ElevenLabs
Voice & speech AI · https://elevenlabs.io
Verdict: Hold · Confidence: medium · Reviewed 2026-10-15
Strong voice-AI leader with company-disclosed ARR >$500M; valuation doubled in months.
Rubric
| Dimension | Score (1–5) | Notes & sources |
|---|---|---|
| Real customers & revenue quality Are there named paying customers, recurring revenue, and retention evidence? | 4/5 | Crossed $500M ARR (company, Apr 2026).
|
| Unit economics Do gross margins survive inference/compute costs? Is pricing durable? | Unknown | Private company; gross margin and inference costs not publicly disclosed. |
| Moat Proprietary data, distribution, switching costs, or tech that is hard to copy? | 3/5 | Quality lead and own models, but voice is being commoditized by labs. |
| Platform risk Could a model provider or incumbent ship this as a feature? (higher score = lower risk) | 3/5 | OpenAI/Google offer competing voice models. |
| Team & execution Shipping cadence, leadership track record, stability. | 4/5 | Rapid growth and product breadth.
|
| Funding vs. traction Is capital raised justified by verifiable traction? | 3/5 | $11B Series D (Feb 2026) then $22B tender (Sep 2026).
|
| Hype signals Demo-driven marketing, vague metrics, valuation outrunning evidence? (higher score = fewer red flags) | 3/5 | Rapid valuation doubling via tender.
|
Listing source: https://elevenlabs.io. Revenue, users, and valuation figures appear only when publicly sourced; otherwise they are marked unknown.