ElevenLabs, the British artificial intelligence company specialising in voice generation, is reportedly considering a secondary share sale. The transaction, potentially taking place as early as September 2026, would allow existing shareholders including employees to cash out before a planned initial public offering. With the company now valued at around $22 billion, the move also opens a window for Polish development bank BGK to grow its stake after an initial PLN 40 million investment through its Vinci fund.
Founded in London in 2022 by Polish entrepreneurs Piotr Dąbkowski and Mati Staniszewski, ElevenLabs has seen its valuation double in just six months – from $11 billion in February 2026 to roughly $22 billion today. The company builds advanced speech synthesis systems powered by artificial intelligence, serving clients ranging from content creators to large enterprises.
A secondary sale differs from a traditional IPO: the company does not issue new shares, and proceeds go directly to selling shareholders rather than into the corporate treasury. According to sources cited by Bloomberg, ElevenLabs is preparing such a transaction for September, which could also serve as a stepping stone toward a public listing planned for late 2027 or 2028.
Mechanics and timing of the secondary sale
Secondary offerings are often used by fast-growing startups to provide liquidity for early investors, founders, and employees without diluting the company’s equity. In ElevenLabs’ case, the move comes amid a broader strategy to eventually go public. During a conference in Bukowina Tatrzańska in March 2026, CEO Mati Staniszewski signalled that a dual listing on the Warsaw Stock Exchange is not out of the question.
– We do not rule out a dual listing on the Warsaw Stock Exchange – said Mati Staniszewski, CEO of ElevenLabs.
If executed, a secondary sale could also help set a market price for the shares ahead of an IPO, reducing volatility when the company finally debuts. For employees holding stock options, it would be a rare chance to realise gains without waiting years for a public offering.
Strategic implications for BGK and Poland
In June 2026, BGK’s venture capital arm Vinci invested PLN 40 million in ElevenLabs, joining a prestigious group of global backers. The stated goal was to fund the construction of AI Lab Poland – a centre linking Polish science and business to harness cutting-edge AI technology. Now, with a secondary sale on the horizon, BGK has an opportunity to increase its exposure to one of the world’s most valuable AI startups.
The potential returns from such an investment could be substantial. ElevenLabs’ rapid growth trajectory – doubling its valuation in half a year – suggests strong investor appetite for AI companies with proven commercial applications. For a state-backed institution like BGK, a larger stake in ElevenLabs would not only be financially prudent but also strategically aligned with Poland’s ambition to become a regional AI hub.
Observers note that the secondary market might offer BGK a better entry point than a future IPO, where demand could drive prices even higher. The decision, however, will depend on BGK’s internal assessment of risk and the conditions of the sale, which have not yet been publicly disclosed.
Źródło: WNP.PL, Fot. metamorworks / Shutterstock
