ElevenLabs valuation climbs to $22 billion
ElevenLabs reached a $22 billion valuation in late September 2026 after Wellington Management and T. Rowe Price led a $300 million tender offer that doubled the company’s $11 billion valuation from February. This rapid growth comes after the company reported $600 million in annual recurring revenue in September 2026, which is an increase from the $330 million it generated at the end of 2025. The expansion means ElevenLabs added about $30 million in new recurring revenue every month in 2026. Enterprise accounts are 55% of revenue, an increase from the 40% seen a year earlier. The company has major clients like Revolut and Klarna that use the platform for voice agents. Revolut uses ElevenLabs Agents for customer support to serve 4 million customers and reported an 8x drop in time-to-resolution across 30 languages. Klarna uses the platform for 35 million users and reported 10x faster resolution times. Other clients include the Washington Post, TIME, HarperCollins, and the Ukrainian government. The company has total funding exceeding $800 million across seven rounds. The valuation history shows a steep climb: $3.3 billion in January 2025, $6.6 billion in September 2025, and $11 billion in February 2026.
New audio models and voice cloning specs
The company launched its Eleven v4 voice model on September 28, 2026, alongside a low-latency Eleven v4 Turbo model. This model supports more than 90 languages and has a median time to first speech of 150 milliseconds. ElevenLabs has about 800 employees, which is double the 400 employees reported in July 2026. The platform is a collection of tools for voice and audio. Instant Voice Cloning uses 1 to 5 minutes of audio for rapid results. Professional Voice Cloning requires between 30 minutes and 3 hours of clean data to create a model that is nearly indistinguishable from the original speaker.
| Plan | Monthly Price | Monthly Credits |
|---|---|---|
| Free | $0 | 10,000 |
| Starter | $6 | 30,000 |
| Creator | $22 | 100,000 |
| Pro | $99 | 500,000 |
| Scale | $330 | 2,000,000 |
| Business | $990 | 11,000,000 |
The company is a subscription business that uses a monthly credit system. One credit is approximately one character of text-to-speech. You may find the credit system opaque when experimenting with different models. ElevenLabs voice agents are responsible for 15 million conversations every week. The company is also an AI music developer, having released Eleven Music in August 2025. This music tool is trained on licensed data and has generated nearly 14 million songs.
Dubbing capabilities and HeyGen comparisons
ElevenLabs has a Dubbing Studio for video localization that supports 29 languages. This tool is an audio-only solution and does not change the visual lip movements of the speaker in a video. HeyGen has video translation in over 40 languages that includes lip-syncing with its AI avatars. While ElevenLabs is a provider of high-fidelity audio, HeyGen is a provider of complete video files with a speaking human figure. The two platforms are different tools for different parts of the production pipeline.
| Feature | ElevenLabs | HeyGen |
|---|---|---|
| Primary Output | Audio | Video |
| Languages | 29+ | 40+ |
| Real-time Agents | Yes | No |
The ElevenLabs platform is a collection of tools including Scribe v2, a speech-to-text model with 93.5% accuracy across 90 languages. This model is capable of transcription in under 150ms. The company is also a creator of the Iconic Marketplace, where users license voices from celebrities like Michael Caine and Matthew McConaughey. Will the expansion into video-adjacent tools eventually close the gap with HeyGen?
