ElevenLabs announced a $22 billion valuation on September 30, 2026, after completing a $300 million employee tender offer. That is about 4.1 times Suno’s $5.4 billion post-money valuation, disclosed in June 2026. The figures come from different private transactions; they are not evidence that ElevenLabs has four times Suno’s revenue, users, or profitability.
What is ElevenLabs worth?
ElevenLabs said its September 30, 2026 employee tender offer was completed at a company valuation of $22 billion. The offer involved $300 million in shares and gives employees a chance to sell some of their holdings. It is a private transaction valuation, not a public-market capitalization. ElevenLabs’ tender announcement described the valuation as double its February 2026 Series D valuation.
In that earlier round, ElevenLabs raised $500 million at an $11 billion valuation. The Series D announcement provides the funding and valuation figures.
How does the valuation compare with Suno?
Suno announced in June 2026 that it had raised more than $400 million in Series D funding at a $5.4 billion post-money valuation. Suno’s announcement gives the round details.
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| Company and transaction | Date | Disclosed amount | Valuation |
|---|---|---|---|
| ElevenLabs employee tender offer | September 30, 2026 | $300 million in shares | $22 billion |
| ElevenLabs Series D | February 2026 | $500 million raised | $11 billion |
| Suno Series D | June 2026 | More than $400 million raised | $5.4 billion post-money |
The $22 billion figure divided by $5.4 billion is approximately 4.07, which is why the comparison is often rounded to “four times.” It compares valuations disclosed in separate private transactions at different dates, not equivalent measurements of operating performance.
Why the transactions are not directly equivalent
An employee share sale versus a funding round
ElevenLabs’ latest figure came with an employee tender offer, which allows eligible employees to sell shares. Its February valuation came from a Series D funding round. Suno’s $5.4 billion figure was a post-money valuation associated with a Series D investment. These transaction types provide different contexts for interpreting a company’s stated valuation.
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Different businesses
ElevenLabs describes a broader AI audio portfolio spanning text-to-speech, music, transcription, dubbing, and conversational products. Its company overview also describes creator tools for speech, music, image, and video. The September tender announcement highlighted its Eleven v4 and v4 Turbo text-to-speech models. ElevenLabs’ company overview outlines that broader scope.
ElevenLabs is also moving further into music. On September 10, 2026, it and Universal Music Group announced a multi-year licensing agreement and strategic collaboration to develop an AI music platform for fans and AI audio products for artists and songwriters. The announcement from Universal Music Group describes the planned collaboration; it does not make ElevenLabs solely a music-generation company.
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsSuno presents itself as a music-creation platform. Its co-founder and CEO, Mikey Shulman, said the service was being used by professional producers and songwriters as well as people making music for the first time. Suno’s Series D announcement includes his statement about broadening access to music creation.
Valuation does not establish which company performs better
The cited announcements do not provide matched financial statements or comparable revenue, margin, or profitability data for the two companies. The valuation figures alone therefore cannot show that ElevenLabs is growing faster, earning more, or worth more on an operating-performance basis.
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