Milestone · AI & Deep Tech

ElevenLabs reaches six hundred million dollars in annual recurring revenue

By Startup Enthusiast · 24 September 2026

What they do

ElevenLabs builds artificial intelligence voice models that turn written text into human-sounding speech for enterprise and creators

The company reports hitting $600 million in annual recurring revenue with a valuation of $22 billion by its backers

The four-year-old firm generates over 55% of its business from large enterprise customers and explores future public listing plans

Artificial intelligence audio startup ElevenLabs reaches $600 million in annual recurring revenue four years after its founding.
The company commands a reported valuation of $22 billion from its financial backers and investors.
Co-founder and chief executive officer Mati Staniszewski revealed the milestone during an interview at an entrepreneurship conference in Toronto.
Enterprise clients represent more than 55% of total revenue, with small businesses, developers, and creators making up the remainder.
Major enterprise clients using the platform for customer service and support include Klarna, Deutsche Telekom, Cisco, and Adobe.
The company is actively building foundational models and laying the groundwork for a potential initial public offering in upcoming years.
Management notes that profit margins may experience compression as the firm prioritizes expanding its overall market share.

The rapid scaling highlights the massive commercial adoption of generative voice technology across global customer service operations.
Strong competition in the conversational intelligence sector has blurred the traditional lines between model providers, platforms, and application developers.

ElevenLabs provides an advanced artificial intelligence voice layer that converts text into natural-sounding human speech.
The core product suite includes ElevenCreative for content creation, music generation, dubbing, and sound effects.
The platform also features ElevenAgents, allowing businesses to deploy conversational voice and chat agents for customer support.
Additional offerings include text-to-speech APIs, speech-to-text transcription models, and voice cloning capabilities.
Services are utilized across various industries including telecommunications, entertainment, financial services, and government public administration.

Management is preparing organizational foundations for a potential initial public offering within the next few years.

Product: AI voice and audio synthesis platform with advanced natural language processing for speech generation
Customers: Enterprises, content creators and developers building voice-enabled applications globally
How it makes money: B2B SaaS API and subscription model for voice synthesis and audio generation services
What sets it apart: Advanced AI models for natural-sounding speech with 500M+ annual recurring revenue