ElevenLabs Reportedly Valued at $22 Billion as Revenue Pace Hits $600 Million
AI voice technology company ElevenLabs is now reportedly valued at $22 billion by investors, its CEO Mati Staniszewski discussed competing with its own customers and future plans in a recent interview. The four-year-old company is currently pacing at roughly $600 million in annual recurring revenue.
ElevenLabs, the AI voice model developer whose technology powers companies including Klarna, Deutsche Telekom, Cisco and Adobe, along with a number of governments, is now reportedly valued at $22 billion by its investors. The company, only four years old, is currently pacing at around $600 million in annual recurring revenue (ARR).
Co-founder and CEO Mati Staniszewski gave an interview at the Nrth conference in Toronto, revealing that more than 55% of the business now comes from large enterprise clients, with the remaining 45% split among small and medium businesses, developers and creators.
Competing With Its Own Customers
Staniszewski acknowledged that the lines between model companies, platform companies and application companies are increasingly blurred. As an example, he cited customer Decagon, a conversational AI platform that originally trained its voice product on ElevenLabs technology but now competes with it.
Disclosing AI to Customers
The CEO said businesses should currently disclose when customers are talking to an AI agent rather than a human, since people aren't yet accustomed to it and don't want to feel deceived. However, he predicted that attitudes will shift in the future once everyone has their own AI agent.
Margins and Model Choices
Staniszewski declined to share specific figures on the company's gross margins but said ElevenLabs is willing to accept lower margins if it helps expand market share. Customers can choose between open-weight and closed-source AI models depending on the use case — for example, financial services, where errors aren't tolerable, still rely on frontier models.
The company also works with governments, including Poland, where AI agents call patients to remind them of medical appointments, since 18% currently fail to show up. Staniszewski did not confirm specific plans for a reported 2028 IPO.
