ElevenLabs vs Hugging Face: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for ElevenLabs. A full-year revenue figure is unavailable here for Hugging Face.
Latest financial snapshot
ElevenLabs
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Hugging Face
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Financial summary
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.
Hugging Face
Hugging Face does not publish financial statements. Outside estimates and reporting put its annualized revenue at about $150 million in mid-2026 (The Information), and Delangue told TechCrunch in July 2026 that the company was close to profitability. It raised roughly $400 million in total, the largest round being a $235 million Series D in August 2023 at a $4.5 billion valuation from Salesforce Ventures, Google, Amazon, Nvidia, AMD, Intel, Qualcomm, IBM, and Sound Ventures. According to the Financial Times, it turned down a $500 million Nvidia investment at a $7 billion valuation in late 2025. In September 2026 Nvidia agreed to pay $12.93 billion for the whole company: about $11.9 billion to stockholders plus up to about $1.0 billion in equity retention awards for employees, roughly 86 times annualized revenue.
Revenue and profit by year
ElevenLabs
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $500M | — | — | — | Source |
| FY2025 run-rate | $330M | — | — | — | Source |
| FY2024 run-rate | $90M | — | — | — | Source |
Hugging Face
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $150M | — | — | — | Source |
| FY2025 run-rate | $81M | — | — | — | Source |
| FY2024 run-rate | $53M | — | — | — | Source |
Where the revenue comes from
ElevenLabs
No segment breakdown is published.
Hugging Face
- Enterprise Hub Subscriptions~50%
Tiered enterprise seats and corporate licenses providing private model repositories, SOC2 compliance, audit logs, and SSO.
- Serverless Inference Endpoints~30%
Pay-as-you-go GPU compute billing for deploying scalable production machine learning APIs on dedicated cloud hardware.
- Spaces Hardware Rentals & Pro Accounts~20%
Hourly compute fees for upgrading interactive Gradio Spaces to dedicated Nvidia A100/H100 GPUs and developer Pro subscriptions.
Business model and strategy
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.
Hugging Face
How it makes money
Hugging Face gives away its core platform and libraries and charges for the things companies need once they put open models into production. Public model and dataset hosting is free.
Growth strategy
Hugging Face grows by being the first place open models land and then selling the tools to use them. Recent moves include buying Argilla (data curation) and XetHub (large-file storage) in 2024, buying humanoid robot maker Pollen Robotics in April 2025 and launching the low-cost Reachy Mini robot in July 2025, publishing its own small open models (SmolLM, SmolVLM), and routing Hub users to third-party inference provid…
Competitive advantage
Hugging Face's advantage is a network effect that is hard to copy. Major open-weight models from Meta, Mistral, Alibaba's Qwen team, DeepSeek, Google, and Nvidia are published on the Hub, so developers go there first, which in turn makes it the first place new models are released.
Questions about ElevenLabs vs Hugging Face
How do ElevenLabs and Hugging Face, Inc. make money?
ElevenLabs and Hugging Face, Inc. generate revenue in fundamentally different ways. ElevenLabs: ElevenLabs makes money in two ways. Hugging Face, Inc.: Hugging Face gives away its core platform and libraries and charges for the things companies need once they put open models into production.
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 ElevenLabs vs Hugging Face overview