ElevenLabs vs Mistral AI: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for ElevenLabs. A full-year revenue figure is unavailable here for Mistral AI.
Latest financial snapshot
ElevenLabs
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Mistral AI
- 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.
Mistral AI
Mistral is private and does not publish audited accounts. Reported figures: ARR of about $339 million (€300 million) in September 2025 (CNBC) and more than $400 million in January 2026, up from about $20 million a year earlier (CNBC Disruptor 50). CEO Arthur Mensch said in 2026 he expected ARR to exceed $1 billion by year-end. Funding history: ~$119 million (€105 million) seed (June 2023), ~$435 million (€385 million) Series A (December 2023), ~$678 million (€600 million) Series B at ~$6.55 billion (€5.8 billion) (June 2024), ~$1.92 billion (€1.7 billion) Series C led by ASML at ~$13.2 billion (€11.7 billion) (September 2025), $830 million of debt for data centres (March 2026) and a ~$3.39 billion (€3 billion) round led by Samsung at more than $23.7 billion (€21 billion) (September 2026). Mistral AI is Europe's premier artificial intelligence startup, rapidly achieving a private market valuation of roughly $6 billion backed by massive investments from Microsoft and a16z.
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 |
|---|---|---|---|---|---|
| FY2026 run-rate | $400M | — | — | — | Source |
| FY2025 run-rate | ~$339M | — | — | — | Source |
| FY2024 run-rate | $16M | — | — | — | Source |
Where the revenue comes from
ElevenLabs
No segment breakdown is published.
Mistral AI
- Enterprise API Token Consumption (La Plateforme)~45%
Usage-based per-million-token API fees paid by software developers and enterprises querying Mistral Large, Mistral Small, and Codestral.
- Cloud Hyperscaler Royalties (Azure, AWS, Snowflake)~35%
Revenue-sharing royalties collected when enterprise clients deploy and consume Mistral models natively inside public cloud marketplaces.
- On-Premise Private Sovereign Licenses~20%
Annual recurring multi-million-dollar software licenses for defense, government, and banking customers deploying models in air-gapped environments.
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.
Mistral AI
How it makes money
Mistral makes money in four ways. It charges per token for API access to its models on La Plateforme; it sells enterprise licences and custom deployments, often on-premise or in private clouds, to companies and governments that want control over their data; it earns through cloud marketplaces such as Microsoft Foundry, AWS Bedrock and Google Vertex AI;
Growth strategy
Mistral's growth strategy combines sovereign infrastructure with enterprise partnerships. It is building data centres in France and Sweden, expanded its Microsoft partnership in July 2026 through a multibillion-dollar deal under which Microsoft uses part of its European compute, signed Accenture as a deployment partner in February 2026, and is moving into industrial AI through the May 2026 acquisition of Emmi AI and…
Competitive advantage
Mistral's main advantages are its position as the leading non-US, non-Chinese frontier AI lab, which suits European governments and regulated industries; open-weight models that customers can run on their own hardware; a research team led by founders who worked on Chinchilla at DeepMind and LLaMA at Meta;
Questions about ElevenLabs vs Mistral AI
How do ElevenLabs and Mistral AI SAS make money?
ElevenLabs and Mistral AI SAS generate revenue in fundamentally different ways. ElevenLabs: ElevenLabs makes money in two ways. Mistral AI SAS: Mistral makes money in four 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 ElevenLabs vs Mistral AI overview