ElevenLabs has reached $600 million in annual recurring revenue, with enterprise customers now accounting for more than 55% of its business, co-founder and CEO Mati Staniszewski said at the Nrth conference in Toronto. The four-year-old voice AI company is also reportedly valued at about $22 billion by its backers.
ElevenLabs provides voice and conversational AI used in customer service, government services and creative work such as dubbing and audiobooks. Customers include Klarna, Deutsche Telekom, Cisco and Adobe, while Klarna uses its technology for first-line phone support covering 35 million U.S. customers.
Enterprise Customers Drive Revenue Growth
The latest revenue figure follows ElevenLabs’ announcement in May that it had surpassed $500 million in ARR after ending 2025 at about $350 million. Its enterprise share has also increased from around 40% a year ago to more than 55%, according to a recent company update.
Staniszewski said the remaining revenue comes largely from small and medium-sized businesses, developers, builders and creators. ElevenLabs’ customers can select different underlying reasoning models depending on their needs, including frontier and open-weight models.
He said open-weight models can work for lower-risk customer service tasks where answers come from a defined knowledge base. Financial services may require stronger frontier models when agents are handling authentication, transactions or refunds, where mistakes carry greater consequences.
Government deployments also vary by country. In Poland, for example, ElevenLabs works with a healthcare system that uses voice agents to remind patients about appointments while maintaining local data requirements.
ElevenLabs Wants AI Agents to Identify Themselves
Staniszewski said businesses should currently tell customers when they are speaking to an AI rather than a person. ElevenLabs’ agent disclosure requirements already require customers to clearly inform users that they are interacting with AI and that conversations may be recorded.
He said those expectations could change as AI agents become more common. For now, he argued that giving customers a choice between waiting for a human and speaking immediately with an AI agent can reduce concerns about being misled.
Staniszewski also said ElevenLabs is willing to accept lower gross margins if doing so reduces costs for customers and increases adoption. The company uses thousands of contractors to annotate training data, including details such as timing, accents, emotions and speaking style, and has worked with voice coaches to improve those annotations.
The CEO did not confirm reports that ElevenLabs could pursue an initial public offering in 2028. In an interview with TechCrunch, he said the company is preparing itself to have that option in the coming years, but any decision would depend on timing and market conditions.
Featured image credits: Wikimedia Commons
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