ElevenLabs, the AI voice technology company behind some of the most realistic synthetic speech on the internet, is gunning for an initial public offering within the next two to three years. CEO Mati Staniszewski laid out the timeline publicly, putting the London and New York-based startup on a collision course with the public markets around 2028.
The company closed a $500 million Series D round on February 4, 2026, led by Sequoia Capital, which valued the business at $11 billion post-money. That’s more than triple the $3.3 billion valuation it carried just a year earlier, in January 2025.
A revenue machine that keeps accelerating
ElevenLabs reported over $330 million in annual recurring revenue by the end of 2025. By April 2026, estimates put that figure north of $500 million in ARR.
The company was pulling in roughly $4.6 million in ARR back in 2023. Going from under $5 million to over $500 million in about three years is the kind of growth curve that makes venture capitalists lose sleep for all the right reasons.
The company set a goal to double its end-of-2025 revenue during 2026, which would put it on track for somewhere around $660 million.
Alongside Sequoia, the Series D attracted Andreessen Horowitz, ICONIQ, Lightspeed Venture Partners, and BlackRock. Previous rounds also drew in NVIDIA and Salesforce Ventures. Cumulative funding since ElevenLabs was founded in 2022 now sits somewhere between $781 million and $850 million. Preliminary talks around a secondary tender at roughly double the February valuation suggest that insiders and early backers believe the $11 billion number might already be stale.
Enterprise adoption is the real story
ElevenLabs counts 41% of Fortune 500 companies among its users, with clients including Deutsche Telekom and Meta.
The company’s product suite has expanded well beyond its original text-to-speech tool. It now offers conversational agents, dubbing technology, and a range of voice AI capabilities that slot into corporate workflows.
Staniszewski has signaled that the fresh capital will flow into research and development, along with geographic expansion into India, Japan, Brazil, and Mexico.
The AI IPO pipeline gets another name
The 2028 timeline gives the company roughly two more years to season its financials, build out its executive team, and establish predictable revenue growth. New executive hires are already underway.
The valuation trajectory tells its own story. Going from founding in 2022 to $11 billion in early 2026 puts ElevenLabs among the fastest-growing AI startups in history by that metric. Secondary market activity suggests a valuation potentially approaching $22 billion.