ElevenLabs Upcoming IPO: AI voice platform builds toward IPO after Series D
Much of the attention on generative AI has centered around text and image/video creation. But ElevenLabs has been taking a more specialized route, trying to make speech- and audio-based generative AI more prominent, such as with AI tools for voiceovers and AI voice agents for customer service. In fact, ElevenLabs sees a future where people communicate with technology naturally, rather than clicking buttons and browsing menus.2
In its short time since launching in 2022, ElevenLabs has quickly expanded its offerings and reached an $11 billion valuation from a $500 million Series D, led by Sequoia Capital.3 That more than tripled its valuation from its Series C in early 2025.4
With this Series D announcement, ElevenLabs' co-founder and CEO Mati Staniszewski said that the company is building toward an IPO. The company plans to use the funds to fuel research and product development, as well as international expansion.5
According to Bloomberg, Staniszewski said in March 2026 that ElevenLabs aims to be IPO-ready in two to three years, placing a potential public offering around 2028 or 2029. He also noted the company is considering a dual listing that could include the Warsaw Stock Exchange, which would make ElevenLabs one of Europe's first homegrown AI companies to go public.24
If ElevenLabs does follow through with going public, it could join several other highly valued AI companies that have anticipated prospective IPOs, such as Anthropic, OpenAI and now SpaceX following its acquisition of xAI.
ElevenLabs: Company background
ElevenLabs was founded in London in early 2022 by Piotr Dabkowski and Mati Staniszewski, who became friends in high school in Poland. The pair grew up watching movies with voiceovers or dubbing in Polish that they said lacked in quality. So, they quit their jobs at Google and Palantir to create ElevenLabs.6
Initially, the company focused on creating AI-powered dubbing tools, releasing a text-to-speech model in January 2023. This enabled users to create audio content in essentially any type of voice, including clones of their own voices, across a wide range of languages.7
Since then, it has expanded into three main pillars:
- ElevenAgents: A platform for creating and managing AI voice and chat agents, such as for customer service and marketing
- ElevenCreative: A platform for a wide range of audio-focused content, such as translations for localized business content, narration for audiobooks, music and sound effects.
- ElevenAPI: Provides developers with access to ElevenLabs voice infrastructure, which is being used at companies like Meta and Salesforce.8
Making a voice for itself in the AI sector
While there's no shortage of competition in the AI sector right now, ElevenLabs has quickly grown and established itself as a player. While it has somewhat of a unique angle with its emphasis on audio, many other AI companies also have platforms for creating conversational AI agents.
Still, ElevenLabs hit more than $330 million in annual recurring revenue (ARR) by the end of 2025, fueled by large enterprise customers like Deutsche Telekom, Square and Revolut and it has been growing rapidly.
Within 20 months of launching its first model in early 2023, ElevenLabs reportedly reached $100 million in ARR, followed by $200 million in ARR 10 months later and then breaking $330 million only five months after that, as Staniszewski told Bloomberg.9
With the latest funding, ElevenLabs said it will double down on its ElevenAgents enterprise platform.10
Still, the company has been expanding on the creative side, such as reaching a deal in late 2025 with celebrities Michael Caine and Matthew McConaughey to create AI-generated versions of their voices for certain use cases. McConaughey is also an investor in ElevenLabs.11
ElevenLabs also launched AI-music generation capabilities in August 2025, with the company saying that the music could be used for commercial purposes.12
In February 2026, Publishers Weekly reported that the company is also "doubling-down on audiobooks", according to Madeline Shue, Head of Growth and Publisher Partnerships at ElevenLabs.13
ElevenLabs stock price history
At this time, ElevenLabs' Forge Price is not yet available. Check back here or create an account with Forge for more updates on ElevenLabs' stock price history, as well as more valuation information.
Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information, secondary market transactions and indications of interest (IOIs) on Forge.
ElevenLabs funding history and private market valuation
Since its founding, ElevenLabs has raised $781 million across five primary funding rounds.14
That started with a multi-phase Series A, initially raising about $1.5 million in January 2023 at a $10.16 million valuation, followed by an $18.5 million raise in May 2023, bringing ElevenLabs' valuation up to around $120 million. Some of these early investors included Concept Ventures, Credo Ventures, Andreessen Horowitz, Nat Friedman and Daniel Gross.15,16
At the start of 2024, ElevenLabs raised $80 million for its Series B, turning the company into a unicorn with a $1.09 billion valuation.17 This round was co-led by Nat Friedman and Daniel Gross.18
In early 2025, Andreessen Horowitz and ICONIQ co-led the ElevenLabs Series C, which raised $180 million and approximately tripled the valuation to $3.3 billion.19
In February 2026, ElevenLabs raised $500 million for its Series D. This more than tripled ElevenLabs' valuation to $11 billion, with the round led by Sequoia Capital, along with significant investment from Andreessen Horowitz and ICONIQ, among several others.20
ElevenLabs IPO outlook
The company has indicated that it has a goal of going public.21 In March 2026, Bloomberg reported that CEO Staniszewski aims for ElevenLabs to be IPO-ready in two to three years, with a potential dual listing including the Warsaw Stock Exchange.24 If realized, ElevenLabs could become one of Europe's first homegrown AI companies to go public. Check back here or take a look at Forge's upcoming IPO calendar to stay in the loop about a potential ElevenLabs IPO and other pending public offerings.
How to invest in ElevenLabs pre-IPO
ElevenLabs remains a private company, so its stock is not available on public exchanges. However, accredited investors may be able to buy and sell ElevenLabs shares through a private marketplace such as Forge, subject to availability.
Private market investments carry unique considerations, including limited liquidity, transfer restrictions and longer holding periods compared to publicly traded securities.
If you're interested in exploring private market opportunities through a marketplace like Forge, you can create an account to get started.
FAQs about the ElevenLabs upcoming IPO
What does ElevenLabs do?
ElevenLabs is an AI company specializing in generative voice and audio products, such as text-to-speech and translation offerings, along with conversational AI agents.
When is ElevenLabs likely planning an IPO?
Who are ElevenLabs' key investors?
ElevenLabs has brought in several key investors, such as Sequoia Capital, Andreessen Horowitz, ICONIQ, Concept Ventures, Credo Ventures, Nat Friedman and Daniel Gross, to name a few.23
Can anyone invest in ElevenLabs?
ElevenLabs remains a private company, so its stock is typically only available to accredited investors. Accredited investors may be able to buy ElevenLabs shares through Forge's marketplace for private market trading, subject to availability. If ElevenLabs does go through with an IPO, then the general public would be eligible to invest in the company.
