Latest / The Series A Show with Fexingo: Early-Stage Funding, Pitch Decks, and Startup Milestones
The Cap Table Math Behind Cyera's 80x ARR Valuation
When Cyera reportedly sought a $12 billion valuation at 80x ARR despite operating losses, the number sounded eye-popping — but is it actually defensible? In this episode, Lucas and Luna break down the cap table implications of extreme revenue multiples in enterprise cybersecurity. They explain why VCs tolerate negative margins for cloud security startups, how the math forces massive dilution on founders, and what happens when later-round investors demand downside protections like ratchets. They also connect the conversation to recent tech moves from Microsoft and Nvidia, exploring how AI…
The skinny
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