Listen Labs withdrew from a signed term sheet for a $125 million Series C that would have valued the AI-powered customer research startup at $1.5 billion, while Salesforce discusses a potential acquisition worth about $2 billion. The proposed price would be four times Listen Labs' $500 million valuation eight months earlier and roughly 67 times its estimated $30 million in annualized revenue, above the 10-to-20-times-revenue range common in enterprise software acquisitions. The talks remain ongoing and may not produce a transaction. Founded in 2023 by Florian Jüngermann and Alfred Wahlforss, Listen Labs uses AI interviewers to design research, recruit participants globally, conduct customer conversations and produce reports. The company says it has conducted more than 1 million interviews and achieved 15-fold annualized revenue growth. Its customers include Microsoft, Canva, Anthropic, Google, Perplexity, Nestlé and Sweetgreen. A deal would support Salesforce's Agentforce AI strategy and constitute its fourth AI-related acquisition in 2026.