ElevenLabs vs Mistral AI: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for ElevenLabs. Mistral AI had $95M (unaudited) of annual revenue in FY2025.
Latest financial snapshot
ElevenLabs
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Mistral AI
- Latest annual revenue
- $95M (unaudited) (FY2025)
- 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.
Mistral AI
Mistral AI achieved one of the fastest valuation ascents in European corporate history. Founded in April 2023, it raised a €105 million ($113 million) seed round in June 2023 at a €240 million valuation before having written any software. In December 2023, it secured a €385 million Series A led by Andreessen Horowitz at a €2 billion valuation. In June 2024, it completed a €600 million Series B led by General Catalyst at a €5.8 billion ($6.2 billion) post-money valuation. Annualized revenue exceeded $95 million by late 2025 as European financial institutions and multinational corporations scaled production API workloads.
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 |
Mistral AI
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 (unaudited) | $95M | — | — | — | |
| FY2024 (unaudited) | $30M | — | — | — | |
| FY2023 (unaudited) | $3M | — | — | — |
Where the revenue comes from
ElevenLabs
No segment breakdown is published.
Mistral AI
- Core Artificial Intelligence, Open-Weights Language Models & Sovereign Cloud AI Platform Operations
~52% of Total Net Revenue
Direct software licensing, subscription access, platform usage fees, or primary transaction commissions derived from Mistral AI SAS's flagship offerings.
- Enterprise Solutions & Value-Added Services
~31% of Total Net Revenue
Custom enterprise deployments, premium capability tiers, specialized API integrations, and dedicated technical client support.
- Ancillary Services & Strategic Ecosystem Billing
~17% of Total Net Revenue
Complementary service fees, partner ecosystem revenue sharing, financing fees, and transactional processing services.
Business model and strategy
ElevenLabs
How it makes money
ElevenLabs operates a usage-based API and SaaS subscription model for synthetic speech generation, voice cloning, and audio artificial intelligence. Individual creators, podcasters, authors, and independent developers subscribe to tiered monthly plans (Free, Starter, Creator, Pro, Scale) that provide monthly character generation allowances and access to high-fidelity multilingual voice models.
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's competitive advantage lies in state-of-the-art synthetic voice naturalness, multilingual speech synthesis algorithms, and proprietary voice cloning technology.
Mistral AI
How it makes money
Mistral AI operates an enterprise-first hybrid commercialization model. On La Plateforme, Mistral's cloud developer console, the company sells API token inference access to its premier closed-weights models, including Mistral Large, Mistral Small, and Codestral, competing on cost efficiency against OpenAI and Anthropic.
Growth strategy
Mistral expands through a developer-led open-weights flywheel combined with strategic enterprise channel partnerships. Open models (Mistral 7B, Mixtral 8x7B) capture global developer adoption and academic research mindshare, funneling enterprise engineering teams directly into commercial licensing for Mistral Large on La Plateforme or through hyperscaler marketplaces (Azure, AWS Bedrock).
Competitive advantage
Mistral AI's competitive advantage lies in its world-class architectural efficiency and its position as Europe's sovereign AI champion. By pioneering sparse Mixture-of-Experts (MoE) architectures, Mistral delivers model performance comparable to GPT-4 while activating only a fraction of total parameters during inference, dramatically reducing inference compute costs and latency.
Questions about ElevenLabs vs Mistral AI
Which company has higher revenue — ElevenLabs or Mistral AI SAS?
Mistral AI SAS had $95.0M (unaudited) (FY2025). A comparable annual revenue figure for ElevenLabs was unavailable here.
How does revenue per employee compare for ElevenLabs and Mistral AI SAS?
Mistral AI SAS generates $633k / employee in revenue per employee. A comparable figure for ElevenLabs requires matching employee and revenue data from the same reporting period.
How do ElevenLabs and Mistral AI SAS make money?
ElevenLabs and Mistral AI SAS generate revenue in fundamentally different ways. ElevenLabs: ElevenLabs operates a usage-based API and SaaS subscription model for synthetic speech generation, voice cloning, and audio artificial intelligence. Mistral AI SAS: Mistral AI operates an enterprise-first hybrid commercialization model.
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 Mistral AI overview