London-based AI voice start-up Eleven Labs has leapt into the ranks of the world’s most valuable AI labs after a share sale doubled its price tag to $22bn. Existing investors and employees sold $300mn worth of stock in a tender led by Wellington and T Rowe Price. The new round doubles Eleven Labs’ last valuation in its primary financing in February, when it raised $500mn from Silicon Valley venture firms including Sequoia Capital, Andreessen Horowitz and Iconiq.

FT Ventures is also an investor.\n\nThe deal puts Eleven Labs’ price tag at a similar level to France’s Mistral, which raised €3bn in Europe’s largest-ever private tech financing this month at a €21bn valuation. Mati Staniszewski, Eleven Labs’ chief executive, told the FT that the secondary transaction allowed it to bring in “long-term institutional investors”, including Goldman Sachs and Singaporean sovereign wealth fund GIC.\n\n“We are competing for talent with the biggest AI labs,” he said. “We need to stay competitive in that market, too.” Eleven Labs was founded by Staniszewski and fellow Polish entrepreneur Piotr Dąbkowski in 2022. Nvidia became a strategic investor in 2025.

Its largest customers include telecoms groups Deutsche Telekom and KPN, the governments of Ukraine and Greece, and fintech groups Stripe, Revolut and Klarna.\n\nThe secondary financing comes after Eleven Labs’ release of its fourth-generation model. Unlike many AI software groups, Eleven Labs develops its own models and trains them on its own computing infrastructure. It has offices in 20 countries and has more than doubled its headcount to 800 staff. “We want to build for the long term,” Staniszewski said. “We would like to be IPO ready over the next two or two and a half years.”.