Cohere vs ElevenLabs: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for Cohere. A full-year revenue figure is unavailable here for ElevenLabs.
Latest financial snapshot
Cohere
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
ElevenLabs
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Financial summary
Cohere
Cohere is private and does not publish audited financials, so its figures come from investor communications and press reports. Annualized revenue was about $13 million at the end of 2023, roughly $100 million by mid-2025, and $240 million ARR at the end of 2025, ahead of a $200 million target (The Globe and Mail, CNBC, February 2026). Its valuation rose from $2.2 billion (Series C, June 2023) to $5.5 billion (Series D, July 2024), $6.8 billion (August 2025, $500 million raise) and about $7 billion after a $100 million extension in September 2025. The April 2026 Aleph Alpha combination and a concurrent Series E, anchored by Schwarz Group, were reported to value the company near $20 billion, and in September 2026 The Globe and Mail reported talks to raise a further $2 billion to $3 billion. Cohere has not disclosed net income.
ElevenLabs
ElevenLabs is private and does not publish audited accounts; its figures come from company announcements and press reports. ARR was above $330 million at the end of 2025 and above $500 million by April 2026, and reports around the September 2026 tender put it near $600 million. Funding milestones: $80 million Series B at $1.1 billion (January 2024), $180 million Series C at $3.3 billion (January 2025), a $6.6 billion secondary sale in 2025, a $500 million Series D at $11 billion led by Sequoia (February 2026), and a $300 million employee tender at $22 billion (September 2026). ElevenLabs is one of the fastest-growing AI voice technology startups, achieving unicorn status with a private valuation of approximately $1.1 billion.
Revenue and profit by year
Cohere
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 run-rate | $240M | — | — | — | Source |
| FY2024 run-rate | $62M | — | — | — | Source |
| FY2023 run-rate | $13M | — | — | — | Source |
ElevenLabs
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $500M | — | — | — | Source |
| FY2025 run-rate | $330M | — | — | — | Source |
| FY2024 run-rate | $90M | — | — | — | Source |
Where the revenue comes from
Cohere
- Model API and cloud marketplace usage
Not disclosed
Per-token fees for Command, Embed and Rerank through Cohere's API and partners such as Oracle Cloud Infrastructure, Amazon Bedrock and Microsoft Azure.
- Private deployment and North subscriptions
Not disclosed
Annual contracts for running Cohere models and the North agent platform in customer VPCs, on-premise or in sovereign clouds.
- Custom and sovereign AI projects
Not disclosed
Custom model development and deployment work for governments and large enterprises, such as Japanese-language models with Fujitsu.
ElevenLabs
No segment breakdown is published.
Business model and strategy
Cohere
How it makes money
Cohere makes money by selling AI to businesses, not consumers. Customers pay per token to call its Command, Embed and Rerank models through Cohere's own API or cloud marketplaces such as Oracle Cloud Infrastructure, Amazon Bedrock and Microsoft Azure.
Growth strategy
Cohere's growth strategy has shifted from selling raw model APIs to selling complete, privately deployable AI systems. Key moves include the North agent platform (2025), acquisitions of Ottogrid (2025), Reliant AI (May 2026) and the pending Aleph Alpha merger, new offices in Paris and Seoul, and partnerships with cloud and software vendors including Oracle, Fujitsu, OpenText and Schwarz Group's STACKIT.
Competitive advantage
Cohere's main edge is deployability. Its models are built to run on as few as two GPUs (Command A, and Command A+ released in May 2026) and can be installed in a customer's private cloud, on-premise data center or air-gapped environment, rather than only through a shared API. That matters for regulated buyers and governments pursuing sovereign AI.
ElevenLabs
How it makes money
ElevenLabs makes money in two ways. First, self-serve subscriptions: creators, podcasters, authors and small businesses pay monthly plans (from a free tier up to Business plans) that include a quota of generated characters or minutes.
Growth strategy
Growth comes from three directions: moving from creator subscriptions to large enterprise voice-agent deployments in customer support and telephony; adding adjacent audio products (Scribe speech-to-text, Eleven Music, sound effects, dubbing); and expanding internationally, including new hubs announced with the Series D such as Bengaluru.
Competitive advantage
ElevenLabs' edge is audio quality and breadth. Its models (including Eleven v3, released in 2025) are widely regarded as among the most expressive speech generators, and it offers one platform covering text-to-speech, cloning, dubbing, transcription, sound effects, music and agents.
Questions about Cohere vs ElevenLabs
How do Cohere Inc. and ElevenLabs make money?
Cohere Inc. and ElevenLabs generate revenue in fundamentally different ways. Cohere Inc.: Cohere makes money by selling AI to businesses, not consumers. ElevenLabs: ElevenLabs makes money in two ways.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Cohere vs ElevenLabs overview