ElevenLabs vs Perplexity AI: Revenue, Profit and Business Model
A full-year revenue figure is unavailable here for ElevenLabs. Perplexity AI had $80M (unaudited) of annual revenue in FY2025.
Latest financial snapshot
ElevenLabs
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Perplexity AI
- Latest annual revenue
- $80M (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.
Perplexity AI
Perplexity has experienced exponential revenue expansion since commercializing in 2023. Annual recurring revenue (ARR) grew from roughly $5 million in late 2023 to $35 million in mid-2024 and exceeded $80 million by late 2025. The company raised a $73.6 million Series B in January 2024 ($520 million valuation), a $62.7 million round in April 2024 ($1.04 billion valuation), a $250 million round in June 2024 ($3 billion valuation), and a funding round in late 2024 that pushed its private valuation to $9 billion.
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 |
Perplexity AI
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 (unaudited) | $80M | — | — | — | |
| FY2024 (unaudited) | $35M | — | — | — | |
| FY2023 (unaudited) | $5M | — | — | — |
Where the revenue comes from
ElevenLabs
No segment breakdown is published.
Perplexity AI
- Core Artificial Intelligence, Conversational Search & Information Retrieval Platform Operations
~52% of Total Net Revenue
Direct software licensing, subscription access, platform usage fees, or primary transaction commissions derived from Perplexity AI, Inc.'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.
Perplexity AI
How it makes money
Perplexity AI operates a multi-tiered subscription and enterprise monetization model. In consumer subscription revenue, Perplexity Pro charges $20 per month or $200 annually, granting users access to frontier foundation models (OpenAI o1/GPT-4o, Anthropic Claude 3.5 Sonnet, and proprietary Sonar models), unlimited file uploads, and advanced visual generation.
Growth strategy
Perplexity drives customer acquisition through mobile app distribution, telecom carrier distribution partnerships (including major distribution bundles with SoftBank in Japan and Deutsche Telekom in Europe), and viral social sharing of Perplexity Pages.
Competitive advantage
Perplexity's core economic moat is its specialized retrieval-augmented generation (RAG) architecture and neutral multi-model orchestration layer. Unlike Google or Microsoft, which are incentivized to protect legacy ad-clicking real estate and push proprietary ecosystems, Perplexity is built entirely around direct factual synthesis with clickable inline citations.
Questions about ElevenLabs vs Perplexity AI
Which company has higher revenue — ElevenLabs or Perplexity AI, Inc.?
Perplexity AI, Inc. had $80.0M (unaudited) (FY2025). A comparable annual revenue figure for ElevenLabs was unavailable here.
How does revenue per employee compare for ElevenLabs and Perplexity AI, Inc.?
Perplexity AI, Inc. generates $364k / 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 Perplexity AI, Inc. make money?
ElevenLabs and Perplexity AI, Inc. 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. Perplexity AI, Inc.: Perplexity AI operates a multi-tiered subscription and enterprise monetization 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 Perplexity AI overview