What are the most valuable cybersecurity startups?

Top startups in the Cybersecurity market ranked by valuation

Here is an updated table that ranks the top startups in the Cybersecurity market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report covering the Cybersecurity market.

Which cybersecurity startups are worth the most today?

Wiz currently sits far above every other cybersecurity company in our ranking at $32 billion, followed by Cyera at more than $12 billion and Netskope and Armis at roughly $7.6 billion each.

The gap at the top is enormous. Google completed its $32 billion all-cash acquisition of Wiz after first announcing the deal the previous year. That gives Wiz something most private-company valuations never get: a price that an outside buyer actually paid.

Cyera is now the most valuable major independent private cybersecurity company in our dataset. Its latest $600 million Series G established a $12 billion valuation, and a very recent $400 million investment from Goldman Sachs came after that round without resetting the company downward. Cyera now describes itself as valued above $12 billion.

Netskope provides a different reference point because public investors can continuously reprice the business. Its IPO put the company at roughly $9.6 billion on a fully diluted basis at the $19 offer price. Our current market-cap reference is lower, at around $7.6 billion. ServiceNow's $7.75 billion cash acquisition of Armis gives us another hard transaction value near the same level.

Below those four companies, valuations compress quickly. 1Password sits around $6.5 billion to $7.2 billion, while Abnormal AI, Socure, Cato Networks, Sonar, Island and Coalition cluster roughly between $4.5 billion and $5.5 billion.

Rank	Company	Current valuation	Main market
1	Wiz	$32.0B	Cloud security
2	Cyera	$12.0B+	Data and AI security
3	Netskope	~$7.6B	SASE and cloud security
4	Armis	$7.75B	Exposure management
5	1Password	$6.5B–$7.2B	Identity security
6	Abnormal AI	$4.5B–$6.0B	Email and cloud security
7	Socure	$5.2B	Identity verification
8	Cato Networks	$4.8B–$5.5B	SASE
9	Sonar	$4.3B–$5.4B	Application security
10	Island	$4.4B–$5.2B	Enterprise browser
11	Coalition	$4.0B–$5.5B	Cyber insurance
12	KnowBe4	$4.6B	Security awareness

How far ahead is Wiz from every other cybersecurity company?

Wiz is currently in its own valuation tier: Google's $32 billion purchase price is about 2.7 times Cyera's latest private valuation and more than four times the values attached to Netskope or Armis.

Put another way, Cyera would need to add around $20 billion of value just to reach the price Google paid for Wiz. Netskope and Armis would each need to become roughly four times as valuable.

Google's willingness to pay that amount makes more sense when we look at what it bought. Wiz had expanded from cloud-security posture management into a much broader cloud and AI security platform spanning code, cloud infrastructure and runtime environments. Google explicitly tied the acquisition to the growth of multicloud computing and AI security.

The acquisition has also held up operationally so far. In Alphabet's first-quarter commentary after the deal closed, Sundar Pichai said Wiz's performance had exceeded Google's expectations and pointed to strong demand for the combined cybersecurity and AI offering.

Using midpoints for valuation ranges, the 100 companies in the dataset represent about $226 billion of combined value. Wiz alone accounts for roughly 14% of that total.

Is Cyera now the biggest independent cybersecurity startup?

Yes. Cyera is currently the clearest independent private leader in cybersecurity, with its valuation moving from $6 billion to $9 billion and then $12 billion in about a year.

The pace is striking. Cyera raised $540 million at $6 billion, another $400 million at $9 billion just over six months later, and then $600 million at $12 billion. The company says its ARR has tripled in each of the past three years. Revenue that triples year after year is a number we watch quarter by quarter in our report on cybersecurity.

There is now fresh confirmation that investors remain comfortable around that level. Goldman Sachs Alternatives recently invested another $400 million after the $12 billion Series G, and Cyera now describes its valuation as exceeding $12 billion.

The business has also moved well beyond its original data-security posture management product. Cyera has added data-loss prevention, privacy, identity and AI-governance capabilities, while completing several acquisitions. Its purchase of Oasis Security brought non-human identity and AI-agent access controls directly into the platform.

Investors are increasingly pricing Cyera as a possible security control layer for enterprise AI rather than as a narrow data-discovery tool. At the $12 billion Series G, TechCrunch reported ARR above $150 million, implying a valuation around 80 times ARR. That's an aggressive price even by high-growth software standards, so a large part of today's valuation rests on what Cyera could become.

Which cybersecurity companies are worth more than $5 billion?

Only a small group of cybersecurity companies clearly reaches the $5 billion level today, despite the market containing dozens of unicorns.

Using the midpoint where our dataset gives a valuation range, Wiz, Cyera, Netskope, Armis, 1Password, Abnormal AI, Socure and Cato Networks all reach approximately $5 billion or more. Sonar comes very close at a midpoint around $4.85 billion.

Becoming a $1 billion cybersecurity company is no longer especially rare. Breaking through $5 billion is much harder.

The companies above that line also show where the biggest opportunities currently sit. Cloud security contributes Wiz and Netskope. Cyera represents data security. 1Password and Socure sit around identity. Cato combines networking and security. Abnormal AI protects email and cloud applications.

There is no single product category dominating every position, but almost all these companies control something enterprises use continuously rather than occasionally: cloud infrastructure, data, identity, communications or network access.

How many cybersecurity unicorns are there now?

At least 56 companies in our 100-company dataset are unquestionably worth $1 billion or more based on the lower end of their valuation range.

If we use midpoint valuations instead, the number rises to about 59. Several more companies have ranges that cross $1 billion without clearly staying above it.

Cybersecurity is now one of the deepest unicorn markets in enterprise technology. The word “unicorn” simply tells us less than it used to.

Torq is a good example. The security-operations company recently raised $140 million at a $1.2 billion valuation. Obsidian Security has also reached $1.1 billion. Both are serious financing milestones, but they sit around the middle of our top 100 rather than anywhere near the top.

Horizon3 shows how quickly a company can move through this part of the ranking. Its latest $250 million Series E valued it above $2 billion, more than tripling the company's $650 million valuation in just over a year while ARR grew 120%.

Today, the more useful question is usually whether a cybersecurity company can move from $1 billion to $3 billion, $5 billion or eventually $10 billion.

Why are cybersecurity startup valuations so high right now?

Cybersecurity companies can currently support large valuations because customers are still increasing security spending while the cost and complexity of attacks keep rising.

Gartner expects worldwide information-security spending to reach roughly $244 billion this year, representing about 11.6% growth in constant currency. That gives cybersecurity startups a very large existing pool of money to compete for. Budget forecasts are a starting point, and we size the market ourselves in our market report about cybersecurity.

The economic pressure on customers is also getting worse. IBM's latest Cost of a Data Breach study put the average global breach at $4.99 million. AI-enabled malicious breaches cost around $6 million on average, and IBM found that one in four malicious breaches involved AI.

Investors have responded with more capital. Crunchbase counted about $18 billion of cybersecurity and privacy startup funding last year, up roughly 26%. Another $10.6 billion went into the sector during the first half of this year.

The money is also becoming more selective. Cybersecurity funding rose even while deal counts fell, so the market can support spectacular valuations at the top without lifting every company along with them.

Is AI actually pushing cybersecurity valuations higher?

Yes, but the biggest valuation gains are going to companies solving real AI-created security problems rather than companies simply adding AI features to an old product.

IBM's latest breach research gives us a useful demand-side check. One in four malicious breaches was AI-enabled, up 56% from the previous year. At the same time, organizations making extensive use of AI and automation in security reduced average breach costs by almost $2 million compared with organizations that did not.

That creates demand in both directions. Attackers can automate more of their work, while defenders want AI to investigate alerts, test systems, control access and respond faster.

We can see that shift across several recent financings. Horizon3 reached a valuation above $2 billion while selling autonomous penetration testing. Torq reached $1.2 billion around AI-driven security operations. Obsidian Security reached $1.1 billion as enterprises began deploying more AI agents inside SaaS applications. ReliaQuest raised more than $500 million at a $3.4 billion valuation around AI-powered security operations.

AI is creating new cybersecurity budgets while reshaping old ones. The strongest companies are using it to automate expensive security work or to protect new attack surfaces that barely existed a few years ago.

Why has data security become one of cybersecurity's hottest markets?

Data security has become far more valuable because enterprise AI gives more software systems access to sensitive corporate information.

Cyera is the clearest example. Its valuation rose from $6 billion to more than $12 billion while the company expanded from discovering and classifying data into DLP, privacy, identity and AI governance.

The basic problem has changed. Companies previously worried mainly about which employees or applications could reach sensitive data. They now have AI assistants, autonomous agents, APIs and machine identities requesting access as well.

Cyera's acquisition strategy makes that direction especially clear. After buying several smaller security companies, it acquired Oasis Security and turned the product into Cyera Identity. That connects identity permissions directly with Cyera's existing knowledge of enterprise data.

Other companies in our dataset approach the same problem from different directions. Cyberhaven focuses on enterprise data use and exfiltration. BigID focuses heavily on data discovery and governance. Immuta controls access to enterprise data. Vanta increasingly connects compliance evidence to broader trust and security workflows.

These businesses are converging around three questions customers increasingly want answered together: what sensitive data exists, who or what can access it, and what happens once access is granted.

Is identity security becoming as valuable as cloud security?

Identity security is currently one of cybersecurity's biggest value pools, especially now that companies have to control machines and AI agents alongside human employees.

Our ranking includes 1Password at roughly $6.5 billion to $7.2 billion, Socure at $5.2 billion, Saviynt around $3 billion, Delinea around $2.8 billion to $3.8 billion, Persona around $2.2 billion to $2.8 billion and ID.me around $2 billion to $2.5 billion.

Saviynt gives us one of the cleanest recent operating checks. The company raised $700 million at approximately $3 billion and has since passed $300 million in ARR. It says new customer acquisitions grew more than 80% while customer retention remained at 96%. Strong retention and new-customer growth show which cybersecurity business models hold up, and we compare them in our cybersecurity market report.

The scope of identity is expanding at the same time. Saviynt now explicitly manages human identities, machine identities and AI agents. Cyera bought Oasis for the same reason. Obsidian is targeting AI agents operating inside SaaS applications.

Every autonomous system eventually needs permission to access something, and someone has to decide how much access it gets. That puts identity security very close to the center of enterprise AI.

Is SASE still producing some of the biggest cybersecurity companies?

Yes. SASE is no longer cybersecurity's newest category, but it still supports several of the industry's largest valuations.

Netskope is worth roughly $7.6 billion in our dataset, Cato Networks sits around $4.8 billion to $5.5 billion, and Versa Networks is approximately $1 billion to $1.3 billion.

Cato gives us a useful private-market benchmark. Its $359 million Series G valued the company above $4.8 billion after it reported 46% year-over-year ARR growth for the previous year.

Netskope offers the public-market test. The company went public at $19 a share, implying a fully diluted value around $9.6 billion at the IPO price. Its ARR has continued growing since the listing, reaching $811 million with 31% year-over-year growth in its latest full-year results.

SASE combines several budgets that enterprises historically bought separately: networking, secure web access, zero-trust access, cloud security controls and data protection.

For the leaders, that creates a much larger contract opportunity than a narrow security tool and gives customers a practical reason to consolidate vendors. Customers who want fewer security vendors have a problem they would pay to solve, and we describe those buyers in our cybersecurity market report.

Which parts of cybersecurity create the highest valuations?

Cloud security currently produces the largest single valuation, while data security, identity, SASE, application security and security operations each support several multibillion-dollar companies.

What stands out is how often the biggest companies expand beyond their original category. Wiz grew from cloud security into a broader platform. Cyera moved from data security into identity and AI governance. Cato combines networking with security. Island uses the browser as an enterprise security layer.

A company selling one narrow control has fewer ways to grow each customer account than one sitting across a major layer of enterprise infrastructure. That can change the valuation ceiling quite a bit.

It also helps explain why some excellent niche security businesses remain around $500 million to $1 billion while platform companies can move toward $5 billion or $10 billion.

Cybersecurity segment	Leading company in our dataset	Current valuation	Other major examples
Cloud security	Wiz	$32.0B	Orca Security, Aqua Security
Data and AI security	Cyera	$12.0B+	Cyberhaven, BigID
SASE	Netskope	~$7.6B	Cato Networks, Versa
Identity security	1Password	$6.5B–$7.2B	Saviynt, Delinea
Identity verification	Socure	$5.2B	Persona, ID.me
Application security	Sonar	$4.3B–$5.4B	Snyk, Contrast
Email security	Abnormal AI	$4.5B–$6.0B	Material Security
Security operations	Arctic Wolf	$3.5B–$4.8B	ReliaQuest, Torq
Software supply chain	Chainguard	$3.8B–$4.6B	CertiK
Cyber insurance	Coalition	$4.0B–$5.5B	Resilience, At-Bay

Do cybersecurity startups need billions in funding to become worth billions?

No. Some of the most valuable cybersecurity companies have created surprisingly large valuations relative to the capital they raised.

Huntress is a good current example. Our estimated valuation is roughly $3.8 billion to $4.6 billion against only about $308 million of funding. The company's latest operating update makes that range more credible: Huntress has now passed $250 million in ARR, with 65% year-over-year growth, 130% net revenue retention and more than 270,000 businesses protected.

Sonar has raised roughly $457 million against a valuation midpoint near $4.85 billion. Nord Security has around $206 million of disclosed funding against an estimated midpoint around $3.4 billion.

The opposite situation also exists. Snyk has raised well over $1 billion while our current valuation estimate sits around $1.6 billion to $2.6 billion. Securonix has also raised roughly $1.1 billion while our estimated valuation midpoint is below $2 billion.

Capital raised tells us how much outside money went into a company. It does not tell us how efficiently that capital became recurring revenue, customer retention or strategic value.

Company	Current valuation midpoint/value	Total funding	Approx. value per $1 funded
Wiz	$32.0B	$1.9B	16.8x
Nord Security	$3.4B	$206M	16.5x
Huntress	$4.2B	$308M	13.6x
Sonar	$4.85B	$457M	10.6x
Abnormal AI	$5.25B	$546M	9.6x
Vanta	$4.2B	$504M	8.3x
1Password	$6.85B	$920M	7.4x
Cyera	$12.0B+	$2.3B+	~5x
Torq	$1.2B	$332M	3.6x

Are cybersecurity investors putting more money into fewer companies?

Yes. Cybersecurity funding remains high these days, but a growing share of the money is landing in a relatively small number of large rounds.

Crunchbase counted about $18 billion invested into security and privacy startups last year, the highest level in three years and roughly 26% above the previous year.

Yet fewer than 1,000 financings were reported, the lowest deal count in at least a decade in that dataset. At least seven companies raised rounds of $400 million or more.

The first half of this year continued the pattern, with approximately $10.6 billion invested. Large rounds from companies such as Cyera and Saviynt can move the whole market total noticeably.

Our valuation ranking shows the same concentration from another angle. Using valuation midpoints, the top 10 companies represent around $91 billion, or approximately 40% of the entire $226 billion modeled value of the top 100. The top 20 represent close to 59%.

Cybersecurity is deep, but value creation at the very top is becoming increasingly concentrated.

Are cybersecurity valuations back to the 2021 boom?

Some cybersecurity companies have surpassed their old boom-era prices, while others remain dramatically below them.

Snyk shows how painful the reset can be. The application-security company reached $8.5 billion in 2021 and then accepted a $7.4 billion valuation the following year. Our current estimate of $1.6 billion to $2.6 billion suggests the business would need a major recovery to approach that old peak.

Tanium once reached a reported $9 billion valuation. Our current range is closer to $3.2 billion to $4.2 billion. Orca Security reached $1.8 billion during the boom and now sits around $1 billion to $1.6 billion in our estimate. Tanium and Orca falling well below their boom-era peaks is a reminder of the risks we rank by likelihood in our report on cybersecurity.

Other companies have gone the opposite way. Vanta raised at $4.15 billion after being worth $2.45 billion a year earlier. Chainguard reached $3.5 billion in its Series D after being worth roughly $1.1 billion less than a year before. Cyera has climbed even faster.

Netskope is an interesting middle case. Its 2021 private valuation was around $7.5 billion, and public investors eventually brought it back into roughly the same broad valuation range.

Today's market is rewarding individual execution far more selectively than the previous cycle did. A cybersecurity label alone no longer carries every company upward.

Which cybersecurity startups have increased their valuations the fastest?

Cyera, Horizon3, Chainguard and Vanta stand out for unusually rapid valuation growth backed by fresh operating or financing evidence.

Cyera went from $6 billion to $9 billion and then $12 billion in roughly a year. As seen above, the latest financing and subsequent Goldman Sachs investment show that investors are still supporting that level.

Horizon3 moved from $650 million to more than $2 billion in just over a year. Its latest funding announcement also reported 120% ARR growth and more than 7,000 customers.

Chainguard's Series D valued the software-supply-chain company at $3.5 billion after a $356 million round, more than tripling its earlier valuation in less than a year.

Vanta reached $4.15 billion after increasing its valuation by roughly 69% in twelve months.

They sit in different parts of the market, but all four are benefiting from areas where security teams are under pressure to automate more work: data protection, autonomous testing, software-supply-chain security and compliance.

Are public investors agreeing with private cybersecurity valuations?

Public markets are validating some large cybersecurity valuations, but they are much less forgiving than private funding rounds.

Netskope is the cleanest example. The company had already been worth around $7.5 billion privately years before its IPO. Its listing priced at $19 per share, giving it a fully diluted value of roughly $9.6 billion at the offer price.

Netskope had substantial operating scale by then. Its S-1 showed ARR of $707 million, up 33% year over year, and six-month revenue of $328 million, up 31%. Its latest full-year results have since pushed ARR to $811 million.

That's a much higher bar than private companies usually face. Cyera can raise venture capital while investors underwrite several years of future expansion. A public company has its revenue growth, margins, cash flow and forecasts repriced every trading day.

That helps explain why many mature cybersecurity startups stay private for a long time. Public markets can support large valuations, but companies generally need hundreds of millions of dollars of recurring revenue before the comparison becomes comfortable.

Are cybersecurity companies getting better exits from acquisitions than IPOs?

Right now, strategic acquisitions are producing some of cybersecurity's largest outcomes because big technology buyers can justify prices that public investors may struggle to support.

Google's $32 billion Wiz acquisition is the obvious case. ServiceNow's $7.75 billion acquisition of Armis is another. At the time ServiceNow announced that deal, Armis had passed $340 million in ARR and was growing ARR by more than 50% year over year.

Armis had previously discussed eventually going public, yet ServiceNow offered a cash exit at a level above its previous private valuation. The buyer also gained technology that it could plug into a broader security and enterprise-workflow platform. Cash exits above the last private valuation show what acquirers will pay, and we follow what investors back in our market report about cybersecurity.

Netskope took the other route and successfully reached Nasdaq, but it arrived there with more than $700 million of ARR and years of operating history.

For a large strategic buyer, a cybersecurity asset can be worth more than its standalone cash flows because the technology strengthens an existing cloud, software or security platform. That keeps M&A especially attractive for companies that become strategically important before reaching traditional public-company scale.

What does the bottom half of the cybersecurity ranking tell us?

The bottom half shows how quickly valuations can fall once a cybersecurity company loses growth, category leadership or strategic relevance.

By around rank 60 in our dataset, midpoint valuations have already fallen below $1 billion. Near rank 80 they are around $500 million, and the final group sits below $300 million.

Several of these companies raised much more capital when cybersecurity multiples were higher. Cybereason has roughly $934 million of funding in the dataset against an estimated current value of only $300 million to $500 million. Lookout raised approximately $432 million while our valuation range sits around $120 million to $220 million. Skybox Security raised hundreds of millions historically yet appears at the very bottom of the ranking.

Those outcomes are a useful warning against treating total funding as company value.

Cybersecurity moves quickly. A product that once deserved its own category can become a feature inside a larger platform. Customers consolidate vendors. Growth slows. A new architecture shifts budgets elsewhere.

That's how two companies with equally credible technology can end up several billion dollars apart in valuation.

Who is actually winning the cybersecurity startup market right now?

Wiz still sets the overall cybersecurity valuation benchmark, while Cyera currently leads the independent private market and represents the strongest new challenge to the old hierarchy.

Google's $32 billion acquisition gives Wiz the clearest realized value. Cyera has moved above $12 billion while still independent. Netskope and Armis form the next tier around $7 billion to $8 billion, followed by 1Password and a dense group of companies around $5 billion.

The category mix is changing underneath that ranking. Cloud security still creates huge businesses, but data and identity are gaining ground quickly as enterprises deploy AI. SASE remains a multibillion-dollar category. Security operations and autonomous testing are attracting fresh capital because companies want to automate more defensive work.

Our top-100 dataset also shows just how unequal the market has become. Roughly 40% of modeled valuation sits in the top 10 companies, and nearly 59% sits in the top 20.

Reaching a $1 billion valuation says much less than it used to. More than half of the companies in this ranking are at least plausibly worth $1 billion. The real separation happens higher up, where only a small group has managed to turn a cybersecurity product into a company worth $5 billion or more.