Zama (Fully Homomorphic Encryption) Dossier

Operating within the cryptography and blockchain infrastructure sector, Zama (Fully Homomorphic Encryption) generated a 2025 annual recurring revenue of $26,500,000. Zama (Fully Homomorphic Encryption) reached this financial threshold primarily through a dual-licensing revenue model that combines paid commercial patent usage rights with transaction-based pricing for private blockchain deployments. As an infrastructure provider, Zama (Fully Homomorphic Encryption) reported extensive technological cooperation with major public chains, including Ethereum, Polygon, and Cardano, facilitating the distribution of its foundational cryptography toolkit. Financial Highlights: • 2025 Annual Recurring Revenue: $26,500,000 USD generated across enterprise and blockchain clients • Global Market Share: 18.5% capture of the fully homomorphic encryption technology service market • Corporate Valuation: $1,000,000,000 valuation achieved in June 2025 • Enterprise Customers: 200 entities requiring strong data confidentiality • Developer Base: 10,000 active developers utilizing the open-source ecosystem • Operational Headcount: 176 employees spanning 26 nationalities globally • Zama Protocol Decryption Fees: Ranging from $0.001 to $0.10 per operation... Sign in / Sign up to learn more about Zama

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Start your analysis with these investor-focused questions:

• How did Zama's dual-licensing commercial model and transaction-based pricing strategy drive its $26.5 million ARR in FY2025, and what financial impact is expected from the introduction of on-chain economics via the Zama Protocol?
• Considering Zama achieved an 18.5% global market share in FY2025, how does its restrictive BSD-3-Clause-Clear license serve as a commercial moat against emerging competitors like H33 that offer more permissive Apache 2.0 open-source alternatives?
• To address the inherent performance limitations of Fully Homomorphic Encryption, how critical is Zama's strategic R&D roadmap to scale from 20 TPS to over 100,000 TPS via ASIC hardware for securing broader enterprise and commercial adoption?
• How effectively does Zama's dynamic USD-denominated oracle pricing mechanism mitigate the execution risks and market volatility associated with the $ZAMA token while maintaining predictable costs for commercial developers?
• Having scaled to 200 enterprise customers and 10,000 developers in FY2025, how does Zama's strategy of integrating foundational infrastructure like fhEVM into major public chains such as Ethereum and Polygon enhance its competitive positioning as a premier cross-chain privacy utility layer?