ElevenLabs
ConvictionContext
Usage-based + subscription API/SaaS: creator and prosumer tiers (per-character/credit) plus enterprise voice-agent and API contracts; land-and-expand from creative tools into customer-facing voice agents.
Revenue
~$500M ARRcrossed spring 2026); ~$330M ARR at YE2025 (a later company post cites ~$350M); ~$100M ARR reached during 2024 (company-disclosed run-rate, not GAAP auditedRev growth
ARR roughly +43%in the first four months of 2026 (~$350M to $500M); ~3x YoY 2024 to 2025Gross margin
not disclosedOp margin
not disclosedCapex intensity
not disclosedcompute-intensive; heavy GPU/inference and R&D spend, largely opex via cloudValuation
~$11B primary markSeries D post-money, Feb 2026); ~$22B secondary-tender talks (Bloomberg, Jul 2026) not yet closed and unauditedValuation trail
Secondary tender talks at ~$22B (preliminary, unclosed)220.0× since Jan 2023
5 marks · Jan 2023–Jul 2026
private — no public price
Priced round Secondary / SPAC mark
Primary rounds (Series A-D) are company-disclosed and press-verified; the Jul 2026 ~$22B point is an indicative secondary/liquidity mark from early tender talks, not a closed or audited primary raise. Series A valuation (~$100M) is an approximation from press reporting.
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for ElevenLabs
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence