ElevenLabs authorized a $300 million employee tender offer at a $22 billion valuation, co-led by Wellington and T. Rowe Price — large institutional investors that intend to hold the stock after the company goes public
The new $22 billion valuation doubles the $11 billion mark ElevenLabs hit when it raised $500 million in February
This is ElevenLabs' second secondary transaction; the company previously held a $100 million tender at a $6.6 billion valuation in September 2025
Founded in 2022, ElevenLabs generates ultra-realistic human voices and sound effects and is headquartered in New York and London
Employee liquidity deals like this are part of a growing retention trend among fast-growing AI startups seeking to prevent staff from leaving for competitors
Co-founder and CEO Mati Staniszewski sat down with TechCrunch last week ahead of the announcement

Why it matters: ElevenLabs doubled its valuation to $22 billion in under a year (from $6.6B in September 2025), and by bringing in Wellington and T. Rowe Price — firms known for holding pre-IPO positions — the company is effectively positioning for a public listing while giving employees paper-million-dollar exits before that event.