ElevenLabs Valuation Doubles to $22B in $300M Share Sale

The signal here is the mechanism, not the headline number: a secondary share sale that doubles a private valuation, led by large public-market asset managers rather than a strategic acquirer. That suggests institutional appetite for AI infrastructure is being expressed through late-stage private exposure, and that employees and early backers are taking liquidity without a new primary raise. The comparison to Mistral's raise frames European AI as a two-horse valuation story. Whether this secondary-driven mark holds, and whether more of these deals follow, is the open question.