A geophysical model function (GMF) for significant wave height (SWH) retrieval is developed based on the spaceborne Global Navigation Satellite System Reflectometry (GNSS-R) data measured by the Cyclone GNSS (CYGNSS) satellites. The spreading characteristics of delay-Doppler maps (DDMs) generated by receivers onboard satellites are affected by the surface roughness, which is closely related to the SWH. Four GNSS-R observables [i.e., leading edge slope (LES) of normalized integrated delay waveform (NIDW), LES of normalized central delay waveform (NCDW), trailing edge slope (TES) of NCDW, leading edge waveform summation (LEWS) of NCDW] derived from DDM are first used in this letter to retrieve SWH. Collocated ERA5 SWH data are used as the ground truth to develop and evaluate the SWH models based on the four GNSS-R observables. The results show that there is high consistency between the SWH estimates and the ground truth, with a correlation coefficient of 0.88 and a root mean square error (RMSE) of 0.503 m. This letter demonstrates the feasibility of the spaceborne GNSS-R in SWH retrieval.