Voice AI startup ElevenLabs announced today that it’s allowing employees to cash out a portion of their vested equity at a $22 billion valuation, doubling the $11 billion valuation the company hit when it raised $500 million in February.

The recent $300 million tender offer gave employees an opportunity to sell their shares to investors. The transaction was co-led by Wellington and T. Rowe Price, large institutional investors who back private companies with the intention of retaining the stock after the company goes public.

The offering is part of a growing trend among fast-growing AI startups that use employee liquidity as a retention tool to prevent staff from leaving for competitors.

This is the second time the four-year-old ElevenLabs has authorized a secondary transaction for employees. The company previously held a $100 million tender at a $6.6 billion valuation in September 2025.

Founded in 2022, the company is known for generating ultra-realistic human voices and sound effects. With its new valuation, New York- and London-based ElevenLabs joins the ranks of Europe’s most valuable startups.