Methods, systems, and devices for multi-voltage operation for driving a multi-mode channel are described. A transmitting device and a receiving device may be coupled via a channel, and the channel may support multiple modes such as a terminated mode and an unterminated mode. A driver may be coupled with the channel, and a voltage supply for the driver may be adjusted based on the mode of the channel, such as based on whether the channel is terminated or unterminated. Adjusting the voltage supply may result in similar or otherwise desirable voltage levels on the channel for each mode of the channel.