ElevenLabs, the British company specializing in AI-powered voice generation, is considering a secondary sale of its shares. The move would allow early investors and employees to sell their stakes, and it could also be a rare chance for Poland’s BGK bank to increase its position in a company now valued at $22 billion.
The company was founded in London in 2022 by Piotr Dąbkowski and Mati Staniszewski. In February this year, ElevenLabs was valued at $11 billion. Just six months later, that valuation has nearly doubled to $22 billion, reflecting the company’s rapid growth and the market’s appetite for generative AI technology.
A secondary sale differs from an initial public offering. The company does not issue new shares; instead, existing shareholders sell their stakes directly to new or current investors. Proceeds, after tax, go to the sellers. According to Bloomberg sources, the operation is planned for September 2026 and could be a step toward an IPO, which ElevenLabs has said may happen in late 2027 or 2028.
A Polish connection and a growing stake
Last month, Vinci, a fund from the BGK group, invested 40 million zlotys in ElevenLabs. The Polish bank thus joined a prestigious group of global investors. The main goal of that investment is to fund AI Lab Poland, a center for AI technology that will combine Polish science and business.
Now, with the secondary sale on the horizon, there is a chance for BGK to buy more shares on the secondary market. – It seems worth analyzing the possibility of purchasing ElevenLabs shares for the portfolio. It could bring a very high rate of return – said Wojciech Żurawski, a journalist from WNP.PL, citing sources close to the matter.
Dual listing on the Warsaw Stock Exchange possible
During the March conference of the Chamber of Brokerage Houses in Bukowina Tatrzańska, CEO Mati Staniszewski said that a dual listing on the Warsaw Stock Exchange is not ruled out. If ElevenLabs goes public in Warsaw, it would be a landmark event for the Polish capital market, giving local investors direct access to one of the most valuable European AI startups.
The secondary sale would also allow employees who hold stock options to cash out. For a company that has grown from zero to a $22 billion valuation in just four years, such a transaction is a chance to reward the team that helped build the technology. At the same time, it would let ElevenLabs manage its cap table ahead of a future IPO, which is often a prerequisite for institutional investors.
Źródło: WNP.PL, Fot. metamorworks / Shutterstock
