Cyera eyes $12B valuation at 80x ARR multiple despite operating losses

Cyera is reportedly finalizing a funding round led by Evolution Equity Partners of at least $300 million, valuing the data security startup at $12 billion. Sources say the company has surpassed $150M ARR but remains unprofitable, while Cyera disputed the reported figures as inaccurate.

The deal shows investors are still willing to pay premium multiples for cybersecurity companies tied to AI-driven enterprise risk, even when losses are substantial. Cyera’s rapid hiring and acquisitions suggest a land-grab strategy, but its 80x ARR valuation raises questions about sustainability if growth slows or funding conditions tighten.